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SourceBio International PLC - Nottingham-based laboratory services provider - Acquires digital pathology testing services services provider LDPath Ltd for an initial £18.5 million in cash, with further performance-based consideration payable depending on revenue growth achieved up to end of 2024. Reflecting cash generated and continued strength of its balance sheet, says the board is considering the implementation of a share buyback programme, which would require approval at its AGM, set for June 15, 2022.
SourceBio also says has provided Covid-19 PCR testing services as part of its newly formed Infectious Disease Testing business unit. Since inception, services have generated revenue exceeding £100 million from delivering more than two million test results, with substantial earnings and cash generation. However, notes testing volumes continue to reduce as pandemic subsides. In response, says has already materially downsized its cost base in this area and will continue to monitor this in relation to revenue generated.
Current stock price: 122.50 pence
Year-to-date change: down 37%
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