Omega Diagnostics confident of stemming losses as sales momentum builds
Medical testing developer Omega Diagnostics has reported wider interim losses despite a surge in revenues.
The Clackmannanshire firm pointed to “substantial growth opportunities” in the areas of food sensitivity, testing for the management of people living with HIV, and Covid-19 antibody and antigen testing.
Results for the six months to the end of September show revenue increased by 81 per cent, year on year, to £5.73 million. Health and nutrition sales were up by 62 per cent while global health revenue leapt 170 per cent.
However, statutory losses for the period amounted to £2.75m, compared with just £280,000 a year earlier. The group posted an adjusted underlying loss of £2.45m, compared with a deficit of £1.29m previously.
Chairman Simon Douglas said: “We are confident that revenues in the second half will see significant growth in health & nutrition and for our CD4 [HIV] 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.”
He added: “We will remain focused on improving operational efficiencies and sensibly controlling costs.”
The half-year report also showed that the group, whose diagnostics products are used in hospitals, clinics, laboratories and healthcare practices in some 75 countries, has a cash balance of about £4.7m.
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