Angle PLC Announces Trading and Business Update

Revenue recognised for 2023 expected to be up 120% at c. £2.2 million with sales secured in 2023 expected to be c. £3.3 million

Revenue recognised for 2024 expected to treble compared to 2023

Cash runway extended into Q2 2025

GUILDFORD, SURREY / ACCESSWIRE / November 9, 2023 / ANGLE plc ("the Company") (AIM:AGL)(OTCQX:ANPCY), a world-leading liquid biopsy company with innovative circulating tumour cell (CTC) diagnostic solutions for use in research, drug development and clinical oncology, is today providing a trading and business update.

Trading update - Strong growth in sales

The Company expects revenue recognised for 2023 will be c. £2.2 million, which is an increase of 120% over revenue achieved in 2022 but below current market consensus of c. £3.0 million. New sales secured in 2023 are expected to be c. £3.3 million however revenue recognition for some of these sales will fall into the 2024 financial year. Gross margin for H2 is expected to be higher than H1 reflecting the product-service mix and, together with tight cost control, to result in the cash position at 2023 year end being in line with consensus at c. £15 million.

Streamlining of the Services business outlined below is anticipated to result in c. £0.5 million of non-cash impairments and c. £0.7 million of one-off cash costs in 2023 resulting in an operating loss for the year of c. £21 million, which remains in line with consensus despite the additional charges. The streamlining is expected to deliver cost savings of c. £3 million per annum in 2024 resulting in the extension of the cash runway into Q2 2025.

Revenue for the Products business has continued to grow in line with our expectations and will be further supported by the newly established distributor network as well as new product launches. The Pharma Services business has continued to gain commercial traction although the slowdown in biopharma spending has led to an elongation of the sales process with some sales falling away. Despite this, progress is being made towards securing retained relationships with large pharma customers and launching additional Parsortix based tests to drive increased sales.

Revenue recognised for 2024 is expected to treble compared to 2023 with the growth of distributor sales, and with the planned launches of the Portrait PD-L1 test (services), see separate announcement today, the Portrait+ antibody staining kit (products), and the Parsortix BiDetect^TM DNA solutions combining ctDNA and CTC-DNA analysis (products and services) all contributing to the Company's sales growth ambitions.