Omega (AIM: ODX), the medical diagnostics company focused on CD4, food intolerance and allergy testing, announces its unaudited interim results for the six months ended 30 September 2019.
Omega provides 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 allergy and autoimmune, food intolerance and infectious disease. These results reflect the actions taken last year as part of the Board’s strategic review to divest the non-core infectious disease business and to close the German allergy business.
· Revenue from continuing operations increased by 6% to £4.46m (2018: £4.22m)
· Reported revenue, including discontinued operations, reduced by 15% at £4.46m (2018: £5.23m)
· Significant improvement in gross margin from continuing operations – up by 5.8 percentage points to 67.5% (2018: 61.7%)
· Statutory loss for the period of £0.29m (2018: profit of £1.04m)
· Adjusted loss before tax1 of £0.35m (2018: adjusted loss before tax of £0.51m)
· EBITDA from continuing operations of £0.25m (2018: loss of £0.22m)
· Adjusted earnings per share1 of -0.2p (2018: -0.5p)
1Adjusted for exceptional items, amortisation of intangible assets and share based payment charges
· Placing and subscription for £1.7m completed on 10 October 2019
· 65 allergens CE marked to run on the IDS automated instrument including first screening assay
· First order for 20,000 Food Detective tests shipped to our strategic partner in China
· A second order for 30,000 Food Detective tests to be shipped to our strategic partner in China in November
· VISITECT® CD4 350 cut off test evaluation report written and submitted to the Nigerian Ministry of Health
· A second conditional order of 200,000 CD4 350 tests as announced separately today
· VISITECT® CD4 Advanced Disease test (utilising a lower 200 cut-off) receives ERPD approval
Regarding outlook, William Rhodes, Interim Chairman, said:
“I am encouraged that we continue to make progress across all three divisions. Our financial performance was aligned to our expectations and is further indication that the restructuring we undertook in the prior year is having a positive impact. The recent fundraise also provides us with sufficient funding to implement our short term strategies, and I would like to thank all our shareholders who participated.
“In summary, we have continued to make progress against our plans, and are well positioned for near term growth in both our food intolerance and CD4 business units.”