ABCAM PLC: Trading Update

Cambridge, England When Waltham, Massachusetts, January 30, 2023 /PRNewswire/ — Abcam plc (“Abcam”, “Company”, “Group”) (Nasdaq: ABCM), a global leader in the supply of life science research tools, today announced a preliminary update for the upcoming holiday season. provide. December 31, 2022.

Abcam has completed the third year of its five-year growth plan by further building capabilities to drive long-term, profitable growth. Investments in innovation have brought thousands of new products to market during this period. New and existing partnerships enable Abcam to reach potential clinical applications, thereby accelerating the social impact of discovery tools. We have completed a major business transformation project including opening. Singapore We installed a business hub, a full BioVision integration, a new order to cash ERP system, and completed the migration of all stock trades from AIM to Nasdaq.

The overall demand environment in the second half supported double-digit year-over-year revenue growth.However, two factors impacted revenue growth¹First, the introduction of the new ERP system disrupted earnings in September and October. As we exit 2022, our financial performance has improved. number two, China Revenue was impacted by the control and outbreak of COVID-19.

Adjusted operating margin expanded compared to 2021 due to sales mix of proprietary products and control of operating expenses.

The company will announce full second-half and full-year 2022 results in 2022 March 20, 2023.

2023 Guidance

The company expects constant exchange rate income growth of 15% to 20% from reported gross income of around £360m in 2022. In addition, the company expects continued expansion of its adjusted operating margin.

Target for 2024

The company is repeating its 2024 revenue target of £450m to £525m, with an adjusted operating profit margin of over 30%.

Alan Hazelthe CEO of Abcam commented:

“2022 has been a pivotal year in the evolution of our company. We have made the transition, and we plan to serve our customers as usual in 2023, and we remain well-positioned to meet our 2024 goals.”

¹ Expected revenue impact: ERP (e.g. China) £15-£20M & China £10m to £12m

Abcam

+1 617-577-4205
[email protected]
Tommy ThomasCPA – Vice President of Investor Relations

Note:

This transaction update is based on an unaudited managed account and is prepared solely for the purpose of providing Abcam plc stockholders with additional information regarding the transaction. All figures are preliminary and subject to further review. It should not be relied upon by any other party for any other purpose.

About Abcam

As an innovator in reagents and tools, our purpose is to help life science researchers around the world reach their mission faster. A provider of tools and scientific support to the research and clinical community, the company offers highly validated antibodies, assays and other research tools to address key targets in important biological pathways. .

A pioneer in data sharing and e-commerce in life sciences, Abcam’s ambition is to become the most influential company in life sciences by advancing the global understanding of biology and the causes of disease. This will encourage new treatments and improved health.

Abcam’s customer base of approximately 750,000 life science researchers worldwide uses Abcam’s antibodies, reagents, biomarkers and assays. By actively listening and collaborating with these researchers, we continually evolve our portfolio to meet their needs. Our transparent program of customer reviews and datasheets combined with our industry-leading validation initiative gives researchers greater confidence in their results.

Founded in 1998 and headquartered in Cambridge, UK, the company has served customers in over 130 countries. Abcam’s American Depositary Shares (ADS) are traded on the Nasdaq Global Select Market (Nasdaq: ABCM).

For more information, please visit www.abcam.com or www.abcamplc.com.

Forward-Looking Statements

This announcement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any express or implied statements contained in this announcement that are not statements of historical fact may be considered forward-looking statements. , statements regarding Abcam’s portfolio and ambitions, and our future results of operations and financial position, including 2023 guidance and 2024 performance targets, are neither promises nor guarantees and actual results may differ materially. It involves known and unknown risks and uncertainties. This includes, but is not limited to: regional or global health pandemics, including the novel coronavirus (“COVID-19”); This may adversely affect elements of our business and have a serious impact on our business, including impacts on our operations and supply chains. Challenges in implementing revenue growth strategies in the light of competitive challenges. Develop new products or enhance existing products, adapt to significant technological changes, and respond to the introduction of new products by competitors in order to remain competitive. our failure to successfully identify or integrate acquired businesses or assets into our business, or our failure to fully recognize the expected benefits of such businesses or assets; the risk that you will cease or reduce your research, development, production or other scientific endeavors; Failure to use, access, and maintain information systems and implement new systems to meet changing needs. Cybersecurity risks and failure to maintain the confidentiality, integrity and availability of our computer hardware, software, Internet applications and related tools and functions; Poor management of current and potential future growth. It was expected to have more liquidity potential than AIM as it did not succeed in increasing access to the US capital markets. Material interruptions in our operations. the risk that our products will not meet applicable quality standards, specifications and performance standards; Inability to maintain our brand and reputation. Dependence on management and highly skilled employees and the risk of not being able to attract and retain these highly skilled employees.Other significant factors discussed under the caption “Risk Factors” in Abcam’s Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”) March 14, 2022This information is available on the SEC’s website at www.sec.gov. These factors may be updated from time to time in subsequent filings by Abcam with the SEC. Any forward-looking statements contained in this announcement speak only as of the date of their announcement and, therefore, undue reliance should not be placed on such statements. Abcam disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this announcement, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.

Use of non-IFRS financial measures

Financial measures not prepared in accordance with International Financial Reporting Standards (“IFRS”), adjusted operating profit, adjusted operating margin and constant exchange rate revenue, to supplement unaudited financial results prepared in accordance with International Financial Reporting Standards (“IFRS”) is presented. These measures provide useful information about operating performance, enhance the overall understanding of past financial performance and future prospects, and provide transparency regarding the key measures used by management to make financial and operational decisions. We believe that we can increase These non-IFRS financial measures are complementary in nature as they include and/or exclude certain items not included in and/or excluded from the most directly comparable IFRS financial measures. and should not be viewed in isolation or as a substitute for the financial measures produced. according to IFRS. In addition, other companies may calculate these non-IFRS financial measures differently than we do, which could limit the usefulness of these measures for comparative purposes.

Management believes that (a) the presentation of adjusted operating income and adjusted operating margin is based on management’s regular review of these measures as key indicators of the Company’s operating results and in making decisions thereon; (b) provide useful information to investors and others; and (b) make certain exchanges. Earnings ratio provides useful information to investors and others because management reviews this measure on a regular basis to identify and base decisions on the period-over-period or year-over-year performance of the business. To do.

Adjusted operating income is defined as period/year earnings before taking into account finance income, finance costs, taxes, exceptional items, share-based compensation and amortization of acquired intangible assets. Exceptional items consist of certain cash and non-cash items that we believe do not reflect our normal course of business. We identify and determine items to be exceptional based on their nature and incidence or their importance. As a result, the composition of exceptional items may vary from period/year to period.

Adjusted operating margin is defined as adjusted operating profit calculated as a percentage of revenue.

Constant exchange rate revenue growth is defined as total revenue growth from one accounting period/year to the next accounting period on a constant exchange rate basis.

Management uses quantitative reconciliations of adjusted operating income, adjusted operating margin, and constant exchange rate revenues to reflect their respective most directly comparable operating income, operating margin, and future reported revenues. cannot be presented in IFRS financial measures based on forward-looking statements. Anything that impacts these IFRS financial measures is beyond our control or cannot be reasonably predicted. Such information could have a material and potentially unpredictable impact on our future financial results.

Source Abcam PLC