Omega Diagnostics Group PLC Trading Update (4057W)
April 17 2019 - 1:00AM
UK Regulatory
TIDMODX
RNS Number : 4057W
Omega Diagnostics Group PLC
17 April 2019
Omega Diagnostics Group PLC
("Omega" or "the Company" or the "Group")
Trading Update
Omega (AIM: ODX), the medical diagnostics company focused on
allergy, food intolerance and infectious disease, announces that
results for the year ended 31 March 2019 will be in line with
market expectations. Revenues for the year are expected to be
GBP9.74m and the adjusted loss before tax (before share-based
payments and amortisation of intangible assets) is expected to be
GBP0.3m.
Financial update
Turnover is expected to be GBP9.74m reflective of the decisions
taken last year as part of the Board's strategic review to divest
the infectious disease business and to discontinue the German
allergy business. Turnover declined by 28% on a headline basis
(2018: GBP13.55m) and increased by 3% on a like-for-like basis as
outlined below. There are expected to be minimal currency effects
between revenues for this year compared to the prior year.
Segmental revenues are expected to be as follows:
Revenue to Revenue to % increase
31 March 31 March
2019 2018
Food Intolerance GBP8.05m GBP7.56m + 7%
Allergy/Autoimmune GBP0.98m GBP3.31m -70%
Infectious Disease/Other GBP0.73m GBP2.68m -73%
TOTAL GBP9.76m GBP13.55m -28%
Segmental revenues for the year ended 31 March 2019 include a
contribution for the first quarter only for Omega GmbH and the
Company's infectious disease business unit, following the decision
to close or sell these business units. To provide a like-for-like
comparison revenues for these business units have been excluded
from Q2, Q3 and Q4 in the prior year as follows:
Revenue to Revenue to % increase
31 March 31 March
2019 2018
Food Intolerance GBP8.05m GBP7.56m 7%
Allergy/Autoimmune GBP0.98m GBP1.16m - 16%
Infectious Disease/Other GBP0.73m GBP0.74m - 2%
TOTAL GBP9.76m GBP9.46m + 3%
VISITECT(R) CD4 update
As announced on 18 March 2019, the Company achieved CE-Marking
for its VISITECT(R) CD4 Advanced Disease test (200 CD4 cells/mm(3)
of blood). The Board expects to submit a dossier to the Expert
Review Panel for Diagnostics ("ERPD") by the end of this month. The
ERPD outcome is a time-limited, risk based recommendation on
eligibility for procurement whilst the Company is currently
undergoing the World Health Organisation Prequalification
Programme. This will allow NGOs to procure product at a much
earlier point in time.
We received the first orders for our VISITECT(R) CD4 test (350
CD4 cells/mm(3) of blood) resulting in shipments of a modest value
within the financial year just ended. The national performance
evaluation for this product version, necessary prior to
commercialisation, has recently started in six states in Nigeria
and we look forward to accessing this market once the evaluation is
complete. We will provide further updates in due course.
Allergy update
The Company's allergy range comprising 60 CE-Marked assays for
Specific IgE, and one assay for Total IgE, was officially launched
by a partner company, Immunodiagnostic Systems Ltd ("IDS") in March
this year. These assays cover many of the most prominent and
clinically relevant allergens that are routinely tested for. The
Allergy/Autoimmune revenue figure above includes stocking orders
for IDS of approximately GBP30k and the Board looks forward to
continuing to work with IDS as we expand the menu offering.
Outlook
The Board's decisions since the strategic review announced last
year have enabled the Company to focus on its key growth areas and
to achieve delivery targets against development timelines. The
Board also continues to explore opportunities for realising value
for shareholders in line with the Company's strategic review
objectives.
The Food Intolerance division has returned to revenue growth of
7% over the prior year and has made good progress with partners in
developing the opportunities for this division in China and the
USA, which the Board anticipates will lead to further growth in the
current financial year.
There are now two CE-Marked versions of the Company's
VISITECT(R) CD4 test and the Board is confident that it can bring
the Advanced Disease version of this unique test through the ERPD
regulatory channel in the current financial year for the benefit of
many people living with HIV.
Colin King, CEO of Omega commented: "We have made significant
progress in the last 12 months to streamline our business and to
focus on those areas that can deliver the most shareholder value.
Our Food Intolerance division has performed well and is positioned
for further growth. I am also very pleased with the progress that
the Company has made over the last year in completing the
development of our VISITECT(R) CD4 tests and assuring these tests
meet the regulatory requirements in multiple countries. This will
enable their purchase and use, benefiting the hundreds of thousands
of people currently living with HIV, especially those living in
resource limited settings."
The information communicated in this announcement is inside
information for the purposes of Article 7 of EU Regulation
596/2014.
Contacts:
Omega Diagnostics Group PLC Tel: 01259 763 030
Bill Rhodes, Interim Non-Executive www.omegadiagnostics.com
Chairman
Colin King, Chief Executive
Kieron Harbinson, Group Finance
Director
finnCap Ltd Tel: 020 7220 0500
Geoff Nash/James Thompson (Corporate
Finance)
Camille Gochez (ECM)
Walbrook PR Limited Tel: 020 7933 8780 or omega@walbrookpr.com
Paul McManus Mob: 07980 541 893
Lianne Cawthorne Mob: 07584 391 303
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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