Proteome Sciences posts stronger-than-expected Q4 sales

Contract proteomics services provider Proteome Sciences said on Tuesday that it had recorded stronger-than-expected sales of TMT and TMTpro in the fourth quarter of 2019.

Proteome stated that as a result of the solid sales, it had received a cumulative sales milestone payment of approximately £750,000 from Thermo Scientific in December as a result of its exclusive licence and distributor agreement with the group.

This payment was expected to be received by Proteome in the first quarter of 2020, further strengthening the company's cash position, and will be recognised in the 2019 financial year.

The AIM-listed firm said group unaudited revenues for the full 2019 year were now expected to be approximately £4.7m - representing year-on-year growth of 57%.

The updated TMT sales and royalties accounted for approximately £3.7m of the total, a 68% year-on-year increase.

As a result, Proteome said it would swing from a pre-tax loss of £1.3m to a pre-tax profit of approximately £200,000 for the full-year.

As of 1325 GMT, Proteome shares were up 9.57% at 3.78p.