Corporate News

Omega (AIM: ODX), the specialist medical diagnostics company focused on industry-leading Global Health (CD4 and COVID-19) and Health and Nutrition products, announces its unaudited interim results for the six months ended 30 September 2021.

Omega has substantial growth opportunities in the areas of Food Sensitivity, CD4 testing for the management of people living with HIV, and COVID-19 antibody and antigen testing and provides high quality in-vitro diagnostics products for use in hospitals, clinics, laboratories and healthcare practices in over 75 countries. 

Financial Highlights:

• Revenue increased by 81% to £5.73m (H1 ‘20: £3.16m)
  • Health and Nutrition sales up 62% to £4.17m (H1 ‘20: £2.58m)
  • Global Health revenue up 170% to £1.56m (H1 ‘20: £0.58m)
• Gross margin decreased to 34.4% (H1 ‘20: 42.9%) caused by increased direct labour in anticipation of DHSC COVID-19 contract work 
• Statutory loss for the period of £2.75m (H1 ‘20: £0.28m)
• Adjusted EBITDA loss¹ of £2.45m (H1 ‘20: loss of £1.29m) 
• Adjusted loss per share¹ of 1.3p (H1 ‘20: 0.1p)
• Cash balance of £4.7m (H1 ’20: £7.0m)

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

Operational Highlights:

• Health & Nutrition sales returned to pre-COVID levels
  • Growth from China and US expected to materialise from FY ’23, with planned re-location to purpose-built Ely facility to support demand
• Excellent clinical performance and feedback for CD4 test, growing momentum for implementation programme
  • Production scale up underway, targeting 4-6m test per annum in 3-5 years
• Shift in focus for COVID-19 test manufacture to support commercial market opportunity
  • No test to manufacture under DHSC contract, but remain in dialogue for commercial use of equipment
  • DAM Health contract signed for professional COVID-19 antigen test, and good progress with other potential collaborations
  • Self-test CE-Marking making good progress, with other regulatory approval processes ongoing

Regarding outlook, Simon Douglas, Chairman, said: “We are confident that revenues in the second half will see significant growth in Health & Nutrition and for our CD4 product, and while COVID-19 revenues remain extremely difficult to predict they are expected to be more reliant on commercial partnerships than UK Government supply opportunities and are impacted by the timing of pending regulatory approvals being granted. Overall, we expect to see an improved sales performance across the Group for the full year and to see losses reduced in the second half.”

Investor presentation:

Colin King, 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: