Abcam plc (“Abcam,” “Company,” “Group”) (Nasdaq: ABCM), a global
leader in the supply of life science research tools, today provides
the following updates.
Although the Company acknowledges that these financial updates
are being provided outside our normal reporting cycles, the Board
and management team believe that it is in the best interests of
shareholders to provide this updated disclosure given the
extraordinary circumstances that the Company is facing surrounding
the strategic review and upcoming EGM.
FY2024 Outlook
Today, based on current trading, the Company is providing the
following guidance for FY2024.
Reported revenue of approximately £475 million to £525 million1,
representing 11.3% to 13.4% CER revenue CAGR2 and 10.0% to 12.1%
organic revenue CAGR3 from FY2019.
Including the ongoing cost refinement actions announced last
month, 2024 adjusted operating profit margins are expected to be
between 32% to 36%, and adjusted EBITDA margins are expected to be
between 42% and 46%.
Reported Return on Capital Employed of 14% to 18% is expected.
Return on Capital Employed, excluding the impact of BioVision in
FY2024, would be 15% to 19%, with incremental value being delivered
over the coming years.
FY2023 Outlook
The Company reiterates its FY2023 guidance of reported revenue
of approximately £420 million to £440 million, representing 15% to
20% constant exchange rate revenue growth and expected adjusted
operating profit margin of between 27% to 28%, with expected
adjusted EBITDA margins of 36.5% to 37%
About Abcam plc
As an innovator in reagents and tools, Abcam's purpose is to
serve life science researchers globally to achieve their mission
faster. Providing the research and clinical communities with tools
and scientific support, the Company offers highly validated
antibodies, assays, and other research tools to address important
targets in critical biological pathways.
Already a pioneer in data sharing and ecommerce in the life
sciences, Abcam's ambition is to be the most influential company in
life sciences by helping advance global understanding of biology
and causes of disease, which, in turn, will drive new treatments
and improved health.
Abcam's worldwide customer base of approximately 750,000 life
science researchers’ uses Abcam's antibodies, reagents, biomarkers,
and assays. By actively listening to and collaborating with these
researchers, the Company continuously advances its portfolio to
address their needs. A transparent program of customer reviews and
datasheets, combined with industry-leading validation initiatives,
gives researchers increased confidence in their results.
Founded in 1998 and headquartered in Cambridge, UK, the Company
has served customers in more than 130 countries. Abcam's American
Depositary Shares (ADSs) trade 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. In
some cases, you can identify forward-looking statements by the
following words: “may,” “might,” “will,” “could,” “would,”
“should,” “expect,” “plan,” “anticipate,” “intend,” “seek,”
“believe,” “estimate,” “predict,” “potential,” “continue,”
“contemplate,” “possible” or the negative of these terms or other
comparable terminology, although not all forward-looking statements
contain these words. They are not historical facts, nor are they
guarantees of future performance. Any express or implied statements
contained in this announcement that are not statements of
historical fact may be deemed to be forward-looking statements,
including, without limitation, statements regarding Abcam's
portfolio and ambitions, and our future results of operations and
financial position such as our outlook for FY2023 and performance
goals for FY2024 are neither promises nor guarantees, but involve
known and unknown risks and uncertainties that could cause actual
results to differ materially from those projected, including,
without limitation: challenges in implementing our strategies for
revenue growth in light of competitive challenges; the development
of new products or the enhancement of existing products, and the
need to adapt to significant technological changes or respond to
the introduction of new products by competitors to remain
competitive; our customers discontinuing or spending less on
research, development, production or other scientific endeavors;
failing to successfully identify or integrate acquired businesses
or assets into our operations or fully recognize the anticipated
benefits of businesses or assets that we acquire; the ongoing COVID
19 pandemic, including variants, continues to affect our business,
including impacts on our operations and supply chains; failing to
successfully use, access and maintain information systems and
implement new systems to handle our changing needs; cyber security
risks and any failure to maintain the confidentiality, integrity
and availability of our computer hardware, software and internet
applications and related tools and functions; failing to
successfully manage our current and potential future growth; any
significant interruptions in our operations; our products failing
to satisfy applicable quality criteria, specifications and
performance standards; failing to maintain and enhance our brand
and reputation; ability to react to unfavorable geopolitical or
economic changes that affect life science funding; failing to
deliver on transformational growth projects; our dependence upon
management and highly skilled employees and our ability to attract
and retain these highly skilled employees; and as a foreign private
issuer, we are exempt from a number of rules under the U.S.
