REG - Proteome Sciences - Trading Update

Proteome SciencesAnnouncement

20/02/2023 07:00

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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® revenues, despite the challenges
from the macro-economic environment on international business. The Company
expects to report a c53% increase in Group revenues to c£7.8m (2021: £5.1m)
for the full year, with services expected to increase c42% to c£2.7m (2021:
£1.9m) and sales, royalties and milestones attributable to TMT(®)/ TMTpro™
reagents increased by 56% to c£5.0m (2021: £3.2m). In December 2022, the
Company has received a cumulative sales milestone payment of £0.87m under the
exclusive licence and distribution agreement with Thermo Scientific. Excluding
the milestone payment received, TMT®/TMTpro™ sales and royalties showed
underlying growth of c29% in 2022.

 

The Company expects to report an increase in operating costs to c£5.9m in
2022 (2021: £4.7m) reflecting the increased investment in staffing, equipment
and general price increases. Overall, the Company expects an estimated EBITDA
of c£2.0m (2021: £0.6m) for the year, which shows strong development of the
operational business.

 

Cash reserves at the year-end increased to £4.0m (2021: £2.4m).

 

Looking forward, the Board anticipates further growth in TMT®/TMTpro™ and
expects strong progress for proteomics biomarker services, with over £1.1m 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®/TMTpro™ 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 Officer  Tel: +44 (0)20 7043 2116

 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 (http://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® and TMT®MS2 are unbiased methods for identifying and
contextualising new targets and defining mechanisms of biological activity,
while analysis using Super-Depletion and TMTcalibrator™ 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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