April 23, 2020 / 5:56 AM / a month ago

BRIEF-Biocartis Suspends Guidance, Appoints New CFO

April 23 (Reuters) - BIOCARTIS GROUP NV:

* BIOCARTIS Q1 2020 BUSINESS UPDATE

* BIOCARTIS’ CASH POSITION END Q1 2020 AMOUNTED TO EUR 170.1M

* SLOWER THAN EXPECTED INSTALLED BASE EXPANSION ACROSS MARKETS IN Q1 2020 DUE TO GLOBAL COVID-19 PANDEMIC

* APPOINTMENT NEW CFO: BIOCARTIS ANNOUNCES APPOINTMENT OF JEAN-MARC ROELANDT AS NEW CHIEF FINANCIAL OFFICER (‘CFO’)

* COMPANY IS SUSPENDING ITS GUIDANCE ON INSTRUMENT PLACEMENTS IN 2020 AND WILL PROVIDE AN UPDATE AS SOON AS NORMAL BUSINESS ACTIVITY RESUMES

* ON CORONAVIRUS: DUE TO COVID-19 PANDEMIC, NEW IDYLLA™ INSTRUMENT PLACEMENTS SLOWED DOWN TOWARDS END Q1 2020 AS ACCESS TO HOSPITALS WAS RESTRICTED

* BIOCARTIS SEES POTENTIAL TO STILL MEET ITS 2020 COMMERCIAL CARTRIDGE VOLUME OBJECTIVE

* HOWEVER GIVEN CURRENT UNCERTAINTIES AROUND TIMING OF NORMALIZATION, COMPANY CURRENTLY ALSO SUSPENDS GUIDANCE ON COMMERCIAL CARTRIDGE VOLUME GROWTH

* CASH POSITION IS STILL TARGETED TO BE IN RANGE OF EUR 110M BY YEAR-END 2020. Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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