OXFD - Oxford Immunotec to ramp up share buybacks

Noting that its stock does not adequately reflect the strength of the core business outlook, Oxford Immunotec (OXFD) announces the allocation of $40 – 80M for share buybacks over the next two-to-three-year period, up from ~$12M over the last twelve-month period. The shares have risen +3.1% in mid-day trading.Speaking at a virtual investor event, the company CFO, Matthew McLaughlin, projected the company to grow in the long-term at a rate of mid-teens or higher with over 75% of gross margin. Amid COVID-19-related impact, its top-line has shrunk ~19.3% YoY over the LTM period.“We're well-positioned for growth along 3 vectors”, the CEO, Peter Wrighton-Smith noted, given the 5% growth expected for the overall market for TB testing, and the ongoing conversion from the Tuberculin Skin Test, and with market share from IGRA competitors.The company is looking for a EUA submission for its T-SPOT SARS-CoV-2 in Q1 2021, working in parallel in Europe to obtain the CE marking.Last

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Oxford Immunotec to ramp up share buybacks