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23 Jan 2025 07:00
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) Toby Flaux, Ciaran Walsh, Milo Bonser |
+44 (0) 20 3207 7800 |
FTI Consulting Simon Conway, Ciara Martin Matthew Ventimiglia (US) |
+44 (0) 203 727 1000 +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/
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
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