Omega Diagnostics Group PLC Trading Update (5558H)
07 Abril 2022 - 1:01AM
UK Regulatory
TIDMODX
RNS Number : 5558H
Omega Diagnostics Group PLC
07 April 2022
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014. Upon the publication
of this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public
domain.
OMEGA DIAGNOSTICS GROUP PLC
("Omega" or the "Company" or the "Group")
Trading Update
Omega (AIM: ODX), the specialist medical diagnostics company
focused on industry-leading Health & Nutrition and Global
Health (CD4 and COVID-19) products, provides the following trading
update for the year ended 31 March 2022.
The Company expects to report a 41% increase in revenues to
GBP12.3m (2021: GBP8.7m), with the Health and Nutrition (H&N)
division contributing GBP8.6m of revenue (2021: GBP6.8m). Prior
year H&N sales are skewed by a large stocking order worth
approximately GBP1.2m placed by the Company's largest partner in
China to seed the market in 2021. Excluding this stocking order
from last year, underlying H&N sales grew by 54%, driven by
strong Food Print(R) product sales, up 82%. This division remains
one of the key areas of strategic focus, with substantial growth
opportunities in both China and the US.
The Global Health division has also seen substantial growth in
the period, up 97% to GBP3.8m (2020: GBP1.9m). CD4 revenues
increased to GBP1.0m (2021: GBP0.1m), as further progress is made
to implement CD4 testing in high HIV prevalence countries and
demand from aid agencies and non-governmental organisations
continues to grow. O rder intake is running well ahead of available
production and the long-term prospects remain undiminished for the
roll-out of the VISITECT(R) CD4 Advanced Disease test. Following on
from the placing, which shareholders voted against, the Company
continues to evaluate the strategic options for its CD4
business.
COVID-19 related revenues contributed GBP2.6m (2020: GBP1.7m),
however ongoing COVID income is expected to be minimal. Whilst
additional information requested for CE-Mark for self-test for the
VISITECT(R) COVID-19 antigen test was submitted prior to the 31
March 2022 deadline, not all of the data requested was available
and the Company awaits confirmation from its Notified Body as to
whether the available data is sufficient.
The Company remains in dispute with the Department of Health and
Social Care (DHSC) and has yet to receive a response to the
Company's latest correspondence sent on 8 February 2022. At the
Company's request, the DHSC is making arrangements to remove the
government-funded equipment from the Alva site.
The net cash balance as at 31 March 2022 was GBP1.5m and whilst
an overdraft facility of GBP2.0m remains in place and unutilised,
the Company continues to actively explore alternative options to
generate additional funds.
Contacts:
Omega Diagnostics Group PLC www.omegadx.com
Jag Grewal, Chief Executive Officer via Walbrook PR
Chris Lea, Chief Financial Officer
finnCap Ltd Tel: 020 7220 0500
Geoff Nash/Edward Whiley/George Dollemore (Corporate
Finance)
Alice Lane/ Charlotte Sutcliffe
(ECM)
Walbrook PR Limited Tel: 020 7933 8780 or omega@walbrookpr.com
Paul McManus Mob: 07980 541 893
Lianne Applegarth Mob: 07584 391 303
Sam Allen Mob: 07502 558 258
About Omega Diagnostics Group PLC
Omega manufactures and distributes high quality in-vitro
diagnostic products for use in hospitals, clinics, laboratories and
healthcare practitioners in over 70 countries and specialise in the
areas of health and nutrition and global health.
www.omegadx.com
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END
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April 07, 2022 02:01 ET (06:01 GMT)
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