Angle PLC Trading and business update (8562S)
2023年11月9日 - 4:00PM
RNSを含む英国規制内ニュース (英語)
TIDMAGL
RNS Number : 8562S
Angle PLC
09 November 2023
For immediate release 9 November 2023
ANGLE plc ("the Company")
TRADING AND BUSINESS UPDATE
Revenue recognised for 2023 expected to be up 120% at c. GBP2.2
million with sales secured in 2023 expected to be c. GBP3.3
million
Revenue recognised for 2024 expected to treble compared to
2023
Cash runway extended into Q2 2025
ANGLE plc (AIM:AGL OTCQX:ANPCY), a world-leading liquid biopsy
company with innovative circulating tumour cell (CTC) diagnostic
solutions for use in research, drug development and clinical
oncology, is today providing a trading and business update.
Trading update - Strong growth in sales
The Company expects revenue recognised for 2023 will be c.
GBP2.2 million, which is an increase of 120% over revenue achieved
in 2022 but below current market consensus of c. GBP3.0 million.
New sales secured in 2023 are expected to be c. GBP3.3 million
however revenue recognition for some of these sales will fall into
the 2024 financial year. Gross margin for H2 is expected to be
higher than H1 reflecting the product-service mix and, together
with tight cost control, to result in the cash position at 2023
year end being in line with consensus at c. GBP15 million.
Streamlining of the Services business outlined below is
anticipated to result in c. GBP0.5 million of non-cash impairments
and c. GBP0.7 million of one-off cash costs in 2023 resulting in an
operating loss for the year of c. GBP21 million, which remains in
line with consensus despite the additional charges. The
streamlining is expected to deliver cost savings of c. GBP3 million
per annum in 2024 resulting in the extension of the cash runway
into Q2 2025.
Revenue for the Products business has continued to grow in line
with our expectations and will be further supported by the newly
established distributor network as well as new product launches.
The Pharma Services business has continued to gain commercial
traction although the slowdown in biopharma spending has led to an
elongation of the sales process with some sales falling away.
Despite this, progress is being made towards securing retained
relationships with large pharma customers and launching additional
Parsortix based tests to drive increased sales.
Revenue recognised for 2024 is expected to treble compared to
2023 with the growth of distributor sales, and with the planned
launches of the Portrait PD-L1 test (services), see separate
announcement today, the Portrait+ antibody staining kit (products),
and the Parsortix BiDetect(TM) DNA solutions combining ctDNA and
CTC-DNA analysis (products and services) all contributing to the
Company's sales growth ambitions.
Business update - Streamlining services business extends cash
runway
With the expected growth in molecular solutions requiring
investment and considering ongoing adverse market conditions, we
have made the decision to streamline our Services operations by
closing the US clinical laboratory and focusing on a single
UK-based centre of excellence. We have developed solutions for
sample stability so that the physical location of the laboratory
does not limit its capability to service customers across different
geographies. The streamlining will enable us to focus our
investment in multiple molecular platforms for different
applications in a single location without duplicating these
significant costs.
The extension of our molecular capability across multiple
molecular platforms will also support product sales to the
customers of the installed base of these molecular platforms as it
will drive the generation of a stream of clinical evidence of the
value of such analysis, the first of which we expect to publish
before the year end.
ANGLE Founder and Chief Executive, Andrew Newland,
commented:
"The build-up of revenues has been slower than hoped but is
moving in the right direction and the Company expects strong
revenue growth year-on-year. The cost savings from the streamlining
of our clinical services business will now extend the forecast cash
runway into Q2 2025 and we look forward to progressing the planned
launches of new products and services to drive widespread adoption
of the Company's Parsortix system to support precision medicine in
cancer."
For further information:
ANGLE plc
Andrew Newland, Chief Executive
Ian Griffiths, Finance Director +44 (0) 1483 343434
Berenberg (NOMAD and Joint Broker)
Toby Flaux, Ciaran Walsh, Milo Bonser +44 (0) 20 3207 7800
Jefferies (Joint Broker)
Thomas Bective, Shaam Vora, Alexander Ind +44 (0) 20 7029 8000
FTI Consulting
Simon Conway, Ciara Martin +44 (0) 203 727 1000
Matthew Ventimiglia (US) +1 (212) 850 5624
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the EU Market Abuse Regulation (596/2014) . Upon the publication of
this announcement via a regulatory information service, this
information is considered to be in the public domain.
For Frequently Used Terms, please see the Company's website on
https://angleplc.com/investor-relations/glossary/
Notes for editors
About ANGLE plc
ANGLE is a world-leading liquid biopsy company with innovative
circulating tumour cell (CTC) diagnostic solutions for use in
research, drug development and clinical oncology using a simple
blood sample. ANGLE's FDA cleared and patent protected circulating
tumour cell (CTC) harvesting technology known as the Parsortix(R)
PC1 System enables complete downstream analysis of the sample
including whole cell imaging and proteomic analysis and full
genomic and transcriptomic molecular analysis.
ANGLE's commercial businesses are focusing on diagnostic
products and clinical services. Diagnostic products include the
Parsortix(R) system and associated consumables. The clinical
services business is offered through ANGLE's GCP-compliant
laboratories. Services include custom made assay development and
clinical trial testing for pharma.
Over 80 peer-reviewed publications have demonstrated the
performance of the Parsortix system. For more information, visit
www.angleplc.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTBIBDBXDGDGXI
(END) Dow Jones Newswires
November 09, 2023 02:00 ET (07:00 GMT)
Angle (LSE:AGL)
過去 株価チャート
から 4 2024 まで 5 2024
Angle (LSE:AGL)
過去 株価チャート
から 5 2023 まで 5 2024