CAMBRIDGE, England and WALTHAM, Mass., May 1, 2023
/PRNewswire/ -- Abcam plc ("Abcam," "Company," "Group")
(Nasdaq: ABCM), a global leader in the supply of life science
research tools, notes the Form 13D filed today by founder and
former director Dr Jonathan Milner
and related press reports.
The Company meets with Dr Milner with some regularity, including
most recently on Friday, April 28,
2023.
The Company appreciates Dr Milner's contributions and input and
looks forward to continuing to engage actively with him, and all
our shareholders. The Board of Directors and management team remain
committed to creating value for all shareholders and will continue
to take actions to achieve that objective.
About Abcam plc
As an innovator in reagents and tools, Abcam's purpose is to
serve life science researchers globally to achieve their mission
faster. Providing the research and clinical communities with tools
and scientific support, the Company offers highly validated
antibodies, assays, and other research tools to address important
targets in critical biological pathways.
Already a pioneer in data sharing and ecommerce in the life
sciences, Abcam's ambition is to be the most influential company in
life sciences by helping advance global understanding of biology
and causes of disease, which, in turn, will drive new treatments
and improved health.
Abcam's worldwide customer base of approximately 750,000 life
science researchers' uses Abcam's antibodies, reagents, biomarkers,
and assays. By actively listening to and collaborating with these
researchers, the Company continuously advances its portfolio to
address their needs. A transparent program of customer reviews and
datasheets, combined with industry-leading validation initiatives,
gives researchers increased confidence in their results.
Founded in 1998 and headquartered in Cambridge, UK, the
Company has served customers in more than 130 countries. Abcam's
American Depositary Shares (ADSs) trade on the Nasdaq Global Select
Market (Nasdaq: ABCM).
For more information, please
visit www.abcam.com or www.abcamplc.com
Forward-Looking Statements
This announcement contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. In
some cases, you can identify forward-looking statements by the
following words: "may," "might," "will," "could," "would,"
"should," "expect," "plan," "anticipate," "intend," "seek,"
"believe," "estimate," "predict," "potential," "continue,"
"contemplate," "possible" or the negative of these terms or other
comparable terminology, although not all forward-looking statements
contain these words. They are not historical facts, nor are they
guarantees of future performance. Any express or implied
statements contained in this announcement that are not statements
of historical fact may be deemed to be forward-looking statements,
including, without limitation, statements
regarding Abcam's portfolio and ambitions, and our future results
of operations and financial position such as our outlook for FY2023
and performance goals for FY2024 are neither promises nor
guarantees, but involve known and unknown risks and uncertainties
that could cause actual results to differ materially from those
projected, including, without limitation: challenges in
implementing our strategies for revenue growth in light of
competitive challenges; the development of new products or the
enhancement of existing products, and the need to adapt to
significant technological changes or respond to the introduction of
new products by competitors to remain competitive; our customers
discontinuing or spending less on research, development, production
or other scientific endeavors; failing to successfully identify or
integrate acquired businesses or assets into our operations or
fully recognize the anticipated benefits of businesses or assets
that we acquire; the ongoing COVID 19 pandemic, including variants,
continues to affect our business, including impacts on our
operations and supply chains; failing to successfully use, access
and maintain information systems and implement new systems to
handle our changing needs; cyber security risks and any failure to
maintain the confidentiality, integrity and availability of our
computer hardware, software and internet applications and related
tools and functions; failing to successfully manage our current and
potential future growth; any significant interruptions in our
operations; our products failing to satisfy applicable quality
criteria, specifications and performance standards; failing to
maintain and enhance our brand and reputation; ability to react to
unfavorable geopolitical or economic changes that affect life
science funding; failing to deliver on transformational growth
projects; our dependence upon management and highly skilled
employees and our ability to attract and retain these highly
skilled employees; and as a foreign private issuer, we are exempt
from a number of rules under the U.S. securities laws and Nasdaq
corporate governance rules and are permitted to file less
information with the SEC than U.S. companies, which may limit the
information available to holders of our American Depositary Shares
("ADS"); and the other important factors discussed under the
caption "Risk Factors" in Abcam's Annual Report on Form 20-F for
the year ended December 31, 2022
("Annual Report") with the U.S. Securities and Exchange Commission
("SEC") on March 20, 2023, which is
available on the SEC website at www.sec.gov, as such factors may be
updated from time to time in Abcam's subsequent filings with the
SEC. Any forward-looking statements contained in this announcement
speak only as of the date hereof and accordingly undue reliance
should not be placed on such statements. Abcam disclaims any
obligation or undertaking to update or revise any forward-looking
statements contained in this announcement, whether as a result of
new information, future events or otherwise, other than to the
extent required by applicable law.
