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Oxford Biomedica reiterates outlook as interim losses narrow
(Sharecast News) - Oxford Biomedica reiterated full-year guidance on Tuesday, after the biopharma saw strong demand throughout the first half and trimmed losses. Revenues at the FTSE 250 firm, a specialist in cell and gene therapy, surged 44% to £73.2m in the six months to 30 June.
Half-year losses narrowed notably. Operating losses before interest, tax, depreciation and amortisation were £8.3m, down from £20.3m a year previously.
Frank Mathias, chief executive, said the first half had been driven by "sustained high demand" for its services.
He continued: "With our order book more than doubling year-on-year, and a strong revenue pipeline, we have good visibility on our growth trajectory and confidence in delivering our near and medium-term financial guidance."
In particular, he flagged a new loan facility secured during the first half. "This provides the financial flexibility to expand our global manufacturing capabilities in response to the demand we are seeing from clients," he said.
As a result, the group reiterated full-year guidance for revenues of between £160m and £170m, and operating EBITDA in low single-digit millions on a constant currency basis.
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