Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2021 | |
Document Information [Line Items] | |
Entity Registrant Name | Centogene N.V. |
Entity Central Index Key | 0001757097 |
Document Type | 6-K |
Document Period End Date | Sep. 30, 2021 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q3 |
Unaudited interim condensed con
Unaudited interim condensed consolidated statements of comprehensive loss - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Unaudited interim condensed consolidated statements of comprehensive loss | ||||
Revenue | € 30,196 | € 36,305 | € 147,027 | € 58,129 |
Cost of sales | 35,618 | 26,059 | 131,325 | 39,892 |
Gross (loss)/ profit | (5,422) | 10,246 | 15,702 | 18,237 |
Research and development expenses | 3,821 | 4,796 | 12,209 | 10,606 |
General administrative expenses | 10,406 | 8,373 | 32,496 | 24,038 |
Selling expenses | 2,206 | 1,300 | 6,097 | 6,012 |
Impairment of financial assets | 502 | 1,147 | 1,177 | 2,821 |
Other operating income | 1,011 | 679 | 2,653 | 2,425 |
Other operating expenses | 53 | 36 | 191 | |
Operating loss | (21,346) | (4,744) | (33,660) | (23,006) |
Interest and similar income | 6 | |||
Interest and similar expense | 263 | 793 | 734 | 1,504 |
Financial costs, net | (263) | (793) | (734) | (1,498) |
Loss before taxes | (21,609) | (5,537) | (34,394) | (24,504) |
Income tax expenses | 35 | 103 | 159 | 232 |
Loss for the period | (21,644) | (5,640) | (34,553) | (24,736) |
Other comprehensive income/ (loss), all attributable to equity holders of the parent | 86 | (66) | 16 | 4 |
Total comprehensive loss | (21,558) | (5,706) | (34,537) | (24,732) |
Attributable to: | ||||
Equity holders of the parent | (21,610) | (5,708) | (34,635) | (24,671) |
Noncontrolling interests | 52 | 2 | 98 | (61) |
Total comprehensive loss | € (21,558) | € (5,706) | € (34,537) | € (24,732) |
Loss per share - Basic (in EUR) | € (0.96) | € (0.27) | € (1.55) | € (1.20) |
Loss per share - diluted (in EUR) | € (0.96) | € (0.27) | € (1.55) | € (1.20) |
Unaudited interim condensed c_2
Unaudited interim condensed consolidated statements of financial position - EUR (€) € in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Non-current assets | ||
Intangible assets | € 11,407 | € 12,407 |
Property, plant and equipment | 12,160 | 16,590 |
Right-of-use assets | 19,241 | 22,120 |
Other assets | 2,973 | 1,967 |
Non-current assets | 45,781 | 53,084 |
Current assets | ||
Inventories | 4,922 | 11,405 |
Trade receivables and contract assets | 13,907 | 29,199 |
Other assets | 5,848 | 8,286 |
Cash and cash equivalents | 25,732 | 48,156 |
Current assets | 50,409 | 97,046 |
Assets | 96,190 | 150,130 |
Equity | ||
Issued capital | 2,701 | 2,654 |
Capital reserve | 132,005 | 125,916 |
Retained earnings and other reserves | (97,523) | (62,888) |
Noncontrolling interests | 193 | 95 |
Equity | 37,376 | 65,777 |
Non-current liabilities | ||
Noncurrent loans | 100 | 401 |
Lease liabilities | 15,560 | 17,677 |
Deferred tax liabilities | 248 | 207 |
Government grants | 8,228 | 8,950 |
Non-current liabilities | 24,136 | 27,235 |
Current liabilities | ||
Government grants | 1,375 | 1,342 |
Current loans | 3,842 | 2,492 |
Lease liabilities | 3,221 | 3,528 |
Trade payables | 8,810 | 31,736 |
Liabilities from income taxes | 177 | 58 |
Other liabilities | 17,253 | 17,962 |
Current liabilities | 34,678 | 57,118 |
Equity and liabilities | € 96,190 | € 150,130 |
Unaudited interim condensed c_3
Unaudited interim condensed consolidated statements of cash flows - EUR (€) € in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities | ||
Loss before taxes | € (34,394) | € (24,504) |
Adjustments to reconcile loss to cash flow from operating activities | ||
Depreciation and amortization | 13,476 | 6,943 |
Inventory write-off | 1,795 | |
Interest income | (6) | |
Interest expense | 734 | 1,504 |
Loss on the disposal of property, plant and equipment | 352 | |
Expected credit loss allowances on trade receivables and contract assets | 1,177 | 2,821 |
Share-based payment expenses | 6,136 | 2,542 |
Tax expense | 160 | |
Other non-cash items | (300) | (1,800) |
Changes in operating assets and liabilities | ||
Inventories | 4,688 | (5,482) |
Trade receivables and contract assets | 14,115 | (12,015) |
Other assets | 594 | 5,605 |
Trade payables | (22,926) | 3,498 |
Other liabilities | (590) | 1,225 |
Cash flow used in operating activities | (14,983) | (19,669) |
Investing activities | ||
Cash paid for investments in intangible assets | (2,567) | (4,781) |
Cash paid for investments in property, plant and equipment | (2,829) | (6,641) |
Grants received for investment in property, plant and equipment | 0 | 390 |
Interest received | 6 | |
Cash flow used in investing activities | (5,396) | (11,026) |
Financing activities | ||
Cash received from issuance of shares | 22,430 | |
Cash paid for acquisition of non-wholly owned subsidiary | (75) | |
Cash received from loans | 1,910 | 1,114 |
Cash repayments of loans | (467) | (1,260) |
Cash repayments of lease liabilities | (3,301) | (2,833) |
Interest paid | (187) | (1,028) |
Cash flow used in/ generated from financing activities | (2,045) | 18,348 |
Changes in cash and cash equivalents | (22,424) | (12,347) |
Cash and cash equivalents at the beginning of the period | 48,156 | 41,095 |
Cash and cash equivalents at the end of the period | € 25,732 | € 28,748 |
Unaudited interim condensed c_4
Unaudited interim condensed consolidated statements of changes in equity - EUR (€) € in Thousands | Total | Issued capital | Capital reserve | Currency translation reserve | Retained earnings | Non-controlling interests | Total |
Balance at beginning of the period at Dec. 31, 2019 | € 59,860 | € 2,383 | € 98,099 | € (40,622) | € (938) | € 58,922 | |
Loss for the period | (24,675) | (24,675) | (61) | (24,736) | |||
Other comprehensive loss | 4 | € 4 | 4 | ||||
Total comprehensive loss | (24,671) | 4 | (24,675) | (61) | (24,732) | ||
Share-based payments | 2,542 | 2,542 | 2,542 | ||||
Issuance of shares | 23,209 | 240 | 22,969 | 23,209 | |||
Exercise of options | 30 | (30) | |||||
Transaction costs | (779) | (779) | (779) | ||||
Disposal of non-wholly owned subsidiary | 268 | 268 | |||||
Acquisition of non-wholly owned subsidiary | (780) | (780) | 705 | (75) | |||
Balance at end of the period at Sep. 30, 2020 | 59,381 | 2,623 | 122,831 | 4 | (66,077) | (26) | 59,355 |
Balance at beginning of the period at Dec. 31, 2020 | 65,682 | 2,654 | 125,916 | (48) | (62,840) | 95 | 65,777 |
Loss for the period | (34,651) | (34,651) | 98 | (34,553) | |||
Other comprehensive loss | 16 | 16 | 16 | ||||
Total comprehensive loss | (34,635) | 0 | 0 | 16 | (34,651) | 98 | (34,537) |
Share-based payments | 6,136 | 6,136 | 6,136 | ||||
Exercise of options | 47 | (47) | |||||
Balance at end of the period at Sep. 30, 2021 | € 37,183 | € 2,701 | € 132,005 | € (32) | € (97,491) | € 193 | € 37,376 |
General Company Information
General Company Information | 9 Months Ended |
Sep. 30, 2021 | |
General Company Information | |
General Company Information | 1 Centogene N.V. (“the Company”) and its subsidiaries (“the Group”) focus on rare diseases and seek to transform real-world clinical and genetic or other data into actionable information for patients, physicians and pharmaceutical companies. The mission of the Company is to bring rationality to treatment decisions and to accelerate the development of new orphan drugs by using our knowledge of the global rare disease market, including epidemiological and clinical data and innovative biomarkers. On November 7, 2019, the Company completed an initial public offering (“IPO”) and has since been listed on Nasdaq Global Market under stock code “CNTG”. Centogene N.V. is a public company with limited liability incorporated in the Netherlands, with registered office located at Am Strande 7 in 18055 Rostock, Germany and Dutch trade register number 72822872. In July 2020, the Company completed a follow-on offering of 3,500,000 common shares of the Company (the “Follow-on Equity Offering”), consisting of 2,000,000 common shares offered by the Company and 1,500,000 common shares offered by selling shareholders at a price to the public of US$ 14.00 per common share (i.e. EUR 12.71 per share). Aggregate offering proceeds, net of underwriting discounts, commissions and transaction costs, were EUR 22 million to the Company. |
Basis of Preparation
Basis of Preparation | 9 Months Ended |
Sep. 30, 2021 | |
Basis of Preparation | |
Basis of Preparation | 2 The interim condensed consolidated financial statements for the three and nine months ended September 30, 2020 and 2021 have been prepared in accordance with IAS 34 Interim Financial Reporting. The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group’s annual consolidated financial statements as of December 31, 2019, and 2020 and for the three years ended December 31, 2020. Unless otherwise specified, "the Company" refers to Centogene N.V. and Centogene GmbH throughout the remainder of these notes, while "the Group" refers to Centogene N.V., Centogene GmbH and its subsidiaries. The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2020, except as described below. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective, and there are no new or amended standards or interpretations that are issued and became effective for the 2021 annual reporting period, that have a material impact on the Group. These interim condensed consolidated financial statements are presented in euro, which is the Group's functional currency. Unless otherwise specified, all financial information presented in euro is rounded to the nearest thousand (EUR k) in line with customary commercial practice. 2.1 Revenues from contracts with customer The Group has a diagnostics customer from the Middle Eastern region with a history of significant payment delays. This history has resulted in the recognition of significant subsequent impairment losses by applying the expected credit loss method as the collection of the contractual consideration was historically considered probable upon recognition of revenue. Based on recent developments in its collection experience, recent negotiations with the customer, and past experiences, the Group considered it necessary to reassess its judgments related to the recognition of revenue from contracts with this customer. The Group’s management concluded, based on the facts and circumstances and management’s expectations regarding this customer, that this uncertainty in the amount of the contract consideration it expects to collect, and the likelihood of accepting a lower amount or changing payment terms represents an “implicit price concession” such that the contract consideration is variable. Therefore, the Group’s management estimates the amount of the contractual consideration it expects to ultimately collect and for which it is highly probable that related revenue recognized would not be subject to significant future reversals when such uncertainty is resolved. The Group’s management estimates the implicit price concessions by applying an estimated rate of 18% based primarily upon past collection history. Despite the uncertainties related to the amount expected to be collected from the customer, based on experience and the facts and circumstances related to the customer, the Group considers it probable that it will collect 82% of the amount of estimated variable transaction price due to newly agreed payment plans established with the customer. Therefore, the Group records the difference between the billed amount and the amount estimated to be collectible as a reduction to revenue. At the end of each reporting period, and if necessary upon receipt of new information, the Group may revise the amount of the variable consideration included in the transaction price. The Group has applied this accounting policy and accounting estimate to arrangements with this customer prospectively with effect to during the third quarter of 2021. 