FY’22 in line with indications in the February trading update FY’22 revenue was £66.6m (vs. £81.8m in FY’21), with adjusted EBITDA of £14.9m (£26.5m), in line with indications in the trading update on 6th Feb. Cash & equivalents at period-end stood at £11.6m (£2.4m of which restricted as held in Russia), post a £3.9m share buyback and £4.4m of primarily expansionary CapEx in Indiana during the period. Results highlight continued positive momentum in the core Point-of-Care (£30.8m revenue, +13% YoY) and Central Laboratory (£14.5m revenue, +11%) segments. In Life Sciences (£3.2m revenue vs. £2.0m in FY’21), the capacity expansion project in Indiana is progressing broadly on track with previously revised guidance, with an acceleration of growth expected post validation of the largest (14,500l) fermenter, currently anticipated in Q3’23. As previously announced, the slower than originally anticipated transition to non-Covid revenue in Contract Manufacturing (£9.5m revenue vs. £36.3m in FY’21) and Laboratory Testing (£2.6m vs. £1.0m in FY’21, post the Sept’21 acquisition of ADL) constituted a drag on YoY financial performance during the period, and measures are underway to reduce costs and improve operating performance. The disposal of ADL was announced on 23rd March. Our view The core POC and central laboratory segments, combined with the ongoing capacity expansion in Life Science, represents, in our view, a solid platform for growth, with strong positive momentum into 2023. Our forecasts, recommendation and target price remain under review.