CelLBxHealth (AGL) H2 2023 earnings summary

Executive summary

• Revenue more than doubled to £2.2 million in 2023, driven by product sales, pharma services contracts, and partnerships following FDA clearance of the Parsortix system.

• Gross margin improved to 70% (2022: 59%) due to a favorable product-service mix.

• Loss for the year reduced to £20.1 million (2022: £21.7 million) as operating costs were controlled and Canadian operations closed.

• Cash and cash equivalents at year-end were £16.2 million, with an additional £8.77 million raised in June 2024 to support operations.

• Strategic focus on commercialisation, cost control, and expansion of pharma services and global distribution network.

Financial highlights

• Revenue increased by 110% year-over-year to £2.2 million (2022: £1.0 million).

• Gross profit margin rose to 70% (2022: 59%).

• Product-related revenues reached £1.4 million (2022: £0.7 million); services-related revenues were £0.8 million (2022: £0.3 million).

• Operating costs reduced to £23.3 million (2022: £24.8 million) due to cost-saving measures.

• Loss after tax was £20.1 million (2022: £21.7 million); basic and diluted loss per share was 7.73p (2022: 8.79p).

• Cash and cash equivalents at 31 December 2023 were £16.2 million (2022: £31.9 million).

Outlook and guidance

• H1 2024 revenue expected between £1.0 million and £1.3 million, with c.40% of FY24 revenue already contracted.

• Management confident in delivering strong growth in 2024 in line with market expectations (£6.45 million consensus for FY24).

• Cash flow breakeven targeted on a monthly basis by end of 2025, supported by recent fundraising.

• Continued expansion of pharma services, strategic partnerships, and global distribution network planned.