2.2 As an early commercial-stage company, the Group is still in progress towards reaching break-even in its diagnostic and pharma businesses. The Group and Company are subject to a number of risks similar to those of other development and early commercial stage companies. These risks include, among other things, the failure to enter into and successfully execute further collaborations with pharmaceutical partners, the failure to generate revenue from the Company’s development portfolio and risks associated with research, development, testing and obtaining related regulatory approvals in relation to our product candidates. The Group´s ongoing success and ultimately the attainment of profitable operations depends on future uncertain events which include, among other things, obtaining adequate financing to promote our commercial and development activities until the Group can generate sufficient revenues to support its operating cash requirements. The Group has incurred operating losses since inception. For the nine months ended September 30, 2021 the Group incurred a net loss of € 34.6 million of which € 33.7 million are related to loss of operations, resulting in an operating cash outflow of € 15.0 million). As of September 30, 2021, the Group had generated an accumulated deficit of € 97.5 million, and had an equity position of € 37.4 million. Considering cash and cash equivalents as of September 30, 2021 of € 25.7 million with relatively low short term debt obligations of € 4.0 million and no financial covenants, the Group has prepared cash flow forecasts and considered the cash flow requirement for the Company, principally focused on the twelve month period from the date of the approval of the unaudited interim condensed consolidated financial statements. These forecasts show that further financings will be required during the course of the next 12 months assuming, among others, that development programs and other operating activities continue as currently planned including the implementation of certain planned cost saving measures. This requirement for additional financing represents a material uncertainty that raises significant doubt about our ability to continue as a going concern. Without such funding considered, the Group’s current cash and cash equivalents will not be sufficient to fund its operations and meet all of its obligations as they fall due for at least one year from the date of the issuance of these unaudited interim condensed consolidated financial statements. Consequently, until the Group completes a significant financing, it plans to obtain interim bridge financing, enact measures aimed at reducing personnel and infrastructure costs, and where possible, operate at a lower spending level by pacing investments on new research programs. Additionally, the Group plans to seek funds through further private or public equity financings, debt financings, strategic collaborations and marketing, distribution or licensing arrangements, business and asset divestitures and grant funding among other things. Despite the Company’s efforts to obtain the necessary funding and improve profitability of its operations, there can be no assurance of its success in doing so, or obtaining necessary funding on acceptable terms. The accompanying unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2021 have been therefore prepared on a going concern basis contingent upon the successful implementation of the plans described above. This contemplates the Group will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of operations. The unaudited interim condensed consolidated financial statements do not reflect any adjustments relating to the recoverability and classification of assets or the amounts and classification of liabilities that would be necessary, was the Group unable to continue as a going concern. |
Effect of COVID-19 Pandemic
Effect of COVID-19 Pandemic | 9 Months Ended |
Sep. 30, 2021 | |
Effect of COVID-19 Pandemic | |
Effect of COVID-19 Pandemic | 3 The COVID-19 pandemic has spread worldwide and continues to cause many governments to maintain measures to slow the spread of the outbreak through quarantines, travel restrictions, closures of borders and requiring maintenance of physical distance between individuals. Since the second quarter of 2020, the COVID-19 pandemic has resulted in a slowdown in our diagnostics and pharmaceutical businesses. As part of the Company’s initiative to assist local, national and international authorities as well as other partners in their efforts to facilitate the earliest possible diagnosis of COVID-19 and thereby contribute to allowing society to return to a “new” normal, the Company commenced testing for COVID-19 in March 2020. During the nine months ended September 30, 2021, the Group continued the COVID-19 testing activities started in 2020 with a leading role in providing testing services at airports in Germany. Furthermore, new variants of the virus have emerged since mid-December 2020. How these mutations develop and their impact on the effectiveness of vaccines is not yet fully clear. Furthermore, vaccination campaigns in several countries started during the nine months ended September 30, 2021, and due to the expected increase in the availability of vaccines until the end of the year, the expectation is that governments will reduce restrictions during 2021. As a result of these developments in the COVID-19 pandemic, the Group has noticed a decrease in COVID-19 test order intakes in the three months ended September 30, 2021. How and when these developments would affect the potential prolongation of the need for testing on a broader scale remains uncertain. Although the Group is taking a number of measures aimed at minimizing disruptions to the business and operations, and while the provision of testing for the COVID-19 virus is anticipated to generate additional revenues for us, the full extent to which the global COVID-19 pandemic may impact the business will depend on future developments, which are highly uncertain and cannot be predicted, such as the duration of the pandemic, the availability and effectiveness of vaccines against new variants, the probability of the occurrence of further outbreaks and the ultimate impact on the financial markets and the global economy, and could result in an unforeseen negative impact on the business and future results of operations. |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 9 Months Ended |
Sep. 30, 2021 | |
Revenues from Contracts with Customers | |
Revenues from Contracts with Customers | 4 Revenues from Contracts with Customers in EUR k Three Months Ended September 30, 2021 Pharmaceutical Diagnostics COVID-19 Total Rendering of services 2,532 7,261 20,203 29,996 Sales of goods 200 — — 200 Total Revenues from contracts with external customers 2,732 7,261 20,203 30,196 Recognized over time 2,532 7,261 109 9,902 Recognized at a point in time 200 — 20,094 20,294 Total Revenues from contracts with external customers 2,732 7,261 20,203 30,196 Geographical information Europe 2 1,479 19,971 21,452 —Germany*# — 48 19,913 19,961 —Netherlands** — 1 64 65 Middle East 18 4,033 — 4,051 North America 2,696 908 232 3,836 —United States# 2,696 867 232 3,795 Latin America 16 661 — 677 Asia Pacific — 180 — 180 Total Revenues from contracts with external customers 2,732 7,261 20,203 30,196 * Country of the incorporation of Centogene GmbH ** Country of the incorporation of Centogene N.V. # Countries contributing more than 10% of the Group’s total consolidated revenues for the three months ended September 30, 2020, and 2021, respectively. in EUR k Three Months Ended September 30, 2020 Pharmaceutical Diagnostics COVID-19 Total Rendering of services 3,598 5,069 26,795 35,462 Sales of goods 202 — 641 843 Total Revenues from contracts with external customers 3,800 5,069 27,436 36,305 Recognized over time 3,598 5,069 8,693 17,360 Recognized at a point in time 202 — 18,743 18,945 Total Revenues from contracts with external customers 3,800 5,069 27,436 36,305 Geographical information Europe 39 1,547 27,238 28,824 —Germany*# 20 52 26,568 26,640 —Netherlands** — — 2 2 Middle East 26 2,648 — 2,674 North America 3,735 333 197 4,265 —United States# 3,735 299 197 4,231 Latin America — 398 1 399 Asia Pacific — 143 — 143 Total Revenues from contracts with external customers 3,800 5,069 27,436 36,305 in EUR k Nine months ended September 30, 2021 Pharmaceutical Diagnostics COVID-19 Total Rendering of services 8,578 20,359 117,505 146,442 Sales of goods 583 — 2 585 Total Revenues from contracts with external customers 9,161 20,359 117,507 147,027 Recognized over time 8,578 20,359 19,081 48,018 Recognized at a point in time 583 — 98,426 99,009 Total Revenues from contracts with external customers 9,161 20,359 117,507 147,027 Geographical information Europe 200 4,013 116,253 120,466 —Germany*# — 158 112,581 112,739 — Netherlands** — 6 3,603 3,609 Middle East 73 12,118 — 12,191 North America 8,832 2,062 1,176 12,070 Latin America 56 1,679 — 1,735 Asia Pacific — 487 78 565 Total Revenues from contracts with external customers 9,161 20,359 117,507 147,027 * Country of the incorporation of Centogene GmbH ** Country of the incorporation of Centogene N.V. # Countries contributing more than 10% of the Group’s total consolidated revenues for the nine months ended September 30, 2020, and 2021, respectively. in EUR k Nine months ended September 30, 2020 Pharmaceutical Diagnostics COVID-19 Total Rendering of services 11,478 16,308 28,848 56,634 Sales of goods 812 — 683 1,495 Total Revenues from contracts with external customers 12,290 16,308 29,531 58,129 Recognized over time 11,478 16,308 9,215 37,001 Recognized at a point in time 812 — 20,316 21,128 Total Revenues from contracts with external customers 12,290 16,308 29,531 58,129 Geographical information Europe 106 4,282 29,323 33,711 —Germany*# 58 144 28,645 28,847 — Netherlands** — 3 2 5 Middle East 74 8,852 — 8,926 North America 12,110 1,446 206 13,762 —United States# 12,110 1,254 206 13,570 Latin America — 1,362 2 1,364 Asia Pacific — 366 — 366 Total Revenues from contracts with external customers 12,290 16,308 29,531 58,129 The Group collaborated with a range of pharmaceutical partners on a worldwide basis in 2021 and 2020. In addition, in cases where pharmaceutical partners are developing a new rare disease treatment, it is generally anticipated that the final approved treatment will be made available in several countries or globally. As a result, the Group allocates the revenues of the pharmaceutical segment by geographical region by reference to the location where each pharmaceutical partner mainly operates, which is based on the region from which most of their revenues are generated. The allocation of revenues in the diagnostics segment and COVID-19 segments is based on the location of each customer. Pharmaceutical Segment During the three and nine months ended September 30, 2021, revenues from one pharmaceutical partner represented 6.5% and 4.8%, respectively, of the Group's total revenues (the three and nine months ended September 30, 2020: 7.3% and 14.4%, respectively). COVID-19 Segment During the three months ended September 30, 2021, revenues from two COVID-19 partners represented 2.1% and nil, respectively, of the Group’s total revenues (the three months ended September 30, 2020: 25.4% and 23.9%, respectively). In the nine months ended September 30, 2021, revenues from two COVID-19 partners represented 4.2% and 12.1%, respectively, of the Group’s total revenues (the nine months ended September 30, 2020: 15.9% and 15.0%, respectively). To support the COVID-19 test offerings, the Company acquired laboratory facilities and equipment, developed CENTOGENE’s Corona Test Portal and leased laboratory space at several locations in Germany. Additionally, COVID-19 testing capacity is provided through custom-built CentoTrucks, mobile laboratories in a container setup to carry out the COVID-19 analysis. Total investments in COVID-19 testing for the three and nine months ended September 30, 2021 amounted to EUR 35k and EUR 2,069k, respectively, in property, plant and equipment (the three and nine months ended September 30, 2020: EUR 2,927k and EUR 4,800k, respectively). There were no additions to right-of-use assets for the three and nine months ended September, 2021 (the three and nine months ended September 30, 2020: EUR nil and EUR 600k, respectively). An amount of EUR 354k is included in intangible assets and relates to the development of CENTOGENE’s Corona Test Portal for the nine months ended September 30, 2021 (the three and nine months ended September 30, 2020: EUR 373k and EUR 900k, respectively). The COVID-19 pandemic and its effects on Centogene’s COVID-19 testing business and its core business segments have been and remain a source of uncertainty. The Group’s management has continually monitored the development of the COVID-19 pandemic and the need for testing on a broader scale in making decisions concerning the allocation of the Group’s resources. Due to changes during the COVID-19 pandemic, particularly developments in vaccination campaigns with increasing vaccination numbers and relaxation of testing regulations by several countries, the Group has reassessed its long-term plans on how to continue the Company’s initiative of providing COVID-19 testing, including the likelihood of renewing certain nonprofitable lease and service agreements related to providing COVID-19 testing solutions at the conclusion of their contract terms. As a result, in line with the Group’s accounting policies for long-lived assets, management reviewed the estimated useful lives of long-lived assets utilized in the COVID-19 test offerings given changes in circumstances and management’s expectations. Management considered how the underlying assets are currently deployed, including whether the assets are utilized in leased facilities or service agreements which management is unlikely to renew, and potential alternative uses of the assets within the COVID-19 business or diagnostics and pharmaceutical businesses. Consequently, the Group prospectively adjusted the estimated useful lives of its long-lived assets which include property, plant and equipment, right of use assets and intangible assets which had in aggregate carrying amount of Following the closure of the Hamburg lab, the Group recognized an accelerated depreciation of property, plant and equipment and right-of-use assets in the aggregate amount of € 1,026k in the three and nine months ended September 30, 2021 (nil in the three and nine months ended September 30, 2020). The carrying value of COVID-19 related long-lived assets was subject to an impairment test after all adjustments were recorded. However, no further impairments were identified. Additionally, management assessed inventory obsolescence on all COVID-19 related inventories which resulted in an inventory write-off included within cost of sales in the amount of € 603k and € 1,795k for the three and nine months ended September 30, 2021, respectively (nil in the three and nine months ended September 30, 2020). |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2021 | |
