Omega Diagnostics, the Scotland based in-vitro diagnostics company, announced the final results to March 2011, showing sales of £7.9 million (2010: £6.2 million), adjusted operating profit of £741,000 (2010: £416,000), pre-tax profit of £105,000 (2010: £210,000) and adjusted EPS of 1.6p (2010: 1.2p). The results include an exceptional charge of £412,000 (2010: £nil) and amortisation of intangibles of £193,000 (2010: £109,000).
The company reported that the year end installed base of Generrayt systems totalled 95 (2010: 57), resulting in sales of reagent kits of £1.5 million (2010: £828,000). Sales of Food Detective kits totalled over 41,000 (2010: 34,241).
Product registration in China is still proceeding but small sales for market seeding and evaluation purposes are being secured. Year end net cash was £450,000 and the early signs from the IDS-iSYS development programme are cause for encouragement.
Omega also reported the appointment of Jag Grewal as sales & marketing director. Grewal has worked in diagnostics for over 20 years. Starting out as a clinical biochemist in the NHS, he joined Beckman Instruments in 1995, where his 15 year career there included positions in sales, product management and marketing management. He is a past chairman and current treasurer of the British In-Vitro Diagnostics Association.
The ODX share price has decreased by 33% over the last year.
Omega Diagnostics Plc is currently graded b by LCF Research. To learn more, follow the link.
