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Angle PLC on Thursday reported that it expects ‘growth’ in 2023, albeit significantly lower than market estimates, as it anticipates its operating loss to widen.
Angle shares fell 35% to 31.30 pence each in London on Thursday morning.
The Surrey, England-based medical diagnostics company noted it is on track to deliver anticipated cost savings of £2.6 million in 2023 and £4.0 million per year after that.
Describing 2022 as a ‘breakthrough year’ with first US Food & Drug Administration product clearance, Angle anticipates revenue to be just above £1 million, similar to £1.0 million posted for 2021. It estimates an operating loss of £22 million, in line with expectations and widened by 28% from £17.2 million in 2021. Further, it expects cash at the end of 2022 to be at around £32 million, comparable to £31.8 million at the end of 2021.
For 2023, it expects ‘strong growth, but likely to be materially below current market expectations.’ The company said it already received new orders in the first week of the new year.
By Tom Budszus, Alliance News reporter
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