Segment Information | |
Segment Information | 5 in EUR k Three Months Ended September 30, 2021 Pharmaceutical Diagnostics COVID-19 Corporate Total Total Revenues from contracts with external customers 2,732 7,261 20,203 — 30,196 Adjusted EBITDA 307 1,070 (3,922) (10,135) (12,680) Capital Expenditures Additions to property, plant and equipment and right-of-use assets 26 18 35 54 133 Additions to intangible assets 98 — — 380 478 Other segment information Depreciation and amortization 397 515 4,672 1,222 6,806 Research and development expenses — — — 3,821 3,821 in EUR k Three months ended September 30, 2020 Pharmaceutical Diagnostics COVID-19 Corporate Total Total Revenues from contracts with external customers 3,800 5,069 27,436 — 36,305 Adjusted EBITDA 871 (1,210) 9,516 (10,261) (1,084) Capital Expenditures Additions to property, plant and equipment and right-of-use assets 3 195 2,900 516 3,614 Additions to intangible assets 218 — 361 237 816 Other segment information Depreciation and amortization 617 650 110 1,134 2,511 Research and development expenses — — — 4,796 4,796 Nine Months Ended September 30, 2021 in EUR k Pharmaceutical Diagnostics COVID-19 Corporate Total Total Revenues from contracts with external customers 9,161 20,359 117,507 — 147,027 Adjusted EBITDA 2,451 2,703 12,496 (31,698) (14,048) Capital Expenditures Additions to property, plant and equipment and right-of-use assets 35 252 2,069 473 2,829 Additions to intangible assets 661 — 354 1,552 2,567 Other segment information Depreciation and amortization 1,221 1,333 6,668 4,254 13,476 Research and development expenses — — — 12,209 12,209 Nine Months Ended September 30, 2020 in EUR k Pharmaceutical Diagnostics COVID-19 Corporate Total Total Revenues from contracts with external customers 12,290 16,308 29,531 — 58,129 Adjusted EBITDA 5,278 (2,736) 10,306 (26,369) (13,521) Capital Expenditures Additions to property, plant and equipment and right-of-use assets 304 585 5,400 2,352 8,641 Additions to intangible assets 3,072 — 888 821 4,781 Other segment information Depreciation and amortization 1,688 1,757 164 3,334 6,943 Research and development expenses — — — 10,606 10,606 Adjustments to EBITDA Adjustments to EBITDA include non-cash charges in relation to depreciation, amortization (including impairments), and share-based payments as well as net financial costs, and income taxes. Certain costs, and related income, are not allocated to the reporting segment results and represent the residual operating activities of the Group reported as ‘Corporate’. These include corporate overheads, which are responsible for centralized functions such as communications, information technology, facilities, legal, finance and accounting, insurance (D&O), human resources, business development and strategic initiatives, certain professional and consulting services, procurement, research and development, and other supporting activities. Increases in corporate expenses for the three and nine months ended September 30, 2021, are mainly due to increased personnel costs and administrative costs and additional investments in IT support and data center costs. Reconciliation of Segment Adjusted EBITDA to Group Loss for the Period For the three months ended September 30 2021 2020 Reported segment Adjusted EBITDA (2,545) 9,177 Corporate expenses (10,135) (10,261) (12,680) (1,084) Share-based payment expenses (Note 11) (1,860) (1,149) Depreciation and amortization (6,806) (2,511) Operating loss (21,346) (4,744) Financial costs, net (263) (793) Income tax expenses (35) (103) Loss for the three months ended September 30 (21,644) (5,640) For the nine months ended September 30 2021 2020 Reported segment Adjusted EBITDA 17,650 12,848 Corporate expenses (31,698) (26,369) (14,048) (13,521) Share-based payment expenses (Note 11) (6,136) (2,542) Depreciation and amortization (13,476) (6,943) Operating loss (33,660) (23,006) Financial costs, net (734) (1,498) Income tax expenses (159) (232) Loss for the nine months ended September 30 (34,553) (24,736) Non-Current Asset Locations Non-current assets of the Group consist of right-of-use assets, property, plant and equipment, as well as intangible assets. All of such assets are located in Germany, which is the country of the business address of Centogene GmbH, except for property, plant and equipment of EUR 437k (December 31, 2020: EUR 516k) and right-of-use assets of EUR 205k (December 31, 2020: EUR 709k), which are located in the United States. , |
Other Income and Expenses
Other Income and Expenses | 9 Months Ended |
Sep. 30, 2021 | |
Other Income and Expenses | |
Other Income and Expenses | 6 6.1 For the Three months ended September 30 For the Nine months ended September 30 in EUR k 2021 2020 2021 2020 Government grants 572 535 1,749 1,940 Currency gains 139 — 67 — Others 300 144 837 485 Total other operating income 1,011 679 2,653 2,425 Government grants include performance-based grants to subsidize research, development and innovation in the state of Mecklenburg-Western Pomerania from funds granted by the European Regional Development Fund. Furthermore, government grants contain the release of deferred income from investment related grants. Other operating income includes the bank loan granted under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) which was forgiven during the three months ended June 30, 2021 (see note 10). 6.2 For the Three months ended September 30 For the Nine months ended September 30 in EUR k 2021 2020 2021 2020 Currency losses — 23 — 60 Others — 30 36 131 Total other operating expenses — 53 36 191 During the nine months ended September 30, 2020, the Group disposed of its entire 51% interest in LPC GmbH (“LPC”) to the minority shareholders for a consideration of EUR 213k, of which EUR 200k is to be paid over a period of four years (and included in other assets, see note 7). The related non-controlling interest of EUR 268k (accumulated share of loss) was debited to profit or loss, and the sale resulted in a loss of EUR 101k. |
Trade Receivables and Other Ass
Trade Receivables and Other Assets | 9 Months Ended |
Sep. 30, 2021 | |
Trade Receivables and Other Assets | |
Trade Receivables and Other Assets | 7 in EUR k Sep 30, 2021 Dec 31, 2020 Non ‑ current Other assets - Rental deposits 2,923 1,867 Other assets – Others 50 100 2,973 1,967 Current Trade receivables, net 10,993 25,656 Contract assets, net 2,914 3,543 Other assets 5,848 8,286 19,755 37,485 Total non-current and current trade receivables and other assets 22,728 39,452 Other Non-Current Assets The non-current portion of other assets mainly include cash deposits of EUR 2,250k used to secure a bank guarantee of EUR 3,000k relating to the leases of the Rostock headquarters building, cash deposits of EUR 192k, used to secure a bank guarantee of EUR 257k, relating to the leases of the Berlin office and EUR 285k for the leases of certain plant and machineries. It also includes the non-current part of the consideration receivable for the sale of LPC for EUR 50k (see note 6.2). Trade Receivables and Contract Assets Trade receivables are non-interest bearing and are generally due in 30 . In general, portfolio-based expected credit loss allowances are recognized on trade receivables and contract assets. in EUR k Sep 30, 2021 Dec 31, 2020 Not past due 9,265 24,185 Past due 1-30 days 1,749 2,228 Past due 31-90 days 1,759 797 Past due more than 90 days 7,007 6,757 Total gross amount of trade receivables and contract assets 19,780 33,967 Expected credit loss rate Not past due 1.3 % 1.6 % Past due 1-30 days 7.0 % 3.1 % Past due 31-90 days 11.5 % 7.7 % Past due more than 90 days 79.5 % 63.0 % Expected credit loss rate on total gross trade receivables and contract assets 29.7 % 14.0 % Expected credit loss 5,873 4,768 The addition to the allowance for expected credit losses amounts to EUR 502k and EUR 1,177k for the three and nine months ended September 30, 2021, respectively, which was included in the impairment of financial assets in the profit and loss account (the three and nine months ended September 30, 2020: EUR 1,147k and EUR 2,821k). Other Current Assets The current assets include EUR 129k VAT receivables (December 31, 2020: EUR 226k), prepaid expenses of EUR 2,373k (December 31, 2020: EUR 4,431k), receivables related to exercised share-based payment grants of EUR 349k (December 31, 2020: EUR 1,253k receivables), receivables related to COVID-19 bank or credit card transactions of EUR 424 (December 31, 2020: EUR 1,076k), as well as receivables from grants of EUR 1,462k (December 31, 2020: EUR 442k). |
Cash and Short-Term Deposits
Cash and Short-Term Deposits | 9 Months Ended |
Sep. 30, 2021 | |
Cash and Short-Term Deposits | |
Cash and Short-Term Deposits | 8 As of September 30, 2021, the Group has pledged its short-term deposits with carrying amount of EUR 1,500k (December 31, 2020: EUR 1,500k) and EUR 2,500k (December 31, 2020: EUR 2,500k) respectively, to fulfil collateral requirements in respect of existing secured bank loan and overdraft facility up to EUR 2,500k. In addition, the Group has pledged its short-term deposits of EUR 1,000k (December 31, 2020: EUR 1,000k) related to two other overdraft facilities worth EUR 500k each. The restriction applying to the collateral may be terminated at any time subject to the full amount of the relevant bank loans and the overdrafts being repaid. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2021 | |
Equity. | |
Equity | 9 Common Shares As of September 30, 2021, 22,511,242 common shares of Centogene N.V. with a nominal value of EUR 0.12 were issued and fully paid up (December 31, 2020: 22,117,643 ). As of September 30, 2021, the authorized but unissued common share capital amounted to EUR 6,773 k (December 31, 2020: EUR 6,826 k). The holders of common shares are entitled to the Company's approved dividends and other distributions as may be declared from time to time by the Company, and are entitled to vote per share on all matters to be voted at the Company's annual general meetings. Capital Reserve As of September 30, 2021, capital reserve included a share premium of EUR 107,451k (December 31, 2020: EUR 107,498k), being amounts paid in by shareholders at the issuance of shares in excess of the par value of the shares issued, net of any transaction costs incurred for the share issuance. In addition, it also included amounts recorded on the basis of share-based payments. For additional information on the share-based payments, see note 11. |
Financial Liabilities
Financial Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Financial Liabilities | |
Financial Liabilities | 10 10.1 in EUR k Sep 30, 2021 Dec 31, 2020 Non ‑ current liabilities Non‑current portion of secured bank loans 100 401 Total non ‑ current loans 100 401 Lease liabilities 15,560 17,677 Total non ‑ current liabilities 15,660 18,078 Current liabilities Current portion of secured bank loans 401 567 Other bank loans — 387 Bank overdrafts 3,441 1,538 Total current loans 3,842 2,492 Current portion of lease liabilities 3,221 3,528 Total current liabilities 7,063 6,020 Total non ‑ current and current liabilities 22,723 24,098 As of September 30, 2021, short-term cash deposits of EUR 1,500k (December 31, 2020: EUR 1,500k) were used to secure the secured bank loan outstanding (see note 8). Other bank loans outstanding as of December 31, 2020 represented bank loans granted under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) which were forgiven during the three months ended June 30, 2021. The amount forgiven has been included in other operating income (see note 6). The following table is based on the original terms and conditions: Conditions and Statement of Liabilities The outstanding interest-bearing liabilities as of September 30, 2021 and December 31, 2020 have the following conditions: Sep 30, 2021 Dec 31, 2020 Nominal Carrying Nominal Carrying in EUR k Currency Nominal interest rate Maturity amount amount amount amount Secured bank loan EUR 2.95% 2017‑22 501 501 968 968 Other bank loan USD 1% 2020-22 — — 387 387 Bank overdrafts EUR 4.75% Rollover 499 499 498 498 Bank overdrafts EUR 3.75% Rollover 2,443 2,443 628 628 Bank overdrafts EUR 4.50% Rollover 499 499 412 412 Lease liabilities EUR 2.1%-3.5%*, 5.4%-9.1% 2017-31 18,781 18,781 21,205 21,205 Total interest ‑ bearing financial liabilities 22,723 22,723 24,098 24,098 * Represents the incremental borrowing rate of the Group at the commencement of the leases The bank overdrafts of EUR 2,443k as of September 30, 2021 (December 31, 2020: EUR 628k) were secured by short-term deposits with a carrying amount of EUR 2,500k (December 31, 2020: EUR 2,500k) (see note 8). The other bank overdrafts of EUR 998k (December 31, 2020: EUR 910k) were secured over two short-term deposits with a carrying amount of EUR 500k each (see note 8). 10.2 in EUR k Sep 30, 2021 Dec 31, 2020 Trade payables 8,810 31,736 Government grants (deferred income) 9,603 10,292 Contract liabilities 5,540 4,479 Others 11,713 13,483 Trade payables and other liabilities 35,666 59,990 Non‑current 8,228 8,950 Current 27,438 51,040 Government grants mainly include investment-related government grants. These were received for the purchase of certain items of property, plant and equipment for the research and development facilities in Mecklenburg-Western Pomerania, including the Rostock facility. The grants were issued in the form of investment subsidies as part of the joint federal and state program, "Verbesserung der regionalen Wirtschaftsstruktur" (improvement of the regional economic structure) in connection with funds from the European Regional Development Fund. No additional grants were received during the nine months ended September 30, 2021 related to the purchase of certain items of property, plant and equipment (the nine months ended September 30, 2020: EUR 390k). In addition, other liabilities include a provision for outstanding invoices of EUR 4,341k (December 31, 2020: EUR 1,245k), personnel-related liabilities for vacation and bonuses totaling EUR 3,831k (December 31, 2020: EUR 4,032k), no VAT payable (December 31, 2020: EUR 4,578k payable), as well as liabilities for wage and church tax of EUR 900k (December 31, 2020: EUR 1,988k). |
