York, U.K. 18 November 2021: Abingdon Health plc (AIM: ABDX), a leading international developer and manufacturer of high quality and effective rapid tests, announces its preliminary results for the year ended 30 June 2021.
· Revenue of £11.6m (2020: £5.2m), representing growth of 123%
– Excluding Department of Health and Social Care (“DHSC”) revenues, revenues increased by 138% to £6.5m compared with the previous financial year
· Adjusted* EBITDA loss of £3.3m (2020: £0.8m profit)
· Operating Loss of £6.7m (2020: profit £3.3m)
· Gross margin of 36% (2020: 78%, 58% when adjusted for one-time DHSC Research Fee)
· Cash as at 30 June 2021: £5.0m (2020: £4.4m)
· Net cash outflow from operating activities of £12.9m (2020: inflow of £2.1m), reflecting the increase in working capital requirements of trade and other receivables predominantly related to the overdue invoices from DHSC totalling £7.7m (including VAT) as at 30 June 2021
* Adjusted EBITDA stated before deduction of non-recurring costs, impairment of intangibles and share based payment
· Successful admission to AIM in December 2020 raising £20m (net) to further build operational capacity
· Appointment of Mary Tavener as a Non-Executive Director on the Board
· £8.9m invested in expanding manufacturing capabilities in York and Doncaster
· Manufacturing and supply agreement with Bioporto A/S, manufacturing the lateral flow strips for Bioporto’s Generic Rapid Assay Device (gRAD)
· Exclusive lateral flow manufacturing agreement with BioSure
· Completed delivery of 1m units of AbC-19™COVID-19 rapid antibody test to the DHSC – p ayment for these tests is still outstanding at this time, but the Group