Omega Diagnostics eyes further Covid 'opportunities' amid healthy outlook

Medical testing developer Omega Diagnostics remains “well positioned for exciting growth” as it eyes further opportunities thrown up by the pandemic.

Releasing an update to coincide with its annual general meeting, the Clackmannanshire firm said it was making good progress moving into the second half of its financial year.

Chairman Simon Douglas said the group’s health and nutrition division continued to show “early signs of recovery towards pre-pandemic revenue levels”.

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He noted that the firm had a strategic plan in place to deliver “substantial growth” from the division, particularly given the opportunities it sees in both China and the US.

Omega Diagnostics' Visitect CD4 product enables people with HIV to test their immune systems.

Commenting on Omega’s global health division, Douglas said he was optimistic about the long-term prospects for the roll-out of the firm’s Visitect CD4 advanced disease test, which is seen as being essential for the effective management of advanced HIV.

He added: “We have received excellent feedback from external clinical studies and evaluations in key countries and can see positive indications that long term funders are supporting the roll out of the advanced disease initiative.

“We therefore remain confident that the market potential for our product reaching 4 million to 6 million tests a year within the next three to five years, representing an opportunity to generate £12 million to £18m in annualised revenues.

“We also remain confident in delivering significant value from opportunities within the Covid-19 testing space.

“Advancement towards further regulatory approvals and commercial progress for the AbC-19 rapid test continues. We had hoped for further news to update shareholders with on this progress, however the prospects for this test have not changed and we still believe there is a significant opportunity for this Covid-19 antibody test.”

The Alva-based firm is due to provide a further update on trading for the six months ending September 30 in November.

Results released in July showed that In the year to March 31, Omega’s core loss came in at £2.2m, swinging from a £890,000 profit, while its adjusted pre-tax loss amounted to £3.15m, up from a £400,000 loss in the prior period.

Revenue fell by 11 per cent from the previous 12 months to £8.73m.

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