Business
Further Year End Trading Update, Milestone Payment
Further Year End Trading Update, Milestone Payment.
About this update from Proteome Sciences Plc
[{"type":"text","content":"\n \nRNS Number : 5531C Proteome Sciences PLC 11 February 2020 \n\nPrior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (\"MAR\"). With the publication of this announcement, this information is now considered to be in the public domain \n11 February 2020\n \n \nProteome Sciences plc\n(\"Proteome Sciences\" or the \"Company\")\n \nFurther Year End Trading Update\nMilestone Payment for TMT®/TMTpro™ Sales\nThe Company is pleased to provide a further trading update for the financial year ended 31 December 2019.\nThe Company announces that stronger than expected sales of TMT® and TMTpro™ in the fourth quarter of 2019 have been achieved and as a result, pursuant to the exclusive licence and distributor agreement with Thermo Scientific, a cumulative sales milestone payment of approximately £0.75m was triggered in December. This payment is expected to be received by Proteome in the first quarter of 2020, further strengthening the Company's cash position, and will be recognised in the 2019 financial year.\nGroup unaudited revenues for the full 2019 year are now expected to be approximately £4.7m (2018: £3.0m) representing a year on year growth of 57%. The updated TMT® sales and royalties accounted for approximately £3.7m (2018: £2.2m) of this total, reflecting a 68% year on year growth including the milestone payment of approximately £0.75m and 34% growth of the underlying sales.\nAs a result, the Company anticipates a profit after tax of approximately £0.2m (2018: loss of £1.3m).\nAll other figures remain as reported in the Trading Update dated 21 January 2020.\nThe Directors look forward to updating shareholders further on the Company's performance, and on the outlook for 2020, at the time of the announcement of the audited full year results...