Share Based Payments
Share Based Payments | 9 Months Ended |
Sep. 30, 2021 | |
Share Based Payments | |
Share Based Payments | 11 Expenses from Share-Based Payment Arrangements During the three and nine months ended September 30, 2021, the Company incurred share-based payment expenses of EUR Share-Based Award Activity A detailed description of the Company’s share-based payment arrangements is included in Note 20 of the Group’s annual consolidated financial statements for the year ended December 31, 2020. During the nine months ended September 30, 2021 there were no changes to the terms and conditions of the Company’s share-based payment arrangements. The following table presents a summary of the Company’s share-based payment arrangement activity for the nine months ended September 30, 2021. ESOP 2017 2019-2021 awards (1) Number of awards (options and RSUs) Number WAEP Number of options WAEP (USD) Number of RSUs WAEP Outstanding as of January 1 549,005 0.12 154,925 11.60 1,885,100 — Granted during the year(1) — 0.12 30,152 12.57 173,740 — Exercised during the year (140,169) 0.12 — (253,430) — Outstanding as of September 30 408,836 0.12 185,077 11.76 1,805,410 — Vested as of September 30 408,836 115,758 174,660 Exercisable as of September 30 408,836 115,758 174,660 (1) The granted and outstanding options and RSUs do not include the number of awards for which the service period has commenced in advance of grant date. The number of these options and RSUs to be granted is not fixed until the relevant grant date as the number is dependent on the achieved value of the award divided by the trailing volume-weighted average stock price of the Company, pursuant to the terms of the underlying award agreements. These include RSUs to be granted to the new CEO from 2022, the annual RSU award to be granted in 2022 to an executive officer, and the RSUs and options to be granted to certain supervisory board members annually in 2022 and thereafter. The option and RSUs for the years 2019-2021 as included in the table above reflect the activity related to the share-based payment awards ESOP 2019, management, supervisory board and employees. Grants Awarded During the nine months ended September 30, 2021 the following awards were granted: Award Type (2019 Plan) Market/ Performance Based Number of Awards Vesting Conditions Expiration Date RSUs No 105,804 Four equal tranches over a four-year period, starting January 1, 2022, April 1, 2022 or on each anniversary of the grant date 10th anniversary of Grant Date RSUs No 30,000 Three equal tranches over a three-year period starting January 1, 2022 10th anniversary of Grant Date RSUs No 15,000 Three equal tranches of which the first tranche vested immediately and the two remaining annual tranches will vest starting January 1, 2022 10th anniversary of Grant Date RSUs No 22,936 Four equal tranches over a four-year period, starting October 1, 2022 on each anniversary of the grant date 10th anniversary of Grant Date Options No 15,152 Four equal tranches over a four-year period following each anniversary of the grant date 10th anniversary of Grant Date Options Yes 15,000 Three equal tranches over a three-year period starting January 1, 2022 10th anniversary of Grant Date The grant date fair value of these grants will be recognized in profit or loss over the service period by using the graded approach. 15,000 of the options referred to above vest only if the 20 The RSUs referred to above have no market or performance-based vesting conditions. Each RSU represents a right to receive a payment in cash or shares equal to the value of the RSU at the exercise date. The Company has a choice to settle either in cash, in shares or a combination thereof. In line with this, both types of awards are to be settled in shares and expire on the 10th anniversary of the grant date. The Company entered into an award agreement with an executive officer under which the officer shall receive annual RSU awards to be granted following each fiscal year, upon approval by the Supervisory Board, based upon achievement of the officer’s annual variable remuneration target. The service period of the annual RSUs to be granted in 2022 has commenced during the nine months ended September 30, 2021, corresponding with the employment start date, as entitlement to the RSU grant is dependent on continuing service with the Company through the grant date and annual variable remuneration target. However, the grant date criteria for these awards will not be met until such time the value of the award and number of RSUs to be granted are approved and fixed pursuant to the underlying award agreement. Additionally, on September, 5, 2021 the Supervisory Board approved an amendment to an award agreement under the 2019 Plan with the CEO pursuant to which a total of 324,000 RSUs were granted on December 1, 2020, subject to the purchase of ordinary shares of the Company on the open market in the amount of CHF 1,000k after the grant date, which vest in four equal annual installments following December 1, 2020, subject to the CEO’s continued services with the Company and continued ownership of the a number of shares equal or higher than the number of purchased shares. Under the amended award agreement, the RSUs vest in 14 equal quarterly installments following July 30, 2021 with final vesting date on December 1, 2024, subject to the purchase of ordinary shares of the Company on the open market in the amount of CHF 1,000k by June 30, 2022, and the CEO’s continued services with the Company. Further, the RSUs will vest pro rata to the number of shares actually purchased up to the full investment amount of CHF 1,000k on each quarterly installment prior to the share purchase deadline and are subject to the continued ownership of a number of shares equal or higher than the pro rata number of shares actually purchased on each applicable vesting date or share purchase deadline. The amendment did not result in incremental fair value of the award. The grant date fair value shall be recognized in the statement of comprehensive loss over the remaining vesting period based on the modified vesting schedule using the graded approach. During the nine months ended September 30, 2021, an award of 75,000 options granted in 2020 has been modified by removing the condition that the 20 The fair value of the RSUs is based on the observed value of the underlying shares. As no dividend payments are expected over the vesting period, no further adjustment is required. The weighted average fair value of RSUs granted under the 2019 Plan during the three months and nine months ended September 30, 2021, was US$ 11.45 and US$ 10.98, respectively. The fair value of the options awarded is determined using a Monte Carlo simulation model. The Monte Carlo simulation model utilizes multiple input variables to estimate the probability that market conditions will be achieved. The weighted average fair value of the options granted under the 2019 Plan during the three months ended September 30, 2021, was US$ nil and US$ 7.47, respectively. Exercises During the nine months ended September, 2021, 140,169 ESOP 2017 options were exercised. The weighted average share price at the date of exercise was US$ 11.67. During the nine months ended September 30, 2021, 253,430 RSUs were exercised. The weighted average share price at the date of exercise was US$ 11.66. |
Commitments
Commitments | 9 Months Ended |
Sep. 30, 2021 | |
Commitments | |
Commitments | 12 Future Payments for Non-Cancellable Leases The Group has various lease contracts in relation to the expansion of the Rostock headquarters and leasing of the Frankfurt laboratory, Airport Berlin, Airport Düsseldorf, Airport Cologne/ Bonn, Airport Munich, Airport Frankfurt and additional laboratory space in Hamburg. The future lease payments and utilities for these non-cancellable lease contracts are EUR 865 k within one year, EUR 2,323 k within five years and EUR 4,219 k thereafter (December 31, 2020: EUR 283 k, EUR 1,686 k and EUR 4,855 k respectively). The Group has various non-cancellable lease contracts of office equipment and storage spaces which had a lease term of less than 12 months or were related to leases of low-value assets, and therefore the short-term lease recognition exemption was applied to these contracts. The future lease payments for these non-cancellable lease contracts are EUR 17 k within one year (December 31, 2020: EUR 33 k) and EUR nil within five years (December 31, 2020: EUR 9 k). Future Payment Obligations As of September 30, 2021, the Group concluded agreements with suppliers, for goods and services to be provided subsequent to September 30, 2021, with a total payment obligation of approximately EUR 2,003k (December 31, 2020: EUR 4,669k). |
Contingent Liabilities
Contingent Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Contingent Liabilities | |
Contingent Liabilities | 13 ● In May 2016, the Company was informed in writing by the Universitair Medisch Centrum Utrecht ("UMCU") that a claim had been initiated against UMCU regarding a prenatal diagnostic test that the Company conducted at their request which failed to identify a specific mutation present in a patient. On October 1, 2018, the UMCU and Neon Underwriting Limited formally filed a legal claim in the local court in Rostock, Germany against the Company alleging that the Company’s negligence in performing the test resulted in the misdiagnosis of the patient. UMCU is seeking recovery for compensatory damages as a result of the alleged misdiagnosis. By court order of November 8, 2018, the Regional Court of Rostock set the amount in dispute at EUR 880k. ● Certain of our original shareholders agreed to reimburse us for the payments that we make to option holders under the 2016 Plan. Upon completion of the Follow-on Equity Offering, the relevant payables to the holders of vested options were settled mainly by the proceeds received from such original shareholders from the sale of their shares in the Follow-on Equity Offering. We have received a demand from one such original shareholder that alleges that it should have paid less to us in connection with the settlement of such payables. While we continue to believe that such demand has little chance of being successfully enforced through legal proceedings, we see the benefit of settling this pending issue. We have therefore come to a settlement agreement with the relevant shareholders pursuant to which we will make a one-time-payment in the total amount of EUR 550,000 to be divided up between such shareholders. The negotiations around the settlement agreement are finished and we have signed the final agreement. We expect to receive the agreement signed by all relevant shareholders shortly. ● The higher regional court of Rostock issued a final decision by which it has retroactively invalidated a contract entered into between Centogene GmbH (the “Company”) and the State of Mecklenburg-Western Pomerania (“MVP”) for COVID-19 testing, due to non-compliance by MVP with the public tender requirements of the German government. As a result of the invalidation, MVP now has a claim under German law against the Company for repayment of the full amount invoiced and received under the contract (EUR 2.3 million). The Company also has a claim against MVP for compensation for the value of services provided in expectation of the validity of the contract. ● On August 7, 2021, our partnering laboratory physician Prof. Dr. Peter Bauer was informed in writing by the Public Prosecutor's Office in Fulda that a criminal investigation had been initiated against him regarding allegedly falsely billing statements submitted to the Association of Statutory Health Insurance Physicians in Hessen (Kassenärztliche Vereinigung Hessen). The aggregate amount in question is EUR 42,268.50. The Company is coordinating with defense counsel to support Prof. Dr. Peter Bauer in the defense of the case. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events | |
