Oxford Immunotec Company Overview 35th Annual J.P. Morgan Healthcare Conference January 2017

Dr. Peter Wrighton-Smith, Chief Executive Officer

Oxford Immunotec Global PLC 94C Innovation Drive Milton Park, Abingdon Oxfordshire, OX14 4RZ, United Kingdom Company Number 08654254 www.oxfordimmunotec.com

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Forward-looking Statements Certain information contained in this presentation constitutes forward-looking statements, including those related to future performance and revenues, financial condition, prospects, growth, strategies, expectations and objectives of management. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. The preliminary financial results and forward-looking statements contained in this presentation reflect our current expectations and are subject to risks and uncertainties. Actual results may differ materially from those projected or implied by forward-looking statements. Please review our SEC filings for more information regarding those factors that could cause actual results and events to differ materially from those indicated in the forward-looking statements. Our filings are available for free by visiting EDGAR on the SEC Web site at www.sec.gov. Forward-looking statements are based on current expectations and assumptions and currently available data and are neither predictions nor guarantees of future events or performance. You should not place undue reliance on forward-looking statements, which speak only as of the date of this presentation. We do not undertake to update or revise any forward-looking statements after they are made, whether as a result of new information, future events, or otherwise, except as required by applicable law.

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Company Profile We are a high-growth, global diagnostics company

Memphis, TN • ODL CLIA lab • LDT development • Manufacturing

Boston, MA • US Headquarters • US commercial operations • Imugen and future ODL CLIA lab • Immunetics business • Tick-borne disease R&D

T-SPOT, ODL and the Oxford Immunotec and Imugen logos are trademarks of Oxford Immunotec Ltd. Immunetics is a trademark of Immunetics, Inc.

Oxford, UK • OUS Headquarters • OUS commercial operations • Manufacturing • Product development 3 • UK ODL lab

Shanghai, China • China market development office • Medical education, marketing, technical support

Yokohama, Japan • Japan Headquarters • Japan commercial operations

Company Focus

To develop and commercialise proprietary assays for underserved immune-regulated conditions

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Immune-regulated Conditions Our target markets Infectious disease • Particularly those that can become chronic depending on immune control (e.g. TB, Lyme) • Or those that afflict those with weakened immune systems (e.g. TB, CMV, Babesia)

Transplantation • Relies on balancing the immune system • Suppress enough to prevent rejection without making the patient too weak to fight infections

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Autoimmune / inflammatory

Immune oncology

• Caused by an inappropriate immune response against self

• Cancer is an immunological disease, as the immune system is unable to sufficiently recognise and/or fight the tumour

Products and Pipeline

1. 2.

Market

Indication

Market size1

Infectious disease

Tuberculosis screening

>$1bn

Infectious disease

Lyme and other tick-borne diseases

$450m2

Infectious disease

Babesia blood screening

TBD

Transplant / Infectious disease

Cytomegalovirus

$150m

Transplant

Organ rejection

$300m

Multiple development programs in infectious disease, transplant, autoimmune & immune oncology

>$1bn

Estimated global market opportunity. Mid-point of ranges used (rounded) US only. OUS market not yet sized.

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Concept

Feasibility

Analytical Validation

Clinical Validation

Commercial Launch

Brand

TB Screening A major global market opportunity

• ~50M Latent TB Infection (LTBI) screening tests performed each year1 • >$1BN estimated market opportunity2

1 Diagnostics for Tuberculosis: Global Demand and Market Potential. WHO 2006 2 Company estimates based on current ASP and business model

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The Current Screening Test for TB Tuberculin Skin Test (‘TST’) “This method has been in clinical use for more than 90 years. Unfortunately, its application is problematic due to the frequency of false-positive and false-negative skin reactions.” World Health Organization

Main Limitations • Low sensitivity, especially in immunosuppressed, newborns, and elderly • Poor specificity due to: o Prior BCG vaccination o Environmental mycobacteria • Requires a return visit for reading • Inoculation and reading are technique-dependent and require specially-trained operators • Collectively these issues result in inefficient use of healthcare resources 8 Source: WHO. “Diagnostics for Tuberculosis” 2006

Market Replacing TST with IGRA Blood Tests •

Market adopting blood tests called interferon-gamma release assays (IGRAs) o o

•

Measure increased IFN-secretion by T cells previously exposed to M. tuberculosis Use purified M. tuberculosis-specific antigens, such as ESAT-6 & CFP10

