Proteomics International Laboratories (PIQ) H2 2024 earnings summary

Executive summary

• Advanced commercialisation of diagnostic tests PromarkerD, PromarkerEndo, PromarkerEso, and OxiDx, with key milestones in Europe and the US, including Medicare reimbursement for PromarkerD at US$390.75 per test and new distribution agreements in France and Chile.

• PromarkerEndo achieved clinical validation in independent cohorts and entered a major validation study with Oxford University; PromarkerEso showed strong results in early and late-stage esophageal cancer detection.

• OxiDx expanded its IP portfolio with patents in Japan and Europe and demonstrated utility in athletic monitoring.

• Raised A$6.5 million via institutional placement to support commercialisation and pipeline development.

Financial highlights

• Revenue and other income increased 7% to $3,566,018 year-over-year, driven by analytical services and R&D incentives.

• Operating expenses rose 5% to $10,047,831, reflecting investment in commercialisation and pipeline expansion.

• Net loss increased 4% to $6,481,813 compared to the prior year.

• Cash and cash equivalents at year-end were $6,640,244.

• Anticipated R&D tax incentive rebate of $2,156,377 to be received in the December 2024 quarter.

Outlook and guidance

• Focus remains on commercialising PromarkerD, PromarkerEndo, PromarkerEso, and OxiDx, with multiple go-to-market strategies targeting global partners and clinical service providers.

• US launch of PromarkerD targeted for FY25, with reimbursement in place.

• Continued investment in R&D and expansion of the diagnostics pipeline using the Promarker platform.