Strong pipeline generates optimism at medical tests producer
Medical diagnostics tests maker, Abingdon Health, has reported revenues of £1.1m for the six months to December 2022 (H1 2022: £1.7m).
Over the same period, pre-tax losses reduced to £2.4m loss from a £5.7m pre-tax loss in the six months ended 31 December 2021.
The York-based business says it has now successfully transitioned its operations towards a non-COVID customer base with a solid pipeline of opportunities and expects its revenues to be significantly improved in H2 2023. FY 2023 revenues are forecast to be materially higher than FY 2022’s results.
Chris Yates, CEO, said: “Our dedicated lateral flow contract development and manufacturing organisation (CDMO) service continues to gain traction with a number of new customers onboarded in recent months.
“Importantly, all of our CDMO activities are non-COVID-19 and are spread across a range of sectors including clinical and animal health.
“We believe our fully integrated CDMO service is offering customers a straightforward solution to bring their products to market in the most cost-effective and efficient manner.
“Our focus is to continue to grow our commercial pipeline, increase our revenues and ultimately achieve profitability and a positive cash flow position.”
The company says its product revenue growth, including its Abingdon Simply Test™ range, is encouraging with further own brand and third-party product launches due.
It adds new product launches, including Salistick™ – the first ever saliva pregnancy test – are planned in due course.
Abingdon Health say it is currently working with a number of new customers across 11 different contract service projects in multiple areas (compared to three as at 1 July 2022) with two additional contracts signed, work on which will start in quarter four 2023.
