Business
Updated Financial Guidance and 2023 Trading
Updated Financial Guidance and 2023 Trading.
About this update from Oxford Biomedica Plc
[{"type":"text","content":"\n\n \nUpdate to Medium-Term Financial Guidance and 2023 Trading and Notice of Preliminary Results\n- Three-year revenue CAGR increased to more than 35%, up from prior guidance of more than 30%\n \n- Projected FY2024 revenue range of £126 million to £134 million, reflecting the successful integration of ABL Europe and anticipated growth from new and existing client programmes\n \n- FY2023 revenues and EBITDA expected to be in line with guidance provided at the Interim Results\n \n- FY2023 Preliminary Results to be reported on Monday, 29 April 2024\n \nOxford, UK - 5 March 2024: Oxford Biomedica plc (LSE:OXB) (\"Oxford Biomedica\", \"OXB\" or \"the Company\"), a quality and innovation-led cell and gene therapy CDMO, today provides an update to its medium-term financial guidance following the recent completion of its acquisition of ABL Europe SAS (\"ABL Europe\") from Institut Mérieux SA (\"the Transaction\"), as well as an update on trading for the year ended 31 December 2023.\n \nAdditionally, the Company announces that it will report its Preliminary Results for the twelve months ended 31 December 2023 on Monday 29 April 2024.\n \nTrading update for FY2023 and updated medium-term financial guidance\nIn line with guidance provided at the Interim Results, revenues for the year ended 31 December 2023 are expected to be approximately £90 million. Operating EBITDA loss for the second half of 2023 is on track to be approximately £10 million better than the first half, as previously guided.\n \nAs a result of the Transaction, including the additional revenues expected from the Company's recently acquired operations in France, revenues for the year ended 31 December 2024 are expected to be between £126 million and £134 million, with revenues for the year being second half-weighted. Furthermore, the Company now expects a three-year revenue CAGR of more than 35% for the years 2023-2026, exceeding the previously communicated figure of more than 30%.\n\nFollowing the completion of the Company's streamlining efforts in 2023, including the transition to a global site-based model, Oxford Biomedica reiterates its guidance of achieving broadly breakeven EBITDA in 2024, excluding the impact of the Transactio...