TIDMMSYS
RNS Number : 8432X
Microsaic Systems plc
10 January 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF
DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT
2018) ("UK MAR")
10 January 2022
Microsaic Systems plc
("Microsaic" or the "Company")
Pre-close Trading Update
Microsaic Systems plc (AIM: MSYS), the developer of point of
need mass spectrometry ("MS") instruments, provides an unaudited
trading update for the year ended 31 December 2021 ("FY21").
Financial Performance Indicators
The Company confirms that revenues for FY21 have significantly
exceeded those of FY20, recovering to a level slightly ahead of
that in FY19, a pre-pandemic benchmark. This improved position
reflects the recapitalisation of the business in January 2021 via
an over-subscribed placing raising GBP5.5m in gross proceeds, a
revised board composition and the strategic change of the Company's
business model from an instrument-centric sales focus to a more
commercial and collaboratively-based business model centred on
customer workflows, providing instrumentation, software, service
and analytics to help solve real-world problems.
Microsaic expects to report FY21 revenues of GBP0.90m, a notable
increase on FY20 (GBP0.20m) and a recovery to beyond that seen in
FY19 (GBP0.87m). Orders for the year have exceeded GBP1m,
representing a significant milestone for the Company. Following the
effects of COVID-19 in FY20, sales in the first half of FY21
(GBP0.50m) predominantly comprised demand from 2020 converting to
orders, and the second half of the year saw a strong intake of
fresh orders, driven in part by newly secured instrument and
service business in the Environmental and Human Health sector.
Microsaic's backlog of orders remaining from 2021 will be
shipped in early FY22, which mainly reflects global supply chain
pressures resulting from COVID-19. The Company is working hard to
mitigate disruption to its key supply chain such that any future
impact will continue to be minimal.
Glenn Tracey, CEO of Microsaic, commented: "If 2021 was about
turnaround and transition, then 2022 is about significant business
inflection. We have worked tirelessly in 2021, putting in place the
necessary building blocks in and around our technology, extending
our business model to cover workflows, software and services.
"The COVID-19 era has demonstrated the resilience of humans and
ingenuity of our scientists, and Microsaic's ability to respond
quickly with solutions to real-world problems. Real-time detection
is a central facet of advancing this human endeavour. Microsaic
solutions are exceptionally well placed with their capability to
operate in real-time and, increasingly, informed by prior data
analysis.
"I am absolutely delighted about how Microsaic has emerged from
the COVID-19 era, stronger than how we entered it. I am very
optimistic about the future prospects for the business."
Strategic and Operational Developments
During the year, Microsaic took a number of important steps to
develop its commercial offering to support a number of new,
high-value applications in major markets and geographies.
New configurations of the Company's MS technology are now
included in water monitoring solutions for chemicals and pathogens
(including so-called 'forever chemicals', drugs of abuse and
pharmaceutical ingredients, as well as SARS-CoV-2) being provided
by our partner, DeepVerge plc, with whom our relationship is also
providing access to international markets across three continents.
Significant progress has been made since the signing of a
commercial framework agreement in March 2021 with initial equipment
orders, and further orders in July, October and December.
July also saw the launch of real-time monitoring of on-line
production of biotherapeutic drugs (vaccines and anti-cancer
treatments) using a Microsaic micro-engineered MS solution,
targeted at contract research and manufacturing organisations,
integration partners and biopharmaceutical companies. The use of
continuous MS monitoring process monitoring can provide timely and
critical safety and quality assurance as potentially very expensive
adverse outcomes can be mitigated upstream. The Company has
continued its discussions with potential bioprocessing CRO
partners, and with the alleviation of international travel,
progress is anticipated to accelerate in FY22.
In November, Microsaic's point-of-need platform was further
extended to include Gas Chromatography ("GC") alongside its
existing liquid chromatography ("LC") capability, enabling
automated detection of organic chemicals in both non-volatile and
volatile compounds. This significantly expands the range of
detectable compounds and fields of use for the Company's
technology, with potential applications across therapeutics,
antibiotics, pesticides, petrochemicals, and personal care
products.
The Company has also developed relationships with a range of
partners in China. In September the Company entered into an
agreement with new partner Jiangsu Henzhihe Technologies Co. Ltd.
("HZH"), to source manufacturing, integration, and service for
distribution and prospective OEM partnerships in China. With strict
international travel restrictions in force well into 2021 hopefully
easing in 2022, it is now hoped that progress will accelerate with
a view to the Company securing a medical licence to ship products
in China, and subject to local regulatory requirements, into
markets globally.
Microsaic is also continuing its collaboration with Swansea
University to combine real-time monitoring of environmental water
using AI in determining the link between environmental chemical
pollution and human health.
Operationally, the Company made five key commercial hires to
support business development in new areas, including: environmental
detection of water contamination and in human health markets;
delivering real-time on-site monitoring; connected data analytics
for installed equipment; and AI and support services.
Business model transition from capital instrument sales to
complete workflows in Human and Environmental Health, including
data analytics
While equipment sales opportunities still feature for the
Company's MS technology and will continue to feature as part of our
revenue mix, the Board believes the Company's transition to
workflow solution sales will establish higher-level end-user
engagement.
Progress on this strategy has been made in 2021 contributing to
the Company's order increase, particularly in H2 2021, and the
Board believes this progress will yield significant gains in
2022.
Further progress is being made towards driving the value of data
through collaborations on software and AI in Environmental Health.
This includes both our work with DeepVerge's subsidiary Modern
Water, adding portable real-time sewage monitoring, using AI to
power analysis for substances such as drugs of abuse and active
pharmaceutical ingredients, and our work with Swansea University
Medical School looking at the interaction of epigenetics and
environmental factors including pollutants. In October, Microsaic
launched its services business, providing a suite of solutions that
provide the knowledge, applications and services including
environmental, bioprocessing optimization and analytics and
workflow solutions, and emerging translational medicine. Potential
markets span industries including
Pharmaceuticals/Biopharmaceuticals, Food Safety, Environmental and
Clinical, and this business will further augment the Company's
ongoing transition towards offering complete solutions to end-users
in Human and Environmental Health.
Outlook
The Company has entered 2022 with a healthy sales opportunities
pipeline. The Board is targeting a significant increase in revenues
in 2022, underpinned by scientific services opportunities,
particularly in bioprocessing and water markets, but also the
extension of Microsaic's detection platform into Human and
Environmental Health real-time monitoring. The Company continues to
take a measured approach to market access with a keen focus on
expenditure. Microsaic intends to grow its business in conjunction
with partners, such as DeepVerge in water detection collaborations,
with contract research organisations in bioprocessing, through the
extension of its Chinese business with a range of local partners,
and via OEM and other strategic partnerships under discussion.
Enquiries:
Microsaic Systems plc
Glenn Tracey, CEO +44 (0)1483 751 577
Singer Capital Markets
(Nominated Adviser & Joint Broker) +44 (0)20 7496 3000
Aubrey Powell / Tom Salvesen /
George Tzimas
Turner Pope Investments (TPI) Limited
(Joint Broker)
Andy Thacker / James Pope +44 (0) 20 3657 0050
About Microsaic
Microsaic develops and commercialises globally micro-engineering
chip-based mass spectrometry equipment. Microsaic has a robust
patent portfolio in cutting-edge technology purpose built for
"Industry 4.0" which enables analytical detection and
characterisation at the point-of-need: whether within a human
health environment; conventional laboratory setting; within a
bioprocessing facility for continuous mass spectrometer detection
and monitoring of data at any step in the process workflow; or in
front-line environmental monitoring.
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