Oxford BioMedica H1 Loss Narrows, Revenues Climb; Confirms FY24, Medium-term Outlook

LONDON (dpa-AFX) - Oxford Biomedica plc (OXB.L) Monday reported first-half loss before tax of 35.74 million pounds, narrower than last year's loss of 52.34 million pounds. The narrower loss mainly reflected an increase in revenues and the ongoing impact of the 2023 restructure lowering the overall cost base.

Loss per ordinary share was 30.88 pence, compared to loss of 49.74 pence a year ago.

Operating loss was 32.2 million pounds, narrower than loss of 50.7 million pounds last year. Operating EBITDA loss was 20.3 million pounds, compared to loss of 33.7 million pounds a year ago.

Total revenues increased 18 percent to 50.8 million pounds from prior year's 43.1 million pounds. Organic revenue growth, excluding the impact of the acquisition of OXB France and the loss of revenues from Homology Medicines, Inc., was 38 percent.

Revenues from bioprocessing and commercial development activities increased 15 percent to 46.9 million pounds.

Revenue backlog, which indicates the future revenue available to earn from current orders, as of August 31 stood at around 120 million pounds, compared to 94 million pounds as of December 31, 2023.

Looking ahead, Oxford BioMedica said strong commercial KPIs underpin expected momentum in second half of 2024 and beyond.

For fiscal 2024, the company continues to expect 2024 total Group revenues of between 126 million pounds and 134 million pounds.

The company still expects low double-digit Operating EBITDA loss in 2024, including the impact of the acquisition of OXB France and investment in talent to support increased late stage client activity in 2025.

Further, Oxford BioMedica reiterated its medium-term financial guidance of a three-year revenue CAGR in excess of 35 percent for 2023-2026, to be profitable on an Operating EBITDA level in 2025, with Operating EBITDA margins in excess of 20 percent by the end of 2026.

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