News blog
Omega Diagnostics
- BY: Andrew Hore |
- POSTED: 07/07/2015 |
Omega Diagnostics performed well in the year to March 2015 but the new Visitect CD4 and the Allersys allergy automation system are still some way from making a contribution.
Revenues improved from £11.6m to £12.1m, while pre-tax profit jumped from £1.1m to £1.37m. Food intolerance revenues grew but allergy revenues were lower and its loss increased. The infectious disease division also lost more money.
Omega capitalised £1.5m of spending on Visitect and Allersys last year and this spending will continue. There are 32 allergans that have been developed but the full launch for Allersys will require 40 allergens and some important ones are yet to be developed.
The test performance of the Vistect CD4 HIV test deteriorates when the test is stored for five weeks. This problem, the latest of many, needs to be sorted out. It had previously appeared that all of the teething problems had been settled. Omega is trying to identify the reason for the problem.
The share price fell 4.63p to 18.25p. There was still £2m in the bank at the end of March 2015 and the business is cash generative.
A flat profit is forecast for this year which puts the shares on a prospective multiple of 14. No contributions from Visitect CD4 and Allersys are included in the forecast.
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