REG - Angle PLC - Trading Update

AngleAnnouncement

23/01/2025 07:00

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RNS Number : 3675U  Angle PLC  23 January 2025

 For immediate release  23 January 2025

 

ANGLE plc ("the Company")

 

TRADING UPDATE

 

Revenue for 2024 expected to be up 31%

 

Lower cost base going into 2025 with a growing sales pipeline of opportunities

 

 

ANGLE plc (AIM:AGL OTCQX:ANPCY), a world-leading liquid biopsy company with
innovative circulating tumour cell (CTC) solutions for use in research, drug
development and clinical oncology, is pleased to provide a trading update in
relation to full year 2024 financial results.

 

Revenues for the year ended 31 December 2024 are expected to be up 31% at
£2.9 million (FY23: £2.2 million).

 

The cash position of the Company remains solid, and stronger than market
expectations with cash balances of £10.4 million at 31 December 2024, and an
R&D tax credit receipt for 2023 of £1.4 million (expected receipt Q1
2025) and for 2024 of c. £0.8 million (expected receipt Q3 2025), giving
available cash resources of £12.6 million before additional sales gross
margin contributions to the Company. Following the strategic decision to focus
on pharma services and reduce the cost base, existing cash balances and tax
credits provide the Company with cash runway into 2026. Phase 3 clinical
trials secured over the medium term would enable the Company to move into a
cashflow positive position.

 

The loss for the year is expected to be down 30% at c. £14 million (FY23:
£20.1 million), which is in line with guidance.

 

2025 revenue growth is expected to be higher compared to 2024. We are pleased
with how the sales pipeline is developing and the rate of revenue growth is
expected to increase significantly over time.

 

ANGLE Chief Executive, Andrew Newland, commented:

"We enter 2025 with confidence that our current large pharma contracts are
progressing well and have the potential to lead to larger scale opportunities
with the same customers coupled with an ability to secure additional new
pharma contracts. Despite the challenging market conditions, the adoption of
liquid biopsy by large pharma is progressing and ANGLE is uniquely
differentiated and well positioned in this growth market."

 

For further information:

 

 ANGLE plc                               +44 (0) 1483 343434
 Andrew Newland, Chief Executive

 Ian Griffiths, Finance Director

 Berenberg (NOMAD and Broker)            +44 (0) 20 3207 7800

 Toby Flaux, Ciaran Walsh, Milo Bonser

 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/
(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) solutions for use in research, drug development and clinical
oncology using a simple blood sample. ANGLE's FDA cleared and patent protected
CTC harvesting technology known as the Parsortix(®) 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 clinical services and diagnostic
products. The clinical services business is offered through ANGLE's
GCLP-compliant laboratories. Services include custom made assay development
and clinical trial testing for pharma. Products include the Parsortix system,
associated consumables and assays.

 

Over 100 peer-reviewed publications have demonstrated the performance of the
Parsortix system. For more information, visit www.angleplc.com
(http://www.angleplc.com)

 

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