Corporate News

Omega (AIM: ODX), the specialist medical diagnostics company focused on promoting a personalised and functional approach to health and nutrition, announces its unaudited interim results for the six months ended 30 September 2022.

Operational Highlights:

• Pivoted the business to focus solely and strategically on the Health and Nutrition diagnostics business (formerly known as Food Intolerance)
• Disposal of loss-making CD4 business for £6.3m completed in July 2022
  • Positive WHO data received for VISITECT® CD4 test
  • Accubio have approved the release from escrow of the full £4.0m deferred consideration 
• Automation project delivered, bringing greater laboratory efficiencies and helping to attract new customers 
• Lease extension agreed for current premises at Eden Research Park, Littleport 
• My Health Tracker by Omega app in final stage beta testing

   

Financial Highlights:

• Revenue down by 18% to £3.4m (H1 2021: £4.2m)
• Gross margin decreased to 54.0% (H1 2021: 64.4%)
• Loss before tax of £0.7m (H1 2021: £0.0m)
• Adjusted EBITDA loss¹ of £0.2m (H1 2021: profit £0.4m) 
• Loss on discontinued operations £1.4m (H1 2021: £3.4m)
• Gross equity fund raise of £2.2m completed
• Cash balance £2.7m (H1 2021: £4.7m)

   

¹Adjusted for exceptional items, amortisation of intangible assets and share based payment charges 

Post period highlights:

Commenting on the results, Simon Douglas, Chairman, said: “We are pleased to have executed on our strategic decision to re-align the Group in the period, disposing of the loss-making business in Alva, reducing operating costs and focusing solely on the profitable and cash generative Health and Nutrition business and we are delighted to be notified of the impending release of the full CD4 deferred consideration of £4.0m. We have implemented the plan we set out to shareholders, growing our installed base, introducing our new digital platform and signing two partnership agreements which will expand our product portfolio and drive additional revenue growth. Our plans to create a US market presence will be progressed following the receipt of the remainder of the CD4 sale proceeds.

“Whilst we expect a stronger second half, our full year sales will be marginally lower than previously anticipated to reflect the delayed US investment plans. The performance expectations of the remainder of our business remain unchanged and the Group continues to target EBITDA break even this year.”

Investor presentation

Jag Grewal, CEO, and Chris Lea, CFO, will provide a live presentation relating to the Interim Results via the Investor Meet Company platform today at 4:30pm GMT. The presentation is open to all existing and potential shareholders. 

Investors can sign up to Investor Meet Company for free and add to meet OMEGA DIAGNOSTICS GROUP PLC via:

https://www.investormeetcompany.com/omega-diagnostics-group-plc/register-investor  

The investor presentation will be available later this morning on the Company website:  https://www.omegadx.com/Investor-Relations/Corporate-Information 

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

Contacts:  

About Omega
Omega manufactures and distributes high quality in-vitro diagnostic products for use in hospitals, clinics, laboratories and healthcare practitioners in over 85 countries.