Growing market boosts optimism for medical tests producer
Medical diagnostics tests maker, Abingdon Health, has reported revenues of £4m (2022: £2.8m) in its final results for the year ended 30 June 2023.
The York-based business says its H2 2023 revenue of £2.9m was more than two and half times that of H1 2023, which it says reflects increasing commercial momentum over the year.
It also recorded an adjusted EBITDA loss of £2.9m (2022: £10m loss) and a pre-tax loss of £3.5m (2022: £21.6m loss).
Chris Yates, chief executive officer, said: “With our transition away from COVID-19 activities and focus as a fully integrated lateral flow contract research organisation/contract development and manufacturing organisation (CRO/CDMO), the company has made strong progress, with a significant increase in our non-COVID-19 revenues and an increase in our opportunity pipeline.
“I believe Abingdon is well positioned to meet the growing lateral flow market, through both our CRO/CDMO offering, and through our complementary direct sales and distribution platform.
“We remain highly focused on continuing to grow our revenues and reducing our cash-burn in FY24 and beyond.”
The business says it expects to see continued strong revenue growth in 2024 and beyond.
It adds a key objective involves moving the company to a positive cashflow position, noting it is making “solid progress” towards achieving this objective.
Abingdon says its focus remains on expanding its customer base and driving products through development, manufacturing and towards commercial success.
It says the market for its lateral flow medical test technology is large and growing with recent estimates forecasting that this market will increase by 150% between 2022 and 2032 to reach a size of $11.7bn by 2032.
