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(Sharecast News) - Technology-based solutions provider Physiomics said on Monday that total income for the financial year ending 30 June was likely to be below market expectations due to both Covid-19 related project delays and an increased focus on longer-term value-generating activities.
Physiomics said total income was predicted to be between £700,000 and £800,000, while its loss after tax was pegged to be in the range of £170,000 to £200,000.
Although the AIM-listed firm stated the biotech and pharma industries had not been impacted by Covid to the same extent as many other industries, precautions taken by hospitals to reduce patient exposure to Covid-related risks meant a number of trials were either suspended or experiencing slower recruitment.
Physiomics said this had impacted trading both in terms of delays to its own personalised PARTNER dosing study and associated NIHR funding and due to delays in client trials that have led to data being received by the company later than expected.
Despite this, Physiomics' board continues to believe the company's shift in focus from mainly pre-clinical work to a mix that includes more higher-value clinical projects will lead to enhanced value as Covid-related pressures on healthcare systems moderate "over the course of the rest of this calendar year".
Chief executive Dr Jim Millen said: "The pharmaceuticals and biotech industry has weathered the Covid storm better than many other sectors and industries, however, it is not immune, and it is well known that trial delays have been a knock-on effect.
"We believe the impact on Physiomics will be temporary and we already see that clinical trials and patient recruitment are showing signs of returning to normality. We have continued to discuss with current clients a number of new projects and have also been in dialogue with a number of potential new clients."
As of 0840 BST, Physiomics shares had slumped 16.72% to 5.33p.
14 Aug 2014 12:20