Subsequent Events | 14 Subsequent Events Restructuring Initiative On November 5, 2021, our Board of Directors approved a restructuring plan to further reduce operating costs and improve profitability. We estimate that the restructuring charges, which consist of personnel costs and one-time severance charges, will be approximately EUR 640k to be recorded in the fourth quarter of fiscal year 2021. We anticipate that it will generate approximately EUR 6,200k in annual net savings, plus additional planned savings in OPEX, the majority of which will be allocated to support growth-related initiatives. |
Basis of Preparation (Policies)
Basis of Preparation (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Basis of Preparation | |
New significant accounting policies and accounting judgments and estimates | 2.1 Revenues from contracts with customer The Group has a diagnostics customer from the Middle Eastern region with a history of significant payment delays. This history has resulted in the recognition of significant subsequent impairment losses by applying the expected credit loss method as the collection of the contractual consideration was historically considered probable upon recognition of revenue. Based on recent developments in its collection experience, recent negotiations with the customer, and past experiences, the Group considered it necessary to reassess its judgments related to the recognition of revenue from contracts with this customer. The Group’s management concluded, based on the facts and circumstances and management’s expectations regarding this customer, that this uncertainty in the amount of the contract consideration it expects to collect, and the likelihood of accepting a lower amount or changing payment terms represents an “implicit price concession” such that the contract consideration is variable. Therefore, the Group’s management estimates the amount of the contractual consideration it expects to ultimately collect and for which it is highly probable that related revenue recognized would not be subject to significant future reversals when such uncertainty is resolved. The Group’s management estimates the implicit price concessions by applying an estimated rate of 18% based primarily upon past collection history. Despite the uncertainties related to the amount expected to be collected from the customer, based on experience and the facts and circumstances related to the customer, the Group considers it probable that it will collect 82% of the amount of estimated variable transaction price due to newly agreed payment plans established with the customer. Therefore, the Group records the difference between the billed amount and the amount estimated to be collectible as a reduction to revenue. At the end of each reporting period, and if necessary upon receipt of new information, the Group may revise the amount of the variable consideration included in the transaction price. The Group has applied this accounting policy and accounting estimate to arrangements with this customer prospectively with effect to during the third quarter of 2021. 2.2 As an early commercial-stage company, the Group is still in progress towards reaching break-even in its diagnostic and pharma businesses. The Group and Company are subject to a number of risks similar to those of other development and early commercial stage companies. These risks include, among other things, the failure to enter into and successfully execute further collaborations with pharmaceutical partners, the failure to generate revenue from the Company’s development portfolio and risks associated with research, development, testing and obtaining related regulatory approvals in relation to our product candidates. The Group´s ongoing success and ultimately the attainment of profitable operations depends on future uncertain events which include, among other things, obtaining adequate financing to promote our commercial and development activities until the Group can generate sufficient revenues to support its operating cash requirements. The Group has incurred operating losses since inception. For the nine months ended September 30, 2021 the Group incurred a net loss of € 34.6 million of which € 33.7 million are related to loss of operations, resulting in an operating cash outflow of € 15.0 million). As of September 30, 2021, the Group had generated an accumulated deficit of € 97.5 million, and had an equity position of € 37.4 million. Considering cash and cash equivalents as of September 30, 2021 of € 25.7 million with relatively low short term debt obligations of € 4.0 million and no financial covenants, the Group has prepared cash flow forecasts and considered the cash flow requirement for the Company, principally focused on the twelve month period from the date of the approval of the unaudited interim condensed consolidated financial statements. These forecasts show that further financings will be required during the course of the next 12 months assuming, among others, that development programs and other operating activities continue as currently planned including the implementation of certain planned cost saving measures. This requirement for additional financing represents a material uncertainty that raises significant doubt about our ability to continue as a going concern. Without such funding considered, the Group’s current cash and cash equivalents will not be sufficient to fund its operations and meet all of its obligations as they fall due for at least one year from the date of the issuance of these unaudited interim condensed consolidated financial statements. Consequently, until the Group completes a significant financing, it plans to obtain interim bridge financing, enact measures aimed at reducing personnel and infrastructure costs, and where possible, operate at a lower spending level by pacing investments on new research programs. Additionally, the Group plans to seek funds through further private or public equity financings, debt financings, strategic collaborations and marketing, distribution or licensing arrangements, business and asset divestitures and grant funding among other things. Despite the Company’s efforts to obtain the necessary funding and improve profitability of its operations, there can be no assurance of its success in doing so, or obtaining necessary funding on acceptable terms. The accompanying unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2021 have been therefore prepared on a going concern basis contingent upon the successful implementation of the plans described above. This contemplates the Group will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of operations. The unaudited interim condensed consolidated financial statements do not reflect any adjustments relating to the recoverability and classification of assets or the amounts and classification of liabilities that would be necessary, was the Group unable to continue as a going concern. |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenues from Contracts with Customers | |
Schedule of geographical information | in EUR k Three Months Ended September 30, 2021 Pharmaceutical Diagnostics COVID-19 Total Rendering of services 2,532 7,261 20,203 29,996 Sales of goods 200 — — 200 Total Revenues from contracts with external customers 2,732 7,261 20,203 30,196 Recognized over time 2,532 7,261 109 9,902 Recognized at a point in time 200 — 20,094 20,294 Total Revenues from contracts with external customers 2,732 7,261 20,203 30,196 Geographical information Europe 2 1,479 19,971 21,452 —Germany*# — 48 19,913 19,961 —Netherlands** — 1 64 65 Middle East 18 4,033 — 4,051 North America 2,696 908 232 3,836 —United States# 2,696 867 232 3,795 Latin America 16 661 — 677 Asia Pacific — 180 — 180 Total Revenues from contracts with external customers 2,732 7,261 20,203 30,196 * Country of the incorporation of Centogene GmbH ** Country of the incorporation of Centogene N.V. # Countries contributing more than 10% of the Group’s total consolidated revenues for the three months ended September 30, 2020, and 2021, respectively. in EUR k Three Months Ended September 30, 2020 Pharmaceutical Diagnostics COVID-19 Total Rendering of services 3,598 5,069 26,795 35,462 Sales of goods 202 — 641 843 Total Revenues from contracts with external customers 3,800 5,069 27,436 36,305 Recognized over time 3,598 5,069 8,693 17,360 Recognized at a point in time 202 — 18,743 18,945 Total Revenues from contracts with external customers 3,800 5,069 27,436 36,305 Geographical information Europe 39 1,547 27,238 28,824 —Germany*# 20 52 26,568 26,640 —Netherlands** — — 2 2 Middle East 26 2,648 — 2,674 North America 3,735 333 197 4,265 —United States# 3,735 299 197 4,231 Latin America — 398 1 399 Asia Pacific — 143 — 143 Total Revenues from contracts with external customers 3,800 5,069 27,436 36,305 in EUR k Nine months ended September 30, 2021 Pharmaceutical Diagnostics COVID-19 Total Rendering of services 8,578 20,359 117,505 146,442 Sales of goods 583 — 2 585 Total Revenues from contracts with external customers 9,161 20,359 117,507 147,027 Recognized over time 8,578 20,359 19,081 48,018 Recognized at a point in time 583 — 98,426 99,009 Total Revenues from contracts with external customers 9,161 20,359 117,507 147,027 Geographical information Europe 200 4,013 116,253 120,466 —Germany*# — 158 112,581 112,739 — Netherlands** — 6 3,603 3,609 Middle East 73 12,118 — 12,191 North America 8,832 2,062 1,176 12,070 Latin America 56 1,679 — 1,735 Asia Pacific — 487 78 565 Total Revenues from contracts with external customers 9,161 20,359 117,507 147,027 * Country of the incorporation of Centogene GmbH ** Country of the incorporation of Centogene N.V. # Countries contributing more than 10% of the Group’s total consolidated revenues for the nine months ended September 30, 2020, and 2021, respectively. in EUR k Nine months ended September 30, 2020 Pharmaceutical Diagnostics COVID-19 Total Rendering of services 11,478 16,308 28,848 56,634 Sales of goods 812 — 683 1,495 Total Revenues from contracts with external customers 12,290 16,308 29,531 58,129 Recognized over time 11,478 16,308 9,215 37,001 Recognized at a point in time 812 — 20,316 21,128 Total Revenues from contracts with external customers 12,290 16,308 29,531 58,129 Geographical information Europe 106 4,282 29,323 33,711 —Germany*# 58 144 28,645 28,847 — Netherlands** — 3 2 5 Middle East 74 8,852 — 8,926 North America 12,110 1,446 206 13,762 —United States# 12,110 1,254 206 13,570 Latin America — 1,362 2 1,364 Asia Pacific — 366 — 366 Total Revenues from contracts with external customers 12,290 16,308 29,531 58,129 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Information | |
Schedule of segment information and reconciliation of segment adjusted EBITDA to group loss for the period | in EUR k Three Months Ended September 30, 2021 Pharmaceutical Diagnostics COVID-19 Corporate Total Total Revenues from contracts with external customers 2,732 7,261 20,203 — 30,196 Adjusted EBITDA 307 1,070 (3,922) (10,135) (12,680) Capital Expenditures Additions to property, plant and equipment and right-of-use assets 26 18 35 54 133 Additions to intangible assets 98 — — 380 478 Other segment information Depreciation and amortization 397 515 4,672 1,222 6,806 Research and development expenses — — — 3,821 3,821 in EUR k Three months ended September 30, 2020 Pharmaceutical Diagnostics COVID-19 Corporate Total Total Revenues from contracts with external customers 3,800 5,069 27,436 — 36,305 Adjusted EBITDA 871 (1,210) 9,516 (10,261) (1,084) Capital Expenditures Additions to property, plant and equipment and right-of-use assets 3 195 2,900 516 3,614 Additions to intangible assets 218 — 361 237 816 Other segment information Depreciation and amortization 617 650 110 1,134 2,511 Research and development expenses — — — 4,796 4,796 Nine Months Ended September 30, 2021 in EUR k Pharmaceutical Diagnostics COVID-19 Corporate Total Total Revenues from contracts with external customers 9,161 20,359 117,507 — 147,027 Adjusted EBITDA 2,451 2,703 12,496 (31,698) (14,048) Capital Expenditures Additions to property, plant and equipment and right-of-use assets 35 252 2,069 473 2,829 Additions to intangible assets 661 — 354 1,552 2,567 Other segment information Depreciation and amortization 1,221 1,333 6,668 4,254 13,476 Research and development expenses — — — 12,209 12,209 Nine Months Ended September 30, 2020 in EUR k Pharmaceutical Diagnostics COVID-19 Corporate Total Total Revenues from contracts with external customers 12,290 16,308 29,531 — 58,129 Adjusted EBITDA 5,278 (2,736) 10,306 (26,369) (13,521) Capital Expenditures Additions to property, plant and equipment and right-of-use assets 304 585 5,400 2,352 8,641 Additions to intangible assets 3,072 — 888 821 4,781 Other segment information Depreciation and amortization 1,688 1,757 164 3,334 6,943 Research and development expenses — — — 10,606 10,606 Reconciliation of Segment Adjusted EBITDA to Group Loss for the Period For the three months ended September 30 2021 2020 Reported segment Adjusted EBITDA (2,545) 9,177 Corporate expenses (10,135) (10,261) (12,680) (1,084) Share-based payment expenses (Note 11) (1,860) (1,149) Depreciation and amortization (6,806) (2,511) Operating loss (21,346) (4,744) Financial costs, net (263) (793) Income tax expenses (35) (103) Loss for the three months ended September 30 (21,644) (5,640) For the nine months ended September 30 2021 2020 Reported segment Adjusted EBITDA 17,650 12,848 Corporate expenses (31,698) (26,369) (14,048) (13,521) Share-based payment expenses (Note 11) (6,136) (2,542) Depreciation and amortization (13,476) (6,943) Operating loss (33,660) (23,006) Financial costs, net (734) (1,498) Income tax expenses (159) (232) Loss for the nine months ended September 30 (34,553) (24,736) |
