Shares of Oxford BioMedica Plc (OXB.L) are rising 4 percent on Tuesday's trading after the company revealed narrower first-half loss, helped by improved revenues and reduced costs. The company also reaffirmed its fiscal 2025 outlook and medium-term guidance.
On the LSE, the stock is up 4 percent on Tuesday's trading at 655.00 pence.
The gene and therapy company posted net loss of 26.88 million pounds in the first half of the year, compared to net loss of 36.40 million pounds in the same period last year. On a per share basis, the half-yearly basic loss narrowed to 25.35 pence from 30.88 pence recorded in the year-ago period.
The company's loss before tax narrowed to 26.03 million pounds from pre-tax loss of 35.74 million pounds in the corresponding period last year.
According to Oxford BioMedica, total revenues climbed 44 percent to 73.2 million in the six-month period from 50.8 million pounds in the prior-year period, helped by good performances by the Manufacturing Services and Development Services segments.
The company said that during the half-year period, operating EBITDA loss reduced to 8.3 million pounds from 20.3 million pounds in the same period of fiscal 2024.
Looking ahead, Oxford BioMedica reaffirmed its fiscal 2025 outlook of revenues between 160 million pounds and 170 million pounds and low single-digit operating EBITDA on a constant currency basis.
The company also backed its medium-term guidance of fiscal 2026 revenues between 220 million pounds and 240 million pounds. Additionally, revenue growth of between 25 percent and 30 percent year-on-year is expected in fiscal 2027 and fiscal 2028.
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