Omega Diagnostics, the Scotland based in-vitro diagnostics company, reported that Interim results to September 2011 showed sales of £5.5 million (2010: £3.3 million), adjusted operating profit of £427,000 (2010: £392,000) pre-tax profit of £168,000 (2010: £71,000) and adjusted EPS of 0.4p (2010: 1.7p). The results include an exceptional charge of £28,000 (2010: £262,000) and amortisation of intangibles of £208,000 (2010: £59,000).
The company reported that during the period eight Genarrayt systems were installed, taking the installed base to 103 in total. Reagent sales were £661,000 (2010: £632,000). Food Detective kit sales totalled 34,370 (2010: 19,225), generating sales of £513,000 (2010: £369,000). The development of Allergozyme export sales is taking longer than anticipated, but the board remains confident in this range of products.
Gross margin was 64% (2010: 57%), development costs (excluding the effect of the Allergopharma acquisition) were £234,000 (2010: £114,000). As regards the IDS-iSYS system, since the October 2011 update experiments have been completed to compare the eight allergens on the IDS-iSYS system with a leading commercial product and six out of the eight allergens are highly correlated. Assay optimisation is the next phase. Period end net cash was £417,000.
The ODX share price has decreased by 19% over the last year.
Omega Diagnostics Plc is currently graded b by LCF Research. To learn more, follow the link.
