(Alliance News) - Angle PLC on Thursday said it expects revenue in 2023 to more than double from 2022 as it announced the launch of a new test aimed to support cancer therapy studies.
However, the Surrey, England-based medical diagnostics company said the build-up of revenue was slower than hoped.
Angle shares fell 16% to 10.97 pence each on Thursday afternoon in London.
The company said it anticipates 2023 revenue to be around GBP2.2 million, lower than market consensus of GBP3.0 million but more than doubled from GBP1.0 million in 2022.
Further, Angle expects gross margin in the second half of 2023 to be higher than in the first half, helped by product-service mix.
For 2024, it expects it to more than treble compared to 2023, boosted by growth of distributor sales.
Angle Founder and Chief Executive Officer Andrew Newland said: "The build-up of revenues has been slower than hoped but is moving in the right direction and the company expects strong revenue growth year-on-year. The cost savings from the streamlining of our clinical services business will now extend the forecast cash runway into Q2 2025 and we look forward to progressing the planned launches of new products and services to drive widespread adoption of the company's Parsortix system to support precision medicine in cancer."
Meanwhile, the company announced that it launched its Portrait PD-L1 test, aimed to support cancer therapy studies. "PD-L1 is an immune-related biomarker that can be expressed on the surface of tumour cells across a range of cancer types, and expression of this biomarker enables cancer cells to evade immune response mechanisms that would typically keep abnormal cell growth in check," it explained.
CEO Newland said: "Whilst immune checkpoint inhibitors have achieved remarkable progress in tumour treatment, the cost of treatment is high and currently the majority of patients fail to respond. Angle's Portrait PD-L1 test provides accurate, repeatable, and precise PD-L1 identification on circulating tumour cells and hence has the potential to streamline patient selection and optimise PD-L1 monitoring for treatment response and disease progression throughout clinical studies. We are now beginning an active promotion of this test to biopharma customers."
By Tom Budszus, Alliance News reporter
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Angle (AGL)