Other Income and Expenses (Tabl
Other Income and Expenses (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Income and Expenses | |
Schedule of other operating income | For the Three months ended September 30 For the Nine months ended September 30 in EUR k 2021 2020 2021 2020 Government grants 572 535 1,749 1,940 Currency gains 139 — 67 — Others 300 144 837 485 Total other operating income 1,011 679 2,653 2,425 |
Schedule of other operating expenses | For the Three months ended September 30 For the Nine months ended September 30 in EUR k 2021 2020 2021 2020 Currency losses — 23 — 60 Others — 30 36 131 Total other operating expenses — 53 36 191 |
Trade Receivables and Other A_2
Trade Receivables and Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Trade Receivables and Other Assets | |
Summary of trade receivables and other assets | in EUR k Sep 30, 2021 Dec 31, 2020 Non ‑ current Other assets - Rental deposits 2,923 1,867 Other assets – Others 50 100 2,973 1,967 Current Trade receivables, net 10,993 25,656 Contract assets, net 2,914 3,543 Other assets 5,848 8,286 19,755 37,485 Total non-current and current trade receivables and other assets 22,728 39,452 |
Summary of expected credit loss rate on total gross trade receivables and contract assets | in EUR k Sep 30, 2021 Dec 31, 2020 Not past due 9,265 24,185 Past due 1-30 days 1,749 2,228 Past due 31-90 days 1,759 797 Past due more than 90 days 7,007 6,757 Total gross amount of trade receivables and contract assets 19,780 33,967 Expected credit loss rate Not past due 1.3 % 1.6 % Past due 1-30 days 7.0 % 3.1 % Past due 31-90 days 11.5 % 7.7 % Past due more than 90 days 79.5 % 63.0 % Expected credit loss rate on total gross trade receivables and contract assets 29.7 % 14.0 % Expected credit loss 5,873 4,768 |
Financial Liabilities (Tables)
Financial Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Financial Liabilities | |
Schedule of interest-bearing liabilities | in EUR k Sep 30, 2021 Dec 31, 2020 Non ‑ current liabilities Non‑current portion of secured bank loans 100 401 Total non ‑ current loans 100 401 Lease liabilities 15,560 17,677 Total non ‑ current liabilities 15,660 18,078 Current liabilities Current portion of secured bank loans 401 567 Other bank loans — 387 Bank overdrafts 3,441 1,538 Total current loans 3,842 2,492 Current portion of lease liabilities 3,221 3,528 Total current liabilities 7,063 6,020 Total non ‑ current and current liabilities 22,723 24,098 |
Schedule of outstanding interest-bearing liabilities | Sep 30, 2021 Dec 31, 2020 Nominal Carrying Nominal Carrying in EUR k Currency Nominal interest rate Maturity amount amount amount amount Secured bank loan EUR 2.95% 2017‑22 501 501 968 968 Other bank loan USD 1% 2020-22 — — 387 387 Bank overdrafts EUR 4.75% Rollover 499 499 498 498 Bank overdrafts EUR 3.75% Rollover 2,443 2,443 628 628 Bank overdrafts EUR 4.50% Rollover 499 499 412 412 Lease liabilities EUR 2.1%-3.5%*, 5.4%-9.1% 2017-31 18,781 18,781 21,205 21,205 Total interest ‑ bearing financial liabilities 22,723 22,723 24,098 24,098 * Represents the incremental borrowing rate of the Group at the commencement of the leases |
Schedule of trade payables and other liabilities | in EUR k Sep 30, 2021 Dec 31, 2020 Trade payables 8,810 31,736 Government grants (deferred income) 9,603 10,292 Contract liabilities 5,540 4,479 Others 11,713 13,483 Trade payables and other liabilities 35,666 59,990 Non‑current 8,228 8,950 Current 27,438 51,040 |
Share Based Payments (Tables)
Share Based Payments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based payments | |
Schedule of share option activity | ESOP 2017 2019-2021 awards (1) Number of awards (options and RSUs) Number WAEP Number of options WAEP (USD) Number of RSUs WAEP Outstanding as of January 1 549,005 0.12 154,925 11.60 1,885,100 — Granted during the year(1) — 0.12 30,152 12.57 173,740 — Exercised during the year (140,169) 0.12 — (253,430) — Outstanding as of September 30 408,836 0.12 185,077 11.76 1,805,410 — Vested as of September 30 408,836 115,758 174,660 Exercisable as of September 30 408,836 115,758 174,660 (1) The granted and outstanding options and RSUs do not include the number of awards for which the service period has commenced in advance of grant date. The number of these options and RSUs to be granted is not fixed until the relevant grant date as the number is dependent on the achieved value of the award divided by the trailing volume-weighted average stock price of the Company, pursuant to the terms of the underlying award agreements. These include RSUs to be granted to the new CEO from 2022, the annual RSU award to be granted in 2022 to an executive officer, and the RSUs and options to be granted to certain supervisory board members annually in 2022 and thereafter. |
Summary of Restricted Stock Units | ESOP 2017 2019-2021 awards (1) Number of awards (options and RSUs) Number WAEP Number of options WAEP (USD) Number of RSUs WAEP Outstanding as of January 1 549,005 0.12 154,925 11.60 1,885,100 — Granted during the year(1) — 0.12 30,152 12.57 173,740 — Exercised during the year (140,169) 0.12 — (253,430) — Outstanding as of September 30 408,836 0.12 185,077 11.76 1,805,410 — Vested as of September 30 408,836 115,758 174,660 Exercisable as of September 30 408,836 115,758 174,660 (1) The granted and outstanding options and RSUs do not include the number of awards for which the service period has commenced in advance of grant date. The number of these options and RSUs to be granted is not fixed until the relevant grant date as the number is dependent on the achieved value of the award divided by the trailing volume-weighted average stock price of the Company, pursuant to the terms of the underlying award agreements. These include RSUs to be granted to the new CEO from 2022, the annual RSU award to be granted in 2022 to an executive officer, and the RSUs and options to be granted to certain supervisory board members annually in 2022 and thereafter. |
Summary of awards granted | During the nine months ended September 30, 2021 the following awards were granted: Award Type (2019 Plan) Market/ Performance Based Number of Awards Vesting Conditions Expiration Date RSUs No 105,804 Four equal tranches over a four-year period, starting January 1, 2022, April 1, 2022 or on each anniversary of the grant date 10th anniversary of Grant Date RSUs No 30,000 Three equal tranches over a three-year period starting January 1, 2022 10th anniversary of Grant Date RSUs No 15,000 Three equal tranches of which the first tranche vested immediately and the two remaining annual tranches will vest starting January 1, 2022 10th anniversary of Grant Date RSUs No 22,936 Four equal tranches over a four-year period, starting October 1, 2022 on each anniversary of the grant date 10th anniversary of Grant Date Options No 15,152 Four equal tranches over a four-year period following each anniversary of the grant date 10th anniversary of Grant Date Options Yes 15,000 Three equal tranches over a three-year period starting January 1, 2022 10th anniversary of Grant Date |
General Company Information (De
General Company Information (Details) - 1 months ended Jul. 31, 2020 - Follow-on Equity Offering - Common shares - Major purchases of assets € / shares in Units, € in Millions | $ / shares | EUR (€)€ / sharesshares |
General Company Information | ||
Number of common shares issued (in shares) | 3,500,000 | |
Public offering price (in dollars per share) | (per share) | $ 14 | € 12.71 |
Selling shareholders | ||
General Company Information | ||
Number of common shares issued (in shares) | 1,500,000 | |
The Company | ||
General Company Information | ||
Number of common shares issued (in shares) | 2,000,000 | |
Net offering proceeds, after deducting underwriting discounts, commissions and transaction costs | € | € 22 |
Basis of Preparation (Details)
Basis of Preparation (Details) - EUR (€) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of changes in accounting estimates [line items] | ||||||
Estimated rate of implicit price concessions | 18.00% | |||||
Percentage of estimated variable transaction price | 82.00% | |||||
Loss for the period | € (21,644,000) | € (5,640,000) | € (34,553,000) | € (24,736,000) | ||
Loss of operations | (21,346,000) | (4,744,000) | (33,660,000) | (23,006,000) | ||
Loss of operations resulting in operating cash outflow | (14,983,000) | (19,669,000) | ||||
Equity | 37,376,000 | € 59,355,000 | 37,376,000 | € 59,355,000 | € 65,777,000 | € 58,922,000 |
Group | ||||||
Disclosure of changes in accounting estimates [line items] | ||||||
Loss for the period | (34,600,000) | |||||
Loss of operations | (33,700,000) | |||||
Loss of operations resulting in operating cash outflow | (15,000,000) | |||||
Accumulated deficit | (97,500,000) | (97,500,000) | ||||
Equity | 37,400,000 | 37,400,000 | ||||
Short term debt obligation | 4,000,000 | 4,000,000 | ||||
Financial covenants | 0 | 0 | ||||
Minimum | Group | ||||||
Disclosure of changes in accounting estimates [line items] | ||||||
Short term debt obligation | € 25,700,000 | € 25,700,000 |
Revenues from Contracts with _3
Revenues from Contracts with Customers - Geographical information (Details) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disclosure of geographical areas | ||||
Rendering of services | € 29,996 | € 35,462 | € 146,442 | € 56,634 |
Sales of goods | 200 | 843 | 585 | 1,495 |
Total Revenues from contracts with external customers | 30,196 | 36,305 | 147,027 | 58,129 |
Europe | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 21,452 | 28,824 | 120,466 | 33,711 |
Germany | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 19,961 | 26,640 | 112,739 | 28,847 |
-Netherlands | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 65 | 2 | 3,609 | 5 |
Middle East | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 4,051 | 2,674 | 12,191 | 8,926 |
North America | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 3,836 | 4,265 | 12,070 | 13,762 |
United States | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 4,231 | 13,570 | ||
Latin America | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 677 | 399 | 1,735 | 1,364 |
Asia Pacific | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 180 | 143 | 565 | 366 |
Recognized over time | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 9,902 | 17,360 | 48,018 | 37,001 |
Recognized at a point in time | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 20,294 | 18,945 | 99,009 | 21,128 |
Pharmaceutical | ||||
Disclosure of geographical areas | ||||
Rendering of services | 2,532 | 3,598 | 8,578 | 11,478 |
Sales of goods | 200 | 202 | 583 | 812 |
Total Revenues from contracts with external customers | 2,732 | 3,800 | 9,161 | 12,290 |
Pharmaceutical | Europe | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 2 | 39 | 200 | 106 |
Pharmaceutical | Germany | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 20 | 58 | ||
Pharmaceutical | Middle East | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 18 | 26 | 73 | 74 |
Pharmaceutical | North America | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 2,696 | 3,735 | 8,832 | 12,110 |
Pharmaceutical | United States | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 3,735 | 12,110 | ||
Pharmaceutical | Latin America | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 16 | 56 | ||
Pharmaceutical | Recognized over time | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 2,532 | 3,598 | 8,578 | 11,478 |
Pharmaceutical | Recognized at a point in time | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 200 | 202 | 583 | 812 |
Diagnostics | ||||
Disclosure of geographical areas | ||||
Rendering of services | 7,261 | 5,069 | 20,359 | 16,308 |
Total Revenues from contracts with external customers | 7,261 | 5,069 | 20,359 | 16,308 |
Diagnostics | Europe | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 1,479 | 1,547 | 4,013 | 4,282 |
Diagnostics | Germany | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 48 | 52 | 158 | 144 |
Diagnostics | -Netherlands | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 1 | 6 | 3 | |
