Half Year 2024 Oxford Biomedica PLC Earnings Call Transcript
Key Points
- Oxford BioMedica PLC (OXBDF) reported an 18% increase in first half 2024 revenues to GBP50.8 million compared to GBP43.1 million in the same period last year.
- The company achieved organic revenue growth of 38%, excluding the impact of acquisitions and loss of revenues from Homology.
- Strong commercial momentum with a 55% year-on-year increase in the client base and significant growth in the order book, which stood at GBP115 million.
- The company has successfully transferred its lentiviral vector capabilities to its Bedford site near Boston and is beginning to transfer this technology to France.
- Oxford BioMedica PLC (OXBDF) expects to be profitable on an EBITDA level in 2025 and achieve operating EBITDA margins in excess of 20% by 2026.
- The macroeconomic environment remains challenging, which could impact future growth and revenue projections.
- The company reported an operating EBITDA loss of GBP20.3 million for the first half of 2024, though this is an improvement from the GBP33.7 million loss in the same period last year.
- Cash reserves decreased to GBP81.4 million at the end of June 2024 from GBP103.7 million at the end of December 2023.
- The integration of the OXB France acquisition is still ongoing, with full integration expected to take more time and potentially incur additional costs.
- The company faces high demand for its services, which could strain its capacity and resources, potentially leading to delays in project execution.
Good afternoon, everyone and good morning to those on the other side of the ocean. Thank you for attending today's analyst briefing on our interim results for the 6 months ended June 30, 2024. It's always my pleasure to speak to you today for my first set of OXB results. It's also a great pleasure to see so many known faces, familiar faces here in the room, thank you for joining us. With me today, and I'm proud to say our newly appointed Chief Financial Officer, Lucy Crabtree, who many of you already know probably from the past and who joined us just 3 weeks ago, exactly 2 weeks ago, Lucy. We are very excited to have you on board, Lucy and as we embark on a very new or next chapter itself of our journey. And I will let Lucy introduce herself when we start her part in the presentation shortly. I'm also delighted to have our Chief Business Officer, Dr. Sebastien Ribault with us, whom you already know from the past, you will hear from both of them in due course throughout this presentation. Also with us in the room is Stuart
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