EKF Diagnostics (AIM:EKF) dropped 11% as it warned that timelines for its new fermentation facility had slipped and it would not now meet guidance for this current year.
The AIM-listed biotech said point-of-care and life sciences overall were still going well, but the planned fermentation capacity expansion has run into some hiccoughs.
Notably, “customer needs for downstream processing have become apparent,” said the statement and, as a result, there will be little of the anticipated scale-up revenue in 2023 with this now pushed into 2024.
EKF now expects revenues of around £53 million in 2023 and underlying profits (adjusted EBITDA) in the region of £10m.
Shares dropped 3p to 23p.