Oxford BioMedica PLC (OXBDF) (Q2 2024) Earnings Call Transcript Highlights: Strong Revenue ...

GuruFocus Research
5 min read

In This Article:

  • Revenue: GBP50.8 million, up 18% from GBP43.1 million in the same period last year.

  • Organic Revenue Growth: 38% excluding the impact of the acquisition of OXB France and the loss of revenues from Homology.

  • Revenue Backlog: Approximately GBP120 million as of August 31, 2024.

  • Contracted Orders: Approximately GBP115 million, up from GBP94 million at the end of August 2024.

  • Cash: GBP81.4 million as of June 30, 2024, compared to GBP103.7 million as of December 31, 2023.

  • Net Cash: GBP41.7 million at the end of June 2024.

  • Operating EBITDA Loss: GBP20.3 million, compared to GBP33.7 million in the first half of last year.

  • Operating Loss: GBP32.2 million, compared to GBP50.7 million in the first half of 2023.

  • Full Year 2024 Revenue Guidance: GBP126 million to GBP134 million.

  • 3-Year Revenue CAGR: More than 35% for the years 2023 to 2026.

  • Potential Revenue Pipeline: $565 million, up 29% from $438 million at the start of the year.

Release Date: September 23, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

  • Oxford BioMedica PLC (OXBDF) reported an 18% increase in first half 2024 revenues to GBP50.8 million compared to GBP43.1 million in the same period last year.

  • The company achieved organic revenue growth of 38%, excluding the impact of acquisitions and loss of revenues from Homology.

  • Strong commercial momentum with a 55% year-on-year increase in the client base and significant growth in the order book, which stood at GBP115 million.

  • The company has successfully transferred its lentiviral vector capabilities to its Bedford site near Boston and is beginning to transfer this technology to France.

  • Oxford BioMedica PLC (OXBDF) expects to be profitable on an EBITDA level in 2025 and achieve operating EBITDA margins in excess of 20% by 2026.

Negative Points

  • The macroeconomic environment remains challenging, which could impact future growth and revenue projections.

  • The company reported an operating EBITDA loss of GBP20.3 million for the first half of 2024, though this is an improvement from the GBP33.7 million loss in the same period last year.

  • Cash reserves decreased to GBP81.4 million at the end of June 2024 from GBP103.7 million at the end of December 2023.

  • The integration of the OXB France acquisition is still ongoing, with full integration expected to take more time and potentially incur additional costs.

  • The company faces high demand for its services, which could strain its capacity and resources, potentially leading to delays in project execution.

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