Oxford Biomedica Delivers Strong 2024 Performance, Confident of Further Progress in 2025
Why we think this is good
The RNS indicates that Oxford Biomedica delivered strong revenue growth of 42-44% in 2024, with organic growth of 78-81%. The company also has a strong balance sheet with net cash of £20.6 million. While the company expects a mid to high-teens EBITDA loss for the full year 2024, it is confident of delivering sustainable profitability going forward. The tone of the update is generally positive, with the company expressing confidence in its ability to capture a growing share of the expanding cell and gene therapy market.
Key Points
- Revenues expected to be between £127 million and £129 million, representing 42% - 44% growth over 2023 and 78% - 81% organic growth
- Closed the year with a strong balance sheet, with a gross cash position of £60.7 million and a net cash position of £20.6 million
- Contracted value of client orders signed during 2024 reached approximately £186 million, an increase of more than 30% compared to 2023
- Expects a mid to high-teens Operating EBITDA loss for the full year 2024, but confident of delivering sustainable profitability going forward
Summary
Oxford Biomedica (OXB), a global quality and innovation-led cell and gene therapy CDMO, has reported a strong performance in 2024 with revenues expected to be between £127 million and £129 million, representing an increase of 42% - 44% over 2023 and organic growth of 78% - 81%. The company closed the year with a strong balance sheet, with a gross cash position of £60.7 million and a net cash position of £20.6 million. The contracted value of client orders signed during 2024 reached approximately £186 million, an increase of more than 30% compared to 2023, supporting confidence in delivering further revenue growth in 2025. While the company expects a mid to high-teens Operating EBITDA loss for the full year 2024, it is confident of its ability to deliver sustainable profitability going forward.