IGRAs have several advantages over the TST o o o

Higher specificity (fewer false positives) No need for specifically trained healthcare workers No need for return visit

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Key Foundations for T-SPOT.TB Growth Established



Regulatory approval



Significant body of clinical evidence



Widespread guidelines recommendations



Widespread reimbursement

o o

o

o

o o o o

T-SPOT.TB approved in >50 countries worldwide, including US (FDA), Europe (CE mark), Japan (MHLW) and China (SFDA)

>450 publications in the peer-reviewed literature

IGRAs recommended in at least 34 countries worldwide including in US, Europe and Japan

Demonstrated cost-effectiveness Unique CPT1 code in US (Medicare at $103/test) >300m covered lives in the US Explicit reimbursement coverage in many other countries such as Japan, China and Germany

1. CPT is a registered trademark of the American Medical Association

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Significant Commercial Adoption With substantial headroom for further growth

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2004

CE mark (European approval)

2006

1st European guideline

2008

US FDA approval

2010

CDC guidelines issued in US Chinese SFDA approval

2011

CPT code & US Medicare reimbursement established

2012

Japanese MHLW approval & reimbursement established SWITCH health economic study published in US

2013

T-SPOT.TB approved for sale in >50 countries Revised Japanese guidelines

2014

Opened market development office in China Hired salesforce in Japan

2015

Entered into US physicians office market segment Exceeded 300m covered lives in the US

2016

USPTF Grade “B” recommendation UK NHS Tender for new entrant screening Revised US guidelines (ATS/IDSA/CDC)

Global Commercial Channel Established Kit and service model

United States • Direct sales force in US o Principal call points: hospitals, public health, physicians offices

• Primarily selling our service offering

Europe & ROW

Asia

• Direct sales force in Europe o Principal call points: hospitals, public health, private labs o Distribution partners used in ROW

• Primarily selling our kit offering o

• Direct sales force in Japan o Principal call points: hospitals, private labs, rheumatology

• Direct presence in China o Market development office

• Selling our kit offering

Service in the UK

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Tick-borne Disease Franchise

•

Leading diagnostic lab specializing in tick-borne diseases

•

R&D company specializing in infectious disease

•

Principal product is proprietary C6 ELISA for the diagnosis of Lyme disease

•

Assays utilize proprietary techniques

•

Products supported by ~30 peer-reviewed publications

•

FDA cleared and CE marked, and product supported by >20 peer-reviewed publications

•

CLIA licensed and CAP accredited laboratory in the Boston area

•

FDA inspected manufacturing space in the Boston area

•

~$11m revenues in 2015

•

~$2m diagnostic revenues in 2015

•

Profitable

•

Profitable

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Tick-borne Pathogens Pose a Significant Health Risk Adverse health consequences

Ticks, especially at the nymph stage, are about the size of a poppy seed, making them exceedingly difficult to detect

Source: CDC, University of Rhode Island

Lyme Disease

• • • •

Chronic joint inflammation (Lyme arthritis) Facial palsy and neuropathy Cognitive defects Heart rhythm irregularities

Anaplasmosis

• • • •

Difficulty breathing Hemorrhage Renal failure, neurological problems Death (in rare cases)

Ehrlichiosis

• • •

Difficulty breathing Hemorrhage and bleeding disorders Death (in rare cases)

Babesiosis

• • • •

Low and unstable blood pressure Severe hemolytic anemia Malfunction of vital organs Death (in rare cases)

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The Spread of Lyme Disease Reported cases of Lyme Disease to the CDC, 2001 and 2014

•

There were ~5m specimens tested for Lyme disease in 2015

•

Large and growing market. Estimated US TAM: $400-$500m

Source: CDC, Oxford Immunotec analysis

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Importance of Other Tick-borne Infections Lyme disease

Anaplasmosis

Ehrlichiosis

Babesiosis

• Other common tick-borne pathogens are prevalent and are expanding • Other tick-borne pathogens can masquerade as Lyme disease, since symptoms are similar • Coinfection in endemic regions is common • It is important to test for more than just Lyme disease

Source: CDC

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Tick-Borne Disease Market Segments

Late presentation

Acute presentation

Unmet Needs / Opportunities

Our Solutions

More sensitive tests required in early detection

Imugen has proprietary immunological techniques to increase sensitivity in acute disease

Need to test for coinfections as well as Lyme

Imugen covers the major tick-borne diseases, and has coinfection data to educate market

Need for more sensitive, specific and cost-effective testing to replace or streamline two-step testing

