Medlab Clinical - FY22 cash flows within our expectations
Medlab Clinical has released its cash flow report for Q422 and the full FY22 period. Net cash outflow from operating activities in FY22 was A$9.0m, roughly in line with our estimate of A$9.3m. The company reported cash operating revenues for the year of A$6.2m, however it expects to record a A$3.5m research and development grant post the period end (in September/October 2022). Total cash outflow for FY22 was A$8.2m, which was lower than our estimate of A$9.3m as the company received A$750k and will receive A$250k in November 2022 and is expected to receive A$250k in November 2023 from the disposal of its nutraceuticals business. At end-FY22 Medlab had a gross cash position of A$5.2m which, at the current Q422 burn rate of A$3.4m, we estimate will fund operations into CY23 (second quarter of FY23). In the absence of full company accounts, we maintain our estimates for FY22–23 and will revisit these as more information becomes available. Our valuation of Medlab Clinical is unchanged at A$239.8m or A$0.70 per share.Medlab Clinical is engaged in the sale of nutraceutical products for chronic illnesses; pharmaceutical research; and development of platform technologies to repurpose existing drugs.
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