Following the submission of Oximio’s 2022 annual accounts, we reflect on the key takeaways which impacted the transformation of the company and its strategy.
In the year which saw the beginning of the large-scale Russian invasion of Ukraine, the company’s finances remained strong. Thanks to a systematic approach, commitment and strong leadership, revenue and EBITDA exceeded management expectations. Stakeholders can rest assured that our financial statements have undergone a proper external audit and are fully compliant with regulatory requirements.
Oximio CEO, Mykola Nikolaiev
In his letter to stakeholders, Oximio CEO, Mykola Nikolaiev, said:
“I would like to begin by expressing my sincere gratitude to all employees of Oximio, our diverse international team of caring professionals, who made it possible for the company to navigate the rough waters of 2022.
The extent of the commitment and care demonstrated by our team towards each other, patients, and customers was unprecedented and allowed Oximio not only to be the first market player to resume operations in Ukraine, but also enabled us to strengthen our long-term resilience to this crisis.
I would also like to extend my gratitude to our customers and vendors across the globe who stood by our side.
Having secured the renewal and stabilisation of the current operations in Ukraine and withdrawal from the aggressor country, Oximio proceeded to reviewing its overall strategy and plans. The most significant outcomes of this review are:
- Growth: While the Group continues to see mergers, acquisitions, and joint ventures as a long-term strategic growth instrument, the mid-term emphasis has shifted to organic growth with focus on accountability, quality and financial discipline, cautious selection of investment projects and low risk appetite. The executive team believes that the potential of existing geographies of presence is far from being exhausted and, coupled with enhanced service offering, shall be exploited to the benefit of the company.
- People: Safety and wellbeing of our employees and contractors remains the top priority for management, especially in Ukraine. In the meantime, we believe that the crisis should not be viewed as a reason to put people development on hold. This is why the management decided to create a dedicated Talent and Development function, which is focused on managing the professional development of our people and growth in a systematic, well-controlled manner.
- Governance set-up: At the end of 2022, following the change of the Group CEO, the Oximio Senior Management Team has been restructured to cluster expertise and reflect the geographies and functions that are key to achieving a sustainable operational model and returning to growth. In response to the high volatility of the external environment, a quarterly performance management cycle has been set up in addition to an annual one.
- Decision making is becoming increasingly data-driven, with clear metrics used to assess facts, hypotheses, and alternative future courses of action.
- Digitalisation: the executive team places a special emphasis on developing and implementing digital tools to support not only core processes but also support functions, with “single source for each data entity” and “as little human involvement as possible” principles behind, while promoting productivity and accountability.
- Cash discipline: The company is focused on maintaining a high degree of liquidity, low gearing, and balancing cash inflows and outflows. In addition to stricter spending discipline and increased review frequency for costs and receivables, pay-as-you-earn principle is applied for all investments.
- Social responsibility: Oximio remains true to its mission and values and engages in appropriate humanitarian activities both linked to its core business and those not directly related to it.
Overall, 2022 has shown that although Oximio is not immune to the crisis, we are resilient to it and are well equipped, both technically and culturally, to continue our continuous improvement even during these tough times.
It is evident that our transformation journey which we set on in 2022 has begun to yield positive results, and I am convinced that our strategy will enable Oximio to return to a sustainable, profitable growth trajectory by 2025. “
Chief Executive Officer
Oximio Background Information:
Founded in 2004, Oximio is a prominent provider of comprehensive clinical trial logistics services, providing the global clinical research industry with a wealth of experience and expertise. Since inception, it has grown organically and now employs a team of over 250 highly skilled employees across 10 countries, offering innovative, customized solutions. The company consistently delivers exceptional customer service, upholding the highest operational standards, solidifying Oximios reputation for unparalleled quality.
With headquarters based in the UK the company also benefits from depots and customs bonded warehouses in Europe, Middle East, and Africa. An extensive partner depot network expands the company’s reach, effectively meeting the demands of global clinical trial requirements.