securities laws and Nasdaq corporate governance rules and are
permitted to file less information with the SEC than U.S.
companies, which may limit the information available to holders of
our American Depositary Shares (“ADS”); and the other important
factors discussed under the caption "Risk Factors" in Abcam's
Annual Report on Form 20-F for the year ended December 31, 2022
(“Annual Report”) with the U.S. Securities and Exchange Commission
("SEC") on March 20, 2023, which is available on the SEC website at
www.sec.gov, as such factors may be updated from time to time in
Abcam's subsequent filings with the SEC. Any forward-looking
statements contained in this announcement speak only as of the date
hereof and accordingly 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, other than to the extent required by applicable
law.
Use of Non-IFRS Financial Measures
To supplement our audited financial results prepared in
accordance with International Financial Reporting Standards
(“IFRS”) we present Adjusted Operating Profit, Adjusted Operating
Profit Margin, Total Constant Exchange Rate Revenue (“CER
revenue”), which are financial measures not prepared in accordance
with IFRS (“non-IFRS financial measures”). We believe that the
presentation of these non-IFRS financial measures provide useful
information about our operating results and enhances the overall
understanding of our past financial performance and future
prospects, allowing for greater transparency with respect to key
measures used by management in its financial and operational
decision making. These non-IFRS financial measures are supplemental
in nature as they include and/or exclude certain items not included
and/or excluded in the most directly comparable IFRS financial
measures and should not be considered in isolation, or as a
substitute for, financial measures prepared in accordance with
IFRS. Further, other companies may calculate these non-IFRS
financial measures differently than we do, which may limit the
usefulness of those measures for comparative purposes.
Management believes that the presentation of (a) Adjusted
Operating Profit, Adjusted Operating Profit Margin, provide useful
information to investors and others as management regularly reviews
these measures as important indicators of our operating performance
and makes decisions based on them, (b) CER revenue provides useful
information to investors and others as management regularly reviews
this measure to identify period-on-period or year-on-year
performance of the business and makes decisions based on it, and
(c) Adjusted Selling, General and Administrative expenses and
Adjusted Research & Development expenses provide useful
information to investors and others as management regularly reviews
these measures to identify period-on-period or year-on-year
performance of the business and makes decisions based on it, and
(d) Free Cash Flow provides useful information to investors and
others because management regularly reviews this measure as an
important indicator of how much cash is generated by business
operations, excluding capital related items, and provides an
indication of the amount of cash available for discretionary
investing or financing after removing capital related items, and
makes decisions based on it.
Please see the following “Non-IFRS Financial Measures” for a
qualitative reconciliation of non-IFRS financial measures presented
in this Trading Update to their most directly comparable IFRS
financial measures. We define:
- Adjusted Operating Profit as
profit for the period / year before taking account of finance
income, finance costs, tax, exceptional items, share-based
payments, restructuring activities, and amortization of acquisition
intangibles. Exceptional items consist of certain cash and non-cash
items that we believe are not reflective of the normal course of
our business; and we identify and determine items to be exceptional
based on their nature and incidence or by or by their significance
(“exceptional items”). As a result, the composition of exceptional
items may vary from period to period / year to year.
- Adjusted Operating Profit Margin
as adjusted operating profit calculated as a percentage of
revenue.
- CER as our total revenue growth
from one fiscal period / year to the next on a constant exchange
rate basis.
Management is unable to present quantitative reconciliations of
Adjusted Operating Profit, Adjusted Operating Profit Margin, and
CER revenue to their respective most directly comparable IFRS
financial measures of Operating Profit, Operating Profit Margin and
Reported Revenue on a forward-looking basis, because items that
impact these IFRS financial measures are not within our control
and/or cannot be reasonably predicted. Such information may have a
significant, and potentially unpredictable, impact on our future
financial results.
1 Based on exchange rates at June 2023. 2 Compound annual growth
rate (CAGR) calculated based on 5.5 year period between June 2019
and December 2024 based on exchange rates at June 2019. 3 CAGR
calculated based on 5.5 year period between June 2019 and December
2024.
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version on businesswire.com: https://www.businesswire.com/news/home/20230626566307/en/
Abcam plc Tommy Thomas, CPA Vice President, Investor
Relations +1 617-577-4205 152 Grove Street, Building 1100 Waltham,
MA 02453
Abcam (NASDAQ:ABCM)
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Abcam (NASDAQ:ABCM)
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