Proteome Sciences PLC Trading Update (3570Q)
20 Februar 2023 - 8:00AM
UK Regulatory
TIDMPRM
RNS Number : 3570Q
Proteome Sciences PLC
20 February 2023
This announcement contains inside information for the purposes
of Regulation 11 of the Market Abuse (amendment) (EU Exit)
Regulations 2019/310.
20 February 2023
Proteome Sciences plc
("Proteome Sciences", the "Company" or "Group")
Year End Trading Update
Proteome Sciences today provides an unaudited trading update for
the financial year ended 31 December 2022.
The Company is pleased to report that it has continued to show
strong growth in both the services business and the TMT(R)
revenues, despite the challenges from the macro-economic
environment on international business. The Company expects to
report a c53% increase in Group revenues to cGBP7.8m (2021:
GBP5.1m) for the full year, with services expected to increase c42%
to cGBP2.7m (2021: GBP1.9m) and sales, royalties and milestones
attributable to TMT(R) / TMTpro(TM) reagents increased by 56% to
cGBP5.0m (2021: GBP3.2m). In December 2022, the Company has
received a cumulative sales milestone payment of GBP0.87m under the
exclusive licence and distribution agreement with Thermo
Scientific. Excluding the milestone payment received,
TMT(R)/TMTpro(TM) sales and royalties showed underlying growth of
c29% in 2022.
The Company expects to report an increase in operating costs to
cGBP5.9m in 2022 (2021: GBP4.7m) reflecting the increased
investment in staffing, equipment and general price increases.
Overall, the Company expects an estimated EBITDA of cGBP2.0m (2021:
GBP0.6m) for the year, which shows strong development of the
operational business.
Cash reserves at the year-end increased to GBP4.0m (2021:
GBP2.4m).
Looking forward, the Board anticipates further growth in
TMT(R)/TMTpro(TM) and expects strong progress for proteomics
biomarker services, with over GBP1.1m in purchase orders being
carried forward into 2023. Additionally, the Company continues to
progress Single Cell Proteomics workflows and expects to launch
this service later in 2023.
The Board looks forward to providing shareholders with a full
update of the Company's performance and outlook for 2023 with the
publication of the audited full year results.
Dr. Mariola Soehngen, Chief Executive of Proteome Sciences,
commented:
"As the provisional 2022 results show, both our services
business and TMT (R)/TMTpro(TM) revenues are growing year on year,
supporting our strategy to grow and expand the business. The
improved cash position at the end of 2022 provides a good starting
point for the new year and when combined with the investment we
have made and a significant order book being carried forward, our
business is strongly positioned for 2023."
For further information please contact:
Proteome Sciences plc
Dr. Mariola Soehngen, Chief Executive Tel: +44 (0)20 7043 2116
Officer
Dr. Ian Pike, Chief Scientific Officer
Richard Dennis, Chief Commercial Officer
Abdelghani Omari, Chief Financial Officer
Allenby Capital Limited (Nominated Adviser & Broker)
John Depasquale / Jeremy Porter Tel: +44 (0)20 3328 5656
About Proteome Sciences plc. ( www.proteomics.com )
Proteome Sciences plc is a specialist provider of contract
proteomics services to enable drug discovery, development and
biomarker identification, and employs proprietary workflows for the
optimum analysis of tissues, cells and body fluids. SysQuant(R) and
TMT(R)MS2 are unbiased methods for identifying and contextualising
new targets and defining mechanisms of biological activity, while
analysis using Super-Depletion and TMTcalibrator(TM) provides
access to over 8,500 circulating plasma proteins for the discovery
of disease-related biomarkers. Targeted assay development using
mass spectrometry delivers high sensitivity, interference-free
biomarker analyses in situations where standard ELISA assays are
not available.
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END
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