Diagnostics | Middle East | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 4,033 | 2,648 | 12,118 | 8,852 |
Diagnostics | North America | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 908 | 333 | 2,062 | 1,446 |
Diagnostics | United States | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 299 | 1,254 | ||
Diagnostics | Latin America | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 661 | 398 | 1,679 | 1,362 |
Diagnostics | Asia Pacific | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 180 | 143 | 487 | 366 |
Diagnostics | Recognized over time | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 7,261 | 5,069 | 20,359 | 16,308 |
COVID-19 | ||||
Disclosure of geographical areas | ||||
Rendering of services | 20,203 | 26,795 | 117,505 | 28,848 |
Sales of goods | 641 | 2 | 683 | |
Total Revenues from contracts with external customers | 20,203 | 27,436 | 117,507 | 29,531 |
COVID-19 | Europe | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 19,971 | 27,238 | 116,253 | 29,323 |
COVID-19 | Germany | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 19,913 | 26,568 | 112,581 | 28,645 |
COVID-19 | -Netherlands | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 64 | 2 | 3,603 | 2 |
COVID-19 | North America | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 232 | 197 | 1,176 | 206 |
COVID-19 | United States | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 197 | 206 | ||
COVID-19 | Latin America | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 1 | 2 | ||
COVID-19 | Asia Pacific | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 78 | |||
COVID-19 | Recognized over time | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | 109 | 8,693 | 19,081 | 9,215 |
COVID-19 | Recognized at a point in time | ||||
Disclosure of geographical areas | ||||
Total Revenues from contracts with external customers | € 20,094 | € 18,743 | € 98,426 | € 20,316 |
Revenues from Contracts with _4
Revenues from Contracts with Customers - Additional Information (Details) € in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021EUR (€)customer | Sep. 30, 2020EUR (€) | Sep. 30, 2021EUR (€)customer | Sep. 30, 2020EUR (€) | Dec. 31, 2020EUR (€) | |
Revenue from Contracts with Customers | |||||
Property, plant and equipment. | € 12,160 | € 12,160 | € 16,590 | ||
Inventory write-off | 1,795 | ||||
Cost of Sales | |||||
Revenue from Contracts with Customers | |||||
Inventory write-off | 603 | € 0 | 1,795 | € 0 | |
Closure of Hamburg Lab | |||||
Revenue from Contracts with Customers | |||||
Depreciation expense | 1,026 | 0 | 1,026 | 0 | |
COVID-19 | |||||
Revenue from Contracts with Customers | |||||
Additions to right-of-use assets | 0 | 0 | 0 | 600 | |
Property, plant and equipment. | 8,549 | € 8,549 | |||
Estimated useful life of intangible assets | 8 months | ||||
Depreciation expense | 2,384 | € 2,384 | |||
Germany | Property Plant And Equipment | COVID-19 | |||||
Revenue from Contracts with Customers | |||||
Total investments | € 35 | 2,927 | 2,069 | 4,800 | |
Germany | Intangible assets | COVID-19 | |||||
Revenue from Contracts with Customers | |||||
Total investments | € 373 | € 354 | € 900 | ||
Pharmaceutical Partner | Pharmaceutical | |||||
Revenue from Contracts with Customers | |||||
Number of customer in group | customer | 1 | 1 | |||
Revenue contributed as a percentage of Group's total revenues | 6.50% | 7.30% | 4.80% | 14.40% | |
Covid-19 Segment | COVID-19 | |||||
Revenue from Contracts with Customers | |||||
Number of customer in group | customer | 2 | 2 | |||
Covid-19 Partner One | COVID-19 | |||||
Revenue from Contracts with Customers | |||||
Revenue contributed as a percentage of Group's total revenues | 2.10% | 25.40% | 4.20% | 15.90% | |
Covid-19 Partner Two | COVID-19 | |||||
Revenue from Contracts with Customers | |||||
Revenue contributed as a percentage of Group's total revenues | 0.00% | 23.90% | 12.10% | 15.00% |
Segment Information - Informati
Segment Information - Information by operating segments (Details) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Information | ||||
Total Revenues from contracts with external customers | € 30,196 | € 36,305 | € 147,027 | € 58,129 |
Adjusted EBITDA | (12,680) | (1,084) | (14,048) | (13,521) |
Additions to property, plant and equipment and right-of-use assets | 133 | 3,614 | 2,829 | 8,641 |
Additions to intangible assets | 478 | 816 | 2,567 | 4,781 |
Other segment information | ||||
Depreciation and amortization | 6,806 | 2,511 | 13,476 | 6,943 |
Research and development expenses | 3,821 | 4,796 | 12,209 | 10,606 |
Pharmaceutical | ||||
Segment Information | ||||
Total Revenues from contracts with external customers | 2,732 | 3,800 | 9,161 | 12,290 |
Diagnostics | ||||
Segment Information | ||||
Total Revenues from contracts with external customers | 7,261 | 5,069 | 20,359 | 16,308 |
COVID-19 | ||||
Segment Information | ||||
Total Revenues from contracts with external customers | 20,203 | 27,436 | 117,507 | 29,531 |
Operating segment | Pharmaceutical | ||||
Segment Information | ||||
Total Revenues from contracts with external customers | 2,732 | 3,800 | 9,161 | 12,290 |
Adjusted EBITDA | 307 | 871 | 2,451 | 5,278 |
Additions to property, plant and equipment and right-of-use assets | 26 | 3 | 35 | 304 |
Additions to intangible assets | 98 | 218 | 661 | 3,072 |
Other segment information | ||||
Depreciation and amortization | 397 | 617 | 1,221 | 1,688 |
Operating segment | Diagnostics | ||||
Segment Information | ||||
Total Revenues from contracts with external customers | 7,261 | 5,069 | 20,359 | 16,308 |
Adjusted EBITDA | 1,070 | (1,210) | 2,703 | (2,736) |
Additions to property, plant and equipment and right-of-use assets | 18 | 195 | 252 | 585 |
Other segment information | ||||
Depreciation and amortization | 515 | 650 | 1,333 | 1,757 |
Operating segment | COVID-19 | ||||
Segment Information | ||||
Total Revenues from contracts with external customers | 20,203 | 27,436 | 117,507 | 29,531 |
Adjusted EBITDA | (3,922) | 9,516 | 12,496 | 10,306 |
Additions to property, plant and equipment and right-of-use assets | 35 | 2,900 | 2,069 | 5,400 |
Additions to intangible assets | 361 | 354 | 888 | |
Other segment information | ||||
Depreciation and amortization | 4,672 | 110 | 6,668 | 164 |
Corporate | ||||
Segment Information | ||||
Adjusted EBITDA | (10,135) | (10,261) | (31,698) | (26,369) |
Additions to property, plant and equipment and right-of-use assets | 54 | 516 | 473 | 2,352 |
Additions to intangible assets | 380 | 237 | 1,552 | 821 |
Other segment information | ||||
Depreciation and amortization | 1,222 | 1,134 | 4,254 | 3,334 |
Research and development expenses | € 3,821 | € 4,796 | € 12,209 | € 10,606 |
Segment Information - Reconcili
Segment Information - Reconciliation of segment Adjusted EBITDA to Group Loss for the Period (Details) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Information | ||||
Depreciation and amortization | € (6,806) | € (2,511) | € (13,476) | € (6,943) |
Operating loss | (21,346) | (4,744) | (33,660) | (23,006) |
Financial costs, net | (263) | (793) | (734) | (1,498) |
Income tax expenses | (35) | (103) | (159) | (232) |
Loss for the period | (21,644) | (5,640) | (34,553) | (24,736) |
Operating segment | ||||
Segment Information | ||||
Reportable segment Adjusted EBITDA | (2,545) | 9,177 | 17,650 | 12,848 |
Reportable segment Adjusted EBITDA after corporate expenses | (12,680) | (1,084) | (14,048) | (13,521) |
Operating loss | (21,346) | (4,744) | (33,660) | (23,006) |
Financial costs, net | (263) | (793) | (734) | (1,498) |
Income tax expenses | (35) | (103) | (159) | (232) |
Loss for the period | (21,644) | (5,640) | (34,553) | (24,736) |
Corporate | ||||
Segment Information | ||||
Corporate expenses | (10,135) | (10,261) | (31,698) | (26,369) |
Depreciation and amortization | (1,222) | (1,134) | (4,254) | (3,334) |
Sharebased payment expenses | ||||
Segment Information | ||||
Share-based compensation | (1,860) | (1,149) | (6,136) | (2,542) |
Depreciation and amortization | ||||
Segment Information | ||||
Depreciation and amortization | € (6,806) | € (2,511) | € (13,476) | € (6,943) |
Segment Information - Additiona
Segment Information - Additional information (Details) - EUR (€) € in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Segment Information | ||
Property, plant and equipment | € 12,160 | € 16,590 |
Right-of-use assets. | 19,241 | 22,120 |
United States | ||
Segment Information | ||
Property, plant and equipment | 437 | 516 |
Right-of-use assets. | € 205 | € 709 |
Other Income and Expenses - Oth
Other Income and Expenses - Other Operating Income (Details) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other Income and Expenses | ||||
Government grants | € 572 | € 535 | € 1,749 | € 1,940 |
Currency gains | 139 | (23) | 67 | (60) |
Others | 300 | 144 | 837 | 485 |
Total other operating income | € 1,011 | € 679 | € 2,653 | € 2,425 |
Other Income and Expenses - O_2
Other Income and Expenses - Other Operating Expenses (Details) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other Income and Expenses | ||||
Currency losses | € (139) | € 23 | € (67) | € 60 |
Other | 30 | 36 | 131 | |
Total other operating expenses | € 53 | € 36 | € 191 |
Other Income and Expenses - LPC
Other Income and Expenses - LPC GmbH (Details) - EUR (€) € in Thousands | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | |
Other Income and Expenses | |||
Noncontrolling interests | € 193 | € 95 | |
LPC GmbH | |||
Other Income and Expenses | |||
Proportion of ownership interest in subsidiary | 51.00% | ||
Consideration for disposal of subsidiary | € 213 | ||
Consideration to be received over time | € 200 | ||
Payment due period (in years) | 4 years | ||
Noncontrolling interests | € (268) | ||
Profit/(loss) allocated to non-controlling interest | € (101) |
Trade Receivables and Other A_3
Trade Receivables and Other Assets (Details) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Non-current | |||||
Other assets-Rental deposits | € 2,923 | € 2,923 | € 1,867 | ||
Other assets-Others | 50 | 50 | 100 | ||
Trade receivables and contract assets and other assets non-current | 2,973 | 2,973 | 1,967 | ||
Current | |||||
Trade receivables, net | 10,993 | 10,993 | 25,656 | ||
Contract assets, net | 2,914 | 2,914 | 3,543 | ||
Other assets | 5,848 | 5,848 | 8,286 | ||
Trade receivables and contract assets and other assets current | 19,755 | 19,755 | 37,485 | ||
Total non-current and current trade receivables and contract assets and other assets | 22,728 | 22,728 | 39,452 | ||
Credit loss rates in relation to the outstanding trade receivables and contract assets | |||||
Impairment of financial assets | 502 | € 1,147 | 1,177 | € 2,821 | |
Trade receivables and contract assets | |||||
Credit loss rates in relation to the outstanding trade receivables and contract assets | |||||
Financial assets | € 19,780 | € 19,780 | € 33,967 | ||
Expected credit loss rate | 29.70% | 29.70% | 14.00% | ||
Expected credit loss | € 5,873 | € 5,873 | € 4,768 | ||
Trade receivables and contract assets | Not past due | |||||
Credit loss rates in relation to the outstanding trade receivables and contract assets | |||||
Financial assets | € 9,265 | € 9,265 | € 24,185 | ||
Expected credit loss rate | 1.30% | 1.30% | 1.60% | ||
Trade receivables and contract assets | Past due 1-30 days | |||||
Credit loss rates in relation to the outstanding trade receivables and contract assets | |||||
Financial assets | € 1,749 | € 1,749 | € 2,228 | ||
Expected credit loss rate | 7.00% | 7.00% | 3.10% | ||
Trade receivables and contract assets | Past due 31-90 days | |||||
Credit loss rates in relation to the outstanding trade receivables and contract assets | |||||
Financial assets | € 1,759 | € 1,759 | € 797 | ||
Expected credit loss rate | 11.50% | 11.50% | 7.70% | ||
Trade receivables and contract assets | Past due more than 90 days | |||||
Credit loss rates in relation to the outstanding trade receivables and contract assets | |||||
Financial assets | € 7,007 | € 7,007 | € 6,757 | ||
Expected credit loss rate | 79.50% | 79.50% | 63.00% | ||
Minimum | |||||
Current | |||||
Receivables payment terms | 30 days | ||||
Maximum | |||||
Current | |||||
Receivables payment terms | 90 days | ||||
Other assets | |||||
Credit loss rates in relation to the outstanding trade receivables and contract assets | |||||
Current value added tax receivables | € 129 | € 129 | € 226 | ||
Prepaid expenses | 2,373 | 2,373 | 4,431 | ||
Receivables from exercise of share based payments granted | 349 | 349 | 1,253 | ||
Receivables from COVID 19 bank or credit card transactions | 424 | 424 | 1,076 | ||
Receivables from grants | 1,462 | 1,462 | € 442 | ||
Other assets | Rostock headquarters building | |||||
Credit loss rates in relation to the outstanding trade receivables and contract assets | |||||
Cash deposits provided as security for bank loans | 2,250 | 2,250 | |||
Bank guarantee | 3,000 | 3,000 | |||
Other assets | Berlin Offices | |||||
Credit loss rates in relation to the outstanding trade receivables and contract assets | |||||
Cash deposits provided as security for bank loans | 192 | 192 | |||
Bank guarantee | 257 | 257 | |||
Other assets | Plant and other equipment, furniture and fixtures Certain plant and machineries | |||||