Use of Non-IFRS Financial Measures
To supplement our audited financial results prepared in
accordance with International Financial Reporting Standards
("IFRS") we present Adjusted Operating Profit, Adjusted Operating
Profit Margin, Total Constant Exchange Rate Revenue ("CER
revenue"), which are financial measures not prepared in accordance
with IFRS ("non-IFRS financial measures"). We believe that the
presentation of these non-IFRS financial measures provide useful
information about our operating results and enhances the overall
understanding of our past financial performance and future
prospects, allowing for greater transparency with respect to key
measures used by management in its financial and operational
decision making. These non-IFRS financial measures are
supplemental in nature as they include and/or exclude certain items
not included and/or excluded in the most directly comparable IFRS
financial measures and should not be considered in isolation, or as
a substitute for, financial measures prepared in accordance with
IFRS. Further, other companies may calculate these non-IFRS
financial measures differently than we do, which may limit the
usefulness of those measures for comparative
purposes.
Management believes that the presentation of (a) Adjusted
Operating Profit, Adjusted Operating Profit Margin, provide useful
information to investors and others as management regularly reviews
these measures as important indicators of our operating performance
and makes decisions based on them, (b) CER revenue provides useful
information to investors and others as management regularly reviews
this measure to identify period-on-period or year-on-year
performance of the business and makes decisions based on it, and
(c) Adjusted Selling, General and Administrative expenses and
Adjusted Research & Development expenses provide useful
information to investors and others as management regularly reviews
these measures to identify period-on-period or year-on-year
performance of the business and makes decisions based on it, and
(d) Free Cash Flow provides useful information to investors and
others because management regularly reviews this measure as an
important indicator of how much cash is generated by business
operations, excluding capital related items, and provides an
indication of the amount of cash available for discretionary
investing or financing after removing capital related items, and
makes decisions based on it.
Please see the following "Non-IFRS Financial Measures" for a
qualitative reconciliation of non-IFRS financial measures presented
in this Trading Update to their most directly comparable IFRS
financial measures. We define:
- Adjusted Operating Profit as profit for the period / year
before taking account of finance income, finance costs, tax,
exceptional items, share-based payments, and amortization of
acquisition intangibles. Exceptional items consist of certain cash
and non-cash items that we believe are not reflective of the normal
course of our business; and we identify and determine items to be
exceptional based on their nature and incidence or by or by their
significance ("exceptional items"). As a result, the composition of
exceptional items may vary from period to period / year to
year.
- Adjusted Operating Profit Margin as adjusted operating profit
calculated as a percentage of revenue.
- CER as our total revenue growth from one fiscal period / year
to the next on a constant exchange rate basis.
Management is unable to present quantitative reconciliations of
Adjusted Operating Profit, Adjusted Operating Profit Margin, and
CER revenue to their respective most directly comparable IFRS
financial measures of Operating Profit, Operating Profit Margin and
Reported Revenue on a forward-looking basis, because items that
impact these IFRS financial measures are not within our control
and/or cannot be reasonably predicted. Such information may have a
significant, and potentially unpredictable, impact on our future
financial results.
Abcam plc
Tommy Thomas, CPA
Vice President, Investor Relations
+1 617-577-4205
152 Grove Street, Building 1100
Waltham, MA 02453
E: tommy.thomas@abcam.com
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SOURCE Abcam PLC