ABCAM PLC: Final results for the year ended 31 December 2022.

CAMBRIDGE, England and WALTHAM, Mass: Abcam plc (Nasdaq: ABCM) ('Abcam', the 'Group' or the 'Company'), a global leader in the supply of life science research tools, today announces its results for the year ended 31 December 2022 (the 'period').

SUMMARY PERFORMANCE

Year-End 31 December

2022

PSm

2021

PSm

Revenue

361.7

315.4

Gross profit margin, %

Adjusted gross profit margin, %

74.8%

75.5%

71.2%

72.2%

Operating profit margin, %

Adjusted operating profit margin, %

Diluted (loss) / earnings per share ('EPS') (PS)

(2.8%)

21.1%

(0.037)

2.3%

19.2%

0.019

Adjusted diluted earnings per share ('EPS') (PS)

0.249

0.206

Return on Capital Employed ('ROCE'), %

8.9 %

7.6 %

FULL YEAR FINANCIAL HIGHLIGHTS[1]

Reported revenue growth of 15%; constant exchange rate ('CER') revenue growth of 8%

- In-house revenues, including BioVision and Custom, Products & Licensing, recorded 26% reported revenue growth and 18% CER revenue growth

Reported gross profit margin of 74.8%: Adjusted gross profit margin of 75.5%, an increase of 330 basis points from 72.2%, driven by the contribution of in-house revenues, including BioVision and Custom, Products & Licensing

Operating loss of PS10.1 million impacted by PS18.3 million impairment charge on asset held for sale; adjusted operating profit increased 26% to PS76.3m, resulting in a 190 basis points increase of adjusted operating profit margin to 21.1%

Diluted loss per share of (PS0.037) impacted by impairment charge on asset held for sale; adjusted diluted earnings per share increased 21% to PS0.249

Return on capital employed increased to 8.9%, a 130-basis point improvement, favourably impacted by efficient capital utilization and higher adjusted operating profits

[1] These results include discussion of alternative performance measures which include revenues calculated at Constant Exchange Rates (CER) and adjusted financial measures. CER results are calculated by applying prior period's actual exchange rates to this period's results. Adjusted financial measures are reconciled to the most directly comparable measure prepared in accordance with IFRS in note 3 to the financial statements.

BUSINESS HIGHLIGHTS

In-house revenues, including BioVision and Custom, Products & Licensing, represent 67% of total sales, an increase of 600 basis points

- Academic & Biopharmaceutical customers experienced double-digit percent reported revenue growth, Academic grew mid-single digits and Biopharmaceutical grew double-digit percent on a CER basis

...