Abcam expects double digit revenue growth
Abcam delivered double digit revenue growth for the second half of 2018, according to an unaudited trading update issued today (Tuesday).
The life science research tools company, which is building its new HQ on Cambridge Biomedical Campus, says it is gaining market share in recombinant antibodies and immunoassays, while expanding in China.
It expects total revenue growth for the six months to the end of 2018 to be 11 per cent on a reported basis and 10 per cent on a constant currency basis, which eliminates exchange rate fluctuations.
Alan Hirzel, CEO of Abcam, whose presentation to the 37th Annual JP Morgan Healthcare Conference on Wednesday (January 9, 2019) will be available as a webcast on the company’s site, said: “Global demand is strong for precision life science tools and Abcam has once again gained market share in these growing markets.Our business is on track to achieve double-digit growth for the year.
“During the half we have continued to focus on improving our service for customers. We have further developed our product portfolio and we have continued to enhance our organisational capabilities to support our ambition of becoming the most influential company for life scientists, supporting research, diagnostic and therapeutic discovery.”
The company said its performance was the “result of the multiyear invest-to-grow strategy that has guided the business over the last five years”.
Its recombinant antibody revenues grew 20 per cent, while immunoassays grew 27 per cent. Catalogue revenue grew by more than 10 per cent on a constant currency basis.
Abcam said it expects a gross margin “modestly ahead of last year” and had “begun implementing contingency plans ahead of a potential ‘no-deal’ Brexit in order to minimise the risk of disruption to customers”.
More by this authorPaul Brackley