Corporate News

Omega (AIM: ODX), the medical diagnostics company focused on CD4, infectious diseases and food sensitivity testing, announces its audited results for the year ended 31 March 2021

Omega provide high quality in-vitro diagnostics products for use in hospitals, clinics, laboratories and healthcare practitioners in over 75 countries and specialise in the areas of health and nutrition and global health.

Financial Highlights:

• Revenue decreased by 11% to £8.73m (2020: £9.82m)
• EBITDA loss of £2.20m (2020: £0.89m profit)
• Statutory loss for the year of £2.10m (2020: loss of £6.83m)
• Adjusted loss before tax* of £3.15m (2020: loss of £0.40m)
• Adjusted EPS (1.0p) (2020: (0.2p))
• Statutory EPS (1.2p) (2020: (4.9p))
• Cash balances of £5.8m (2020: overdraft of £0.6m)

* Adjusted for amortisation of intangible assets, share based payment charges and exceptional items.

Operational & Post-Period End Highlights:

• Chinese regulatory approval of Food Detective® test for both laboratory settings and self-test use
• Supply agreement signed with Clinton Health Access Initiative (CHAI) to accelerate access of VISITECT^® CD4 Advanced Disease in low and middle-income countries
• VISITECT^® CD4 Advanced Disease test received WHO prequalification
• Placing and open offer which raised £10.5m net of expenses to enable capacity increase of lateral flow tests
• Contract signed with the Department of Health and Social Care ("DHSC") to provide manufacturing capacity for COVID-19 lateral flow antigen tests
• Appointment of Dr Simon Douglas as Non-Executive Chairman of the Group
• CE mark and launch of Mologic’s lateral flow antigen test for COVID-19, to be sold for professional-use under Omega's VISITECT^® brand and FDA Emergency Use Authorization submitted
• Over £2m invested in facility refurbishment and new equipment to accommodate increased capacity expected from both COVID-19 and CD4 manufacturing throughput
• As announced separately today, Kieron Harbinson has notified the board he will step down from his position as Group Finance Director in August 2021. The Company has agreed to appoint Christopher Lea as Chief Financial Officer

Commenting, Simon Douglas, Non-executive Chairman, said: While conditions in the UK and in many parts of the world have improved significantly over the past few months, there remains considerable uncertainty around the world as countries ease or increase restrictions to manage the global COVID-19 pandemic.  Challenges remain for much of our international customer base but the Board believes the Company has the expertise to meet these challenges and capitalise on opportunities as we have done over the past year. CD4 is a unique product and gaining traction in countries where HIV remains a serious challenge.   We intend to build on this in the short term through further country registrations and international distribution.  In addition our strategy and focus to deliver high value instrument-free diagnostic products will be enhanced over the next 36 months through the introduction of a further range of lateral flow tests for diseases often associated with Advanced HIV and a damaged immune system. The recovery of the Health and Nutrition business should continue with growth in China and the USA anticipated over the next two years as their economies open up.  COVID-19 antigen testing still remains a significant opportunity for us, although very much dependent on the UK Government’s decisions as to test selection and timing.”

The information communicated in this announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014. 

Contacts: