17 May 2023
Proteome Sciences plc
("Proteome Sciences" or the "Company")
Annual General Meeting (AGM) Statement
At the Company's AGM being held today at 12.00 noon, the Chairman, Christopher Pearce, will make the following statement:
"Proteome Sciences had a strong performance in the year ended 31 December 2022 with total revenue increasing by 52% to £7.78m (2021: £5.13m). Biomarker services grew by 45% to £2.75m and TMT®/TMTpro™ revenues increased 56% to £5.03m with adjusted EBITDA rising 79% to £2.43m. The cash position increased by £1.6m to £3.99m. These results include the costs incurred for the investment we have made in additional instrumentation and skilled personnel in our workforce, to promote the strategic decision to introduce our single cell proteomics ("SCP") platform in 2023 and to undertake the development of new and complementary range of chemical tags to our TMT®/TMTpro™ reagents. Both new offerings are expected to expand our growth in revenue and recognition of our expertise in the marketplace.
The Board is confident that the progress over the recent years has created an excellent platform for further development of the Group. Following the investment made over the last two years, a strong order book, new projects, high customer interest, our healthy cash position and recently announced expansion into the US, the Group has a strong base for 2023 and beyond. Proteome Sciences is well set to achieve a step-change in growth which gives the Board increased confidence that the business can continue to significantly grow revenue and EBITDA in the coming years."
For further information:
Proteome Sciences plc
Dr. Mariola Soehngen, Chief Executive Officer
Dr. Ian Pike, Chief Scientific Officer
Tel: +44 (0)20 7043 2116
Richard Dennis, Chief Commercial Officer
Abdelghani Omari, Chief Financial Officer
Allenby Capital Limited (Nominated Adviser & Broker)
John Depasquale / Jeremy Porter (Corporate Finance)
Tony Quirke / Stefano Aquilino (Equity Sales & Corporate Broking)
Tel: +44 (0) 20 3328 5656
About Proteome Sciences plc. (www.proteomics.com)
Proteome Sciences plc is a specialist provider of contract proteomics services to enable drug discovery, development and biomarker identification, and employs proprietary workflows for the optimum analysis of tissues, cells and body fluids. SysQuant® and TMT®MS2 are unbiased methods for identifying and contextualising new targets and defining mechanisms of biological activity, while analysis using Super-Depletion and TMTcalibrator™ provides access to over 8,500 circulating plasma proteins for the discovery of disease-related biomarkers. Targeted assay development using mass spectrometry delivers high sensitivity, interference-free biomarker analyses in situations where standard ELISA assays are not available.