21st Sep 2022 15:08
(Alliance News) - Oncimmune Holdings PLC on Wednesday reported a substantial widening in its pretax loss as administrative expenses increased in its end of year report.
Shares in the Nottingham-based immunodiagnostics developer were trading 20% lower at 63.00 pence each in London on Wednesday afternoon.
Oncimmune's pretax loss in the year ended May 31 widened to GBP9.5 million from GBP5.7 million.
Revenue increased 3.7% to GBP3.9 million from GBP3.7 million.
The wider loss stemmed from the company's cost of sales more than doubling to GBP2.4 million from GBP865,000, outpacing revenue growth.
Administrative expenses increased 25% to GBP7.1 million from GBP5.7 million.
Looking forward, the company said its pipeline of ImmunoInsights contracts stands at over GBP11 million, giving the company 40% revenue visibility at the start of the new financial year.
Additionally, the restructuring of the EarlyCDT lung product business - which was granted Medicare coverage in the US - has reduced the cost base by GBP500,000 and has created an immediately profitable business for the EarlyCDT lung product in earnings before interest, tax, depreciation and amortisation terms.
Chief Executive Officer Adam Hill said: "Whilst the market conditions over the past 12 months have been undoubtedly challenging, particularly for life science tools companies whose biotech customers have been substantially affected, we are encouraged by the momentum of our ImmunoInsights business. The importance of our autoantibody profiling service to pharma companies and biotechs is evident in the growing list of blue-chip customers, which includes many of the world's leading pharmaceutical companies."
By Chris Dorrell; [email protected]
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