Non-current | |||||
Other assets-Rental deposits | 285 | 285 | |||
Other assets | LPC GmbH | |||||
Credit loss rates in relation to the outstanding trade receivables and contract assets | |||||
Consideration receivable for the sale of LPC | € 50 | € 50 |
Cash and Short-Term Deposits (D
Cash and Short-Term Deposits (Details) - EUR (€) € in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Secured bank loan | ||
Borrowings | ||
Short term deposits pledged as security | € 1,500 | € 1,500 |
Overdraft facility | ||
Borrowings | ||
Short term deposits pledged as security | 1,000 | 1,000 |
Existing Overdraft facility | ||
Borrowings | ||
Short term deposits pledged as security | 2,500 | € 2,500 |
Maximum borrowing capacity | 2,500 | |
Second Overdraft facility | ||
Borrowings | ||
Maximum borrowing capacity | € 500 |
Equity - Common Shares (Details
Equity - Common Shares (Details) - Common shares - EUR (€) € / shares in Units, € in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Disclosure of classes of share capital [line items] | ||
Number of shares issued and fully paid | 22,511,242 | 22,117,643 |
Par value per share (in euros per share) | € 0.12 | |
Authorized but unissued share capital | € 6,773 | € 6,826 |
Equity - Capital Reserves (Deta
Equity - Capital Reserves (Details) - EUR (€) € in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Capital reserve | ||
Share premium included in capital reserve | € 107,451 | € 107,498 |
Financial Liabilities - Interes
Financial Liabilities - Interest-bearing loans (Details) - EUR (€) € in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financial liabilities | ||
Total non-current liabilities | € 15,660 | € 18,078 |
Total current liabilities | 7,063 | 6,020 |
Total non-current and current liabilities | 22,723 | 24,098 |
Total loans | ||
Financial liabilities | ||
Total non-current liabilities | 100 | 401 |
Total current liabilities | 3,842 | 2,492 |
Secured bank loans | ||
Financial liabilities | ||
Total non-current liabilities | 100 | 401 |
Total current liabilities | 401 | 567 |
Short term deposits pledged as security | 1,500 | 1,500 |
Other bank loans | ||
Financial liabilities | ||
Total current liabilities | 387 | |
Total non-current and current liabilities | 387 | |
Bank overdrafts | ||
Financial liabilities | ||
Total current liabilities | 3,441 | 1,538 |
Lease liabilities | ||
Financial liabilities | ||
Total non-current liabilities | 15,560 | 17,677 |
Total current liabilities | 3,221 | 3,528 |
Total non-current and current liabilities | € 18,781 | € 21,205 |
Financial Liabilities - Conditi
Financial Liabilities - Conditions and statement of liabilities (Details) - EUR (€) € in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financial liabilities | ||
Nominal amount | € 22,723 | € 24,098 |
Carrying amount | 22,723 | 24,098 |
Bank overdrafts | € 998 | 910 |
Secured Bank Loans With Maturity Period 2017 To 22 | ||
Financial liabilities | ||
Nominal interest rate (as a percent) | 2.95% | |
Nominal amount | € 501 | 968 |
Carrying amount | € 501 | 968 |
Other bank loans | ||
Financial liabilities | ||
Nominal interest rate (as a percent) | 1.00% | |
Nominal amount | 387 | |
Carrying amount | 387 | |
Bank overdrafts, one | ||
Financial liabilities | ||
Nominal interest rate (as a percent) | 4.75% | |
Nominal amount | € 499 | 498 |
Carrying amount | € 499 | 498 |
Bank overdrafts, two | ||
Financial liabilities | ||
Nominal interest rate (as a percent) | 3.75% | |
Nominal amount | € 2,443 | 628 |
Carrying amount | € 2,443 | 628 |
Bank overdrafts, three | ||
Financial liabilities | ||
Nominal interest rate (as a percent) | 4.50% | |
Nominal amount | € 499 | 412 |
Carrying amount | 499 | 412 |
Lease liabilities | ||
Financial liabilities | ||
Nominal amount | 18,781 | 21,205 |
Carrying amount | € 18,781 | 21,205 |
Minimum | Lease liabilities | ||
Financial liabilities | ||
Nominal interest rate (as a percent) | 5.40% | |
Nominal interest rate at commencement of leases | 2.10% | |
Maximum | Lease liabilities | ||
Financial liabilities | ||
Nominal interest rate (as a percent) | 9.10% | |
Nominal interest rate at commencement of leases | 3.50% | |
Overdraft facility | ||
Financial liabilities | ||
Short-term deposits, pledged as security | € 2,500 | 2,500 |
Second Overdraft facility | ||
Financial liabilities | ||
Short-term deposits, pledged as security | € 500 | € 500 |
Financial Liabilities - Trade p
Financial Liabilities - Trade payables and other liabilities (Details) - EUR (€) € in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Disclosure of reconciliation of liabilities arising from financing activities | |||
Trade payables | € 8,810 | € 31,736 | |
Government grants (deferred income) | 9,603 | 10,292 | |
Contract liabilities | 5,540 | 4,479 | |
Others | 11,713 | 13,483 | |
Trade payables and other liabilities | 35,666 | 59,990 | |
Non-current | 8,228 | 8,950 | |
Current | 27,438 | 51,040 | |
Grants received for investment in property, plant and equipment | 0 | € 390 | |
Provision for outstanding invoices | 4,341 | 1,245 | |
Personnel related liabilities for vacation and bonuses | 3,831 | 4,032 | |
VAT payable | 0 | 4,578 | |
Liabilities for wage and church tax | € 900 | € 1,988 |
Share Based Payments - Expenses
Share Based Payments - Expenses from share-based payment arrangements (Details) - EUR (€) € in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Expenses arising from share-based payment transactions | ||||
Share-based payment expenses | € 1,860 | € 1,149 | € 6,136 | € 2,542 |
Share Based Payments - Share-ba
Share Based Payments - Share-based award activity (Details) - 9 months ended Sep. 30, 2021 | USD ($)€ / sharesshares | USD ($)$ / sharesshares |
Options | ||
Number | ||
Granted during the year | 75,000 | 75,000 |
Equity share option 2017 (Equity settled) | ||
Share-based payments | ||
Exercise price of share options granted | € / shares | € 0.12 | |
Number | ||
Outstanding at January 1 | 549,005 | 549,005 |
Exercised during the year | (140,169) | (140,169) |
Outstanding as of September 30 | 408,836 | 408,836 |
Vested as of September 30 | shares | 408,836 | 408,836 |
Exercisable as of September 30 | 408,836 | 408,836 |
WAEP | ||
Outstanding as of January 1 | € / shares | € 0.12 | |
Granted during the year | € / shares | 0.12 | |
Exercised during the year | (per share) | 0.12 | $ 11.67 |
Outstanding as of September 30 | € / shares | € 0.12 | |
2019 Plan | Options | ||
Share-based payments | ||
Exercise price of share options granted | $ / shares | $ 12.57 | |
Number | ||
Outstanding at January 1 | 154,925 | 154,925 |
Granted during the year | 30,152 | 30,152 |
Outstanding as of September 30 | 185,077 | 185,077 |
Vested as of September 30 | shares | 115,758 | 115,758 |
Exercisable as of September 30 | 115,758 | 115,758 |
WAEP | ||
Outstanding as of January 1 | $ / shares | $ 11.60 | |
Granted during the year | $ / shares | 12.57 | |
Outstanding as of September 30 | $ / shares | $ 11.76 | |
2019 Plan | RSUs | ||
Number | ||
Outstanding as of January 1 | 1,885,100 | 1,885,100 |
Granted during the year | 173,740 | 173,740 |
Exercised during the year | (253,430) | (253,430) |
Outstanding as of September 30 | 1,805,410 | 1,805,410 |
Vested as of September 30 | shares | 174,660 | 174,660 |
Exercisable as of September 30 | 174,660 | 174,660 |
WAEP | ||
Exercised during the year | $ / shares | $ 11.66 |
Share Based Payments - Manageme
Share Based Payments - Management board and employees Options and RSUs grants awarded and exercises (Details) € / shares in Units, $ / shares in Units, € in Thousands, SFr in Thousands | Sep. 05, 2021CHF (SFr)USD ($)installment | Jul. 31, 2021CHF (SFr)installment | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2021USD ($)tranche$ / sharesshares | Sep. 30, 2021USD ($)€ / sharesshares | Sep. 30, 2020EUR (€) |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Issuance of shares | € | € 23,209 | |||||
Number of installments | installment | 4 | |||||
Options | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Number of options granted | 75,000 | |||||
Trading days | 20 days | |||||
Exercise price | $ / shares | $ 11.60 | |||||
Incremental fair value | $ 226,000 | |||||
2019 Plan | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Expiration Date | 10 years | |||||
Dividend payments | $ 0 | |||||
Weighted average fair value of RSUs granted | $ / shares | $ 11.45 | $ 10.98 | ||||
Weighted average fair value of share options granted | $ / shares | $ 0 | $ 7.47 | ||||
2019 Plan | Supervisory board members | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Issuance of shares | SFr | SFr 1,000 | SFr 1,000 | ||||
Number of installments | installment | 14 | |||||
2019 Plan | Supervisory board members | Maximum | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Issuance of shares | SFr | SFr 1,000 | |||||
2019 Plan | RSUs | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
RSUs granted | 173,740 | |||||
RSUs vested and are exercisable | 174,660 | 174,660 | 174,660 | |||
No of RSUs exercised during the period | 253,430 | |||||
Weighted average share price of RSUs exercised during the period | $ / shares | $ 11.66 | |||||
Number of other equity instruments granted in share-based payment arrangement | 173,740 | |||||
2019 Plan | RSUs | Supervisory board members | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
RSUs granted | 324,000 | |||||
Number of other equity instruments granted in share-based payment arrangement | 324,000 | |||||
2019 Plan | Options | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Number of options granted | 30,152 | |||||
Trading days | 20 days | |||||
Exercise price | $ / shares | $ 12.52 | |||||
No of options vested during the period | shares | 115,758 | 115,758 | 115,758 | |||
2019 Plan | Options | Vesting in three tranches | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
No of options vested during the period | shares | 15,000 | 15,000 | 15,000 | |||
Equity share option 2017 (Equity settled) | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
No of options vested during the period | shares | 408,836 | 408,836 | 408,836 | |||
No of options exercised during the period | 140,169 | |||||
Weighted average share price of options exercised during the period | (per share) | $ 11.67 | € 0.12 | ||||
RSU Granted One | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Number of Awards | 105,804 | |||||
Number of tranches | tranche | 4 | |||||
Vesting period | 4 years | |||||
Expiration Date | 10 years | |||||
RSU Granted Two | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Number of Awards | 30,000 | |||||
Number of tranches | tranche | 3 | |||||
Vesting period | 3 years | |||||
Expiration Date | 10 years | |||||
RSU Granted Three | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Number of Awards | 15,000 | |||||
Number of tranches | tranche | 3 | |||||
Expiration Date | 10 years | |||||
RSU Granted Four | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Number of Awards | 22,936 | |||||
Number of tranches | tranche | 4 | |||||
Vesting period | 4 years | |||||
Expiration Date | 10 years | |||||
Options Granted One | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Number of Awards | 15,152 | |||||
Number of tranches | tranche | 4 | |||||
Vesting period | 4 years | |||||
Expiration Date | 10 years | |||||
Options Granted Two | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Number of Awards | 15,000 | |||||
Number of tranches | tranche | 3 | |||||
Vesting period | 3 years | |||||
Expiration Date | 10 years |
Commitments (Details)
Commitments (Details) - EUR (€) € in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Lease commitments | ||
Total payment obligation | € 2,003 | € 4,669 |
Rostock headquarters building | Within one year | ||
Lease commitments | ||
Future lease payments to be made | 865 | 283 |
Rostock headquarters building | Within five years | ||
Lease commitments | ||
Future lease payments to be made | 2,323 | 1,686 |
Rostock headquarters building | Later than 5 years | ||
Lease commitments | ||
Future lease payments to be made | 4,219 | 4,855 |
Office equipment and storage spaces | Within one year | ||
Lease commitments | ||
Future lease payments to be made | 17 | 33 |
Office equipment and storage spaces | Within five years | ||
Lease commitments | ||
Future lease payments to be made | € 0 | € 9 |
Contingent Liabilities (Details
Contingent Liabilities (Details) | 9 Months Ended | ||
Sep. 30, 2021EUR (€)claim | Aug. 07, 2021EUR (€) | Nov. 08, 2018EUR (€) | |
Universitair Medisch Centrum Utrecht | |||
Contingent Liabilities | |||
Disputed amount | € 1,300,000 | € 880,000 | |
State of Mecklenburg-Western Pomerania ("MVP") | |||
Contingent Liabilities | |||
Disputed amount | 2,300,000 | ||
Amounts received on invoices | € 2,300,000 | ||
Number of claims | claim | 2 | ||
Prof. Dr. Peter Bauer | |||
Contingent Liabilities | |||
Aggregate amount of disputed | € 42,268.50 |
Subsequent Events (Details)
Subsequent Events (Details) - Announcing or commencing implementation of major restructuring - EUR (€) € in Thousands | Nov. 05, 2021 | Dec. 31, 2021 |
Subsequent Event | ||
Restructuring charges | € 640 | |
Expected annual net savings | € 6,200 |