CelLBxHealth (AGL) H2 2024 earnings summary

Executive summary

• Achieved 31% year-over-year revenue growth in 2024, driven by expansion in pharma services and successful large pharma and biopharma contracts, including Eisai, AstraZeneca, and Recursion Pharmaceuticals.

• Advanced DNA dual analysis technology, securing exclusive rights to a high-sensitivity pan-cancer NGS panel and commercializing the CellKeep Slide, now patented in Europe and the U.S.

• Surpassed 100 peer-reviewed publications validating the Parsortix system across 24 cancer types, expanding the clinical evidence base.

• Raised £9.3 million in June 2024, supporting ongoing investment in pharma strategy and operational streamlining.

Financial highlights

• Revenue increased to £2.86 million for the year ended 31 December 2024, up from £2.19 million in 2023, representing 31% growth.

• Gross margin maintained at 62%, reflecting a favorable product-service mix and introductory offers.

• Loss for the year reduced by 29% to £14.2 million, with operating expenditure down 21%.

• Cash runway of GBP 11.6 million at year-end, extending into Q1 2026 under conservative assumptions.

• R&D tax credit of £1.4 million received in Q1 2025.

Outlook and guidance

• Modest revenue growth anticipated for 2025, with potential upside if large pharma and medtech opportunities materialize.

• Multiple large contracts under discussion; timing and outcome remain binary and uncertain.

• Awaiting follow-on contracts from existing large pharma clients, expected to be substantially larger.

• Pipeline remains strong, with CTCs gaining prominence and new cluster buster drugs in development.