Healthy growth potential forecast at medical diagnostics tests producer
York-headquartered medical diagnostics tests producer, Abingdon Health, has reported continued revenue growth in the year ended 30 June 2024 and an improving cashflow and EBITDA performance.
Publishing its final results for the year ended 30 June 2024 today, the business records revenue growth of 52% to £6.1m (2023: £4m) (49% growth when excluding acquisitions) and a pre-tax loss of £1.4m (2023: £3.6m pre-tax loss).
Abingdon Health had cash as of 30 June 2024 of £1.4m (2023: £3.2m) – with additional net proceeds of £5.1m raised post-year end.
Chris Yates, chief executive officer, said: “As a contract research organisation/contract development and manufacturing organisation focused on lateral flow technology with a well-established track record of bringing products from ‘idea to market’ we believe we are well-placed to support a broad range of customers.
“The recent acquisitions of IVDeology and Compliance Solutions (Life Sciences), and the further investment in expanding our analytical laboratory service mean we can now offer more a comprehensive service.
“Our key financial priorities are to grow our revenues and reduce our cash burn through continued close cost management, therefore moving the company to a positive cashflow position, having achieved a cashflow positive quarter in Q4 FY2024.
“We’re confident our contract services customer base and our current growing pipeline means we are well positioned to grow our business and deliver shareholder value going forward.”
Abingdon Health says it successfully transitioned three customer products into the manufacturing stage in FY24: Salignostics (saliva pregnancy test); LoopDX (sepsis); and Up Front Diagnostics (stroke).
The firm notes its product business revenues were up 56% year-on-year – benefiting from the launch of three lateral flow tests with Boots.
A continued expansion of the business’s product range and sales and distribution platform in FY25 is expected to generate further product sales growth.
And the company has a new US commercial office and R&D laboratory targeted for quarter four of calendar year 2024.
