Avacta Group Plc Shares Second-Quarter Results and Business Update
On September 30, 2024, Avacta Group Plc held an investor presentation to discuss its interim results for the period ending June 30, 2024. CEO Christina Coughlin led the call, highlighting the company’s performance and progress.
Coughlin began by welcoming participants and outlining the agenda for the meeting. She emphasized that investors could submit questions at any time via the Q&A tab, and although the company might not be able to address every query during the call, they would review all submissions and provide responses as necessary.
Before diving into the results, Coughlin presented a brief poll to gauge investor sentiment. She then turned her attention to the company’s financial performance, noting that Avacta’s results were in line with board expectations.
The diagnostics division saw significant growth, with increased revenue and gross profit, as previously signaled. Notably, the division achieved an adjusted EBITDA of $0.1 million, a marked improvement from the $0.4 million loss reported in the first half of 2023. This turnaround was driven by revenue growth and cost savings resulting from the closure of the Wetherby laboratory facilities and the relocation of R&D activities to the Corus laboratories.
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