SourceBIo expects PCR surge to slow after ‘traffic light’ changes

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SourceBio International PLC (AIM:SBI) said the planned changes to England’s international travel rules and COVID-19 testing requirements are likely to have an impact on expected revenues this year.


Full-year revenues and adjusted EBITDA are still expected to show dramatic growth compared to the previous year, however, the changes to travel PCR testing are expected to impact on the level of this expected material growth, it said in a statement.


A full trading update as part of its interim results statement is scheduled to be released on 28 September 2021.


The company had already flagged business had soared in the first half with revenues more than tripled at GBP37mln and out of which Covid testing accounted for 75%.


SourceBio said its COVID-19 RT PCR testing throughput had also seen progressive increases since the first half, with average daily testing volumes in July approaching 7,000 which was more than double the rate in the first half.


Average testing in August exceeded 10,000 per day and in September to date was running at approximately 14,000 per day.


A significant amount of these, however, were Day 2 and Day 8 tests, which will be removed under the new travel rules from the end of October for fully vaccinated individuals and low-risk countries.


‘Fit to Fly’ scheme and tests for red list countries do not appear to be impacted and volumes here should increase.


SourceBio said it had signed two commercial distribution agreements for the ongoing supply of lateral flow tests, which will replace PCR testing.

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