Proteome Sciences reports solid growth in 2022

Biotechnology company Proteome Sciences reported total revenues of £7.78m in its final results on Tuesday - a significant year-on-year increase from £5.13m.

The AIM-traded firm said the revenue growth was driven by an increase in proteomic biomarker service revenues, from £1.9m to £2.75m, and ‘TMT’ sales, royalties and milestones, from £3.23m to £5.03m.

It reported total costs for 2022 of £6.05m, up from £4.72m in the prior year.

However, the company's EBITDA still increased to £2.13m from £0.63m.

The board said adjusted EBITDA also showed an increase, to £2.43m from £1.35m year-on-year.

Proteome reported a profit after tax of £1.33m, surging from £0.07m in 2021.

The firm’s cash reserves at the end of the year totalled £3.99m, up from £2.39m a year earlier.

“We have continued to show strong growth of our revenues, both in service sales and the TMT business despite the backdrop of negative external factors, mainly the Russia-Ukraine war and its global impact on supply chains, energy prices, inflation rates and economic recessions,” said chief executive officer Mariola Soehngen.

“The milestone we earned based on cumulative sales at Thermo Scientific contributed to this positive development.

“EBITDA increased mainly due to increased revenues, and including the sales milestone payment of £0.87m received from Thermo Scientific.”

Dr Soehngen said the company had continued to strategically invest in its workforce and instruments, by hiring six employees and adding various instruments to support the promotion of new services, including the ‘CellenONE’ single cell proteomics (SCP) platform, and made investments into new reagents as future value drivers of its tag business.

“We are looking forward to the SCP product launch later in the year and remain confident of being one of the first contract research organisations providing a high-performance SCP service.

“The new tag development programmes already meet high interest in the market.”

At 1013 BST, shares in Proteome Sciences were down 1.11% at 3.56p.

Reporting by Josh White for Sharecast.com.