20 Feb 2023 07:00
This announcement contains inside information for the purposes of Regulation 11 of the Market Abuse (amendment) (EU Exit) Regulations 2019/310.
20 February 2023
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Proteome Sciences plc
("Proteome Sciences", the "Company" or "Group")
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Year End Trading Update
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Proteome Sciences today provides an unaudited trading update for the financial year ended 31 December 2022.
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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.
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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.
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Cash reserves at the year-end increased to £4.0m (2021: £2.4m).
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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.
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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.
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Dr. Mariola Soehngen, Chief Executive of Proteome Sciences, commented:
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"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."
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For further information please contact:
 Proteome Sciences plc | |
Dr. Mariola Soehngen, Chief Executive Officer Dr. Ian Pike, Chief Scientific Officer | Tel: +44 (0)20 7043 2116 |
Richard Dennis, Chief Commercial Officer Abdelghani Omari, Chief Financial Officer | |
Allenby Capital Limited (Nominated Adviser & Broker)Â | |
John Depasquale / Jeremy Porter  | Tel: +44 (0)20 3328 5656 |
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About Proteome Sciences plc. (www.proteomics.com)
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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.