Immunetics’ test can replace one or both of the current generic two-step tests with better performance

Tests needed that can indicate therapy response and/or cure

Imugen has proprietary tests and algorithm to stage disease; in addition, our pipeline is seeking to further augment our solution 17

Key Foundations for Growth Established



Regulatory approval



Differentiated, better performing tests

o o

o o

Imugen has multiple LDTs accredited by CLIA and CAP Immunetics has FDA & CE clearance for its C6 ELISA test

Both Imugen and Immunetics have differentiated tests with clear clinical advantages over current generic tests With both companies, we have broad coverage of market needs



Widespread reimbursement



Strong commercial channel

o

o o

Tests are covered under existing codes

Tick-borne diseases overlap well with our current TB call points and will leverage our current sales force in the US and OUS We can bring a strong voice to markets that are underserved and undereducated 18

Babesia as a Risk to the US Blood Supply = incidence prior to implementation of screening

= prior generations of screening

= incidence with current screening

Hepatitis B HIV Hepatitis C HTLV 1/2 West Nile Virus Babesia 1:10,000

1:100,000

 Increasing risk Sources: FDA Blood Products Advisory Committee Meeting May 2015, Company analysis

1:1,000,000

Incidence rate

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Decreasing risk 

Current Players in Screening Blood for Babesia Company

Serological Assay

Nucleic Acid Test (NAT)





AFIA – Lab service (under FDA review)

PCR – Lab service (under FDA review)



N.A.

ELISA – Kit (under FDA review)

“Screening for Babesia microti in the U.S. Blood Supply” New England Journal of Medicine 2016;275:2236-45

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Potential Market for Babesia Screening of Donor Blood After the FDA clears a blood screening assay, it typically issues guidance for its utilization with the donor blood screening industry. In May 2015, FDA’s Blood Products Advisory Committee (BPAC) convened and proposed the following recommendations for Babesia testing in donor blood. Endemic States: The committee voted to recommend year-round NAT testing (coupled with serological testing) in the 9 most endemic states = ~2m tests

All States (Endemic and non-Endemic): The committee voted to recommend year-round serological testing in all 50 states = ~13m tests

Note: Nine endemic states = NY, MA, ME, CT, RI, NJ, MN, WI, NH Sources: FDA BPAC meeting May 2015

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Transplant

• The Panel of Reactive T cells (PRT) test addresses T cell mediated organ rejection

• T-SPOT.CMV measures the strength of the T cell response against Cytomegalovirus (CMV) • CMV is a common viral pathogen: o

o o

Usually controlled by T cells, causes disease when T cell function is depressed

• Reducing rejection is critical to transplant outcomes:

• Major threat in transplants: o o

o

One of most common infections post-transplant CMV threatens the transplant patient and the transplanted organ

Rejection events shorten graft life & significantly increase costs

• Market size $300m1 • Expected launch Q3 2017

• Market size $150m1 • Expected launch Q1 2017

1. Estimated global market opportunity. Mid-point of ranges used (rounded)

Complements PRA test for antibody rejection Rejection can be both antibody and T cell mediated

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Financial Profile •

Strong revenue growth o o o

•

Multiple revenue growth drivers o o

•

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Seasonality in US and Japan Volatility in order patterns to distributors

Gross margins expanding o

•

Products: TB, Tick-borne disease, Blood banking, Transplant Geographies: US, China, Japan

Quarter-to-quarter revenue volatility o o

•

>20% annual CC revenue growth for 11 straight years Recurring revenue allows us to focus sales teams primarily on driving growth FY’16 guidance of $85.0-$85.8m (+35%-37% YoY)

33% in 2011 to 53% in 2015

Sound financial footing o

>$50m in cash at end of 2016

Key Priorities •

Continue our strong revenue growth o Continued penetration of T-SPOT.TB into the >$1bn TB screening market  IGRAs only 15-20% penetrated

o Drive penetration of Imugen & Immunetics into the $450m tick-borne diseases market  Use our commercial resources to expand the awareness of our differentiated offering

o Continue to add additional products to our sales force and CLIA lab infrastructure  2017 launch of blood banking tests for Babesia, and transplant tests  Continue to add further products through R&D and M&A

•

Move company towards profitability o Increase gross margins o Drive leverage through operating expense

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Summary & Key Investment Highlights • Playing in large, growing, underserved markets • Proprietary, industry-leading products • Well developed, global commercial infrastructure • Diversified, recurring revenue streams • Strong revenue growth • Pathway to profitability

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