Omega Diagnostics Group PLC Trading Update and Notice of Results (1774D)
25 April 2017 - 4:00PM
UK Regulatory
TIDMODX
RNS Number : 1774D
Omega Diagnostics Group PLC
25 April 2017
Omega Diagnostics Group PLC
("Omega" or "the Company")
Trading Update and Notice of Results
Omega (AIM: ODX), the medical diagnostics company focused on
allergy, food intolerance and infectious disease, announces that
results for the year to 31 March 2017 will be in line with market
expectations. Revenues for the year are expected to be GBP14.3m and
adjusted profit before tax* is expected to be GBP1.1m.
Financial update
Revenue is expected to be GBP14.25m, 3% ahead of last year in
constant currency terms and 12% ahead of last year's result (31
March 2016: GBP12.74m) on an actual basis, reflecting the weakening
of sterling against the US dollar and euro throughout the
period.
Segmental revenues are expected to be as follows:
Revenue to Revenue to % increase
31 March 31 March
2017 2016
Food Intolerance GBP8.00m GBP7.06m + 13%
Allergy/Autoimmune GBP3.59m GBP3.16m + 14%
Infectious Disease/Other GBP2.66m GBP2.52m + 5%
TOTAL GBP14.25m GBP12.74m + 12%
Allergy development
IDS-iSYS automation update
We continue to have discussions with IDS on how best to
commercialise our Allersys(R) range of reagents and believe we can
achieve an outcome that will benefit both parties. The time taken
on the discussions to date reflects the importance on achieving the
right balance for both parties on what we anticipate will be a long
term relationship. We will provide a further update in due
course.
We have continued to develop the allergen range and we have now
optimised a further nine allergens, in addition to the 41 allergens
which are CE-Marked for use on the IDS-iSYS automated
instrument.
Infectious disease
CD4 update
We confirm we have now attained formal design freeze with our
VISITECT(R) CD4 test following the successful manufacture of three
pilot batches. Devices from these batches were tested at three UK
hospital sites, on sufficient numbers of patient samples to
demonstrate that we now have a method for manufacturing devices
which consistently meet our design goal specifications regarding
sensitivity and specificity.
Achieving this significant milestone means we have now
progressed into the formal verification and validation phase. We
will use the chosen design to manufacture three validation batches
which will be sent for field trial evaluation at selected sites in
the UK and India. The field trial results, combined with a number
of planned internal experiments to support product claims will, if
successful, enable us to CE-Mark the test after conclusion of these
activities.
Outlook
We have reached a significant milestone in achieving design
freeze with our VISITECT(R) CD4 development programme. We remain
confident in completing the verification and validation programme
to deliver a unique product which we believe will meet a large
unmet medical need for people living with HIV infections in
resource-limited countries.
We have also been successful in achieving full operational
capability with our manufacturing facility in Pune, India. Whilst
we have already indicated we expect to achieve modest sales with
our Malaria range of tests this year, we believe we have created a
valuable asset which can grow shareholder value in the years
ahead.
We are encouraged by the ongoing performance of our core
business. Our Food Intolerance division continues to grow at a
healthy rate and we are reviewing initiatives as to how we may grow
this business in North America. Our allergy business in Germany
achieved a 3% increase in euro denominated turnover, reversing a
declining trend in recent years. The development updates we have
outlined and the investments we have made in people and
infrastructure give us much confidence for the future.
Omega expects to announce its financial results for the year
ended 31 March 2017 by mid-July.
The information communicated in this announcement is inside
information for the purposes of Article 7 of EU Regulation
596/2014.
* before share based payments, IFRS-related discount unwinds and
amortisation of intangible assets
Contacts:
Omega Diagnostics Group PLC Tel: 01259 763 030
Andrew Shepherd, Chief Executive www.omegadiagnostics.com
Kieron Harbinson, Group Finance
Director
Jag Grewal, Group Sales and Marketing
Director
finnCap Ltd Tel: 020 7220 0500
Geoff Nash/James Thompson (Corporate
Finance)
Mia Gardner (Corporate Broking)
Walbrook PR Limited Tel: 020 7933 8780 or omega@walbrookpr.com
Paul McManus Mob: 07980 541 893
Lianne Cawthorne Mob: 07584 391 303
This information is provided by RNS
The company news service from the London Stock Exchange
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