Revenue, growth and profitability guidance maintained In a trading update this morning, Oxford Biomedica reiterates FY’24 revenue guidance of £126-134m (FY’24e: £131m) and announces the expectation a low double-digit adjusted EBITDA loss for the full year, broadly in line with our forecast of a £9.1m loss. Management also reiterates medium-term (FY’23-26) guidance of a 3-year revenue CAGR in excess of 35% (vs. our expectation of 36%) and sustainable adjusted EBITDA profitability from FY’25, in line with our expectations, with an adjusted EBITDA margin in excess of 20% by FY’26 (FY’26e: 20.3%). As of 30th June, cash and equivalents stood at £80m. Turning a corner We upgraded to Buy in our note ‘Turning a Corner’ on 8th May, as we expect the new focus on leveraging the company’s technological leadership for profitability, supported by the recently established footprint in the US and the acquisition of a developed presence in France, could transform financial performance over the forecast period and beyond. H1 results are expected to be released on 23rd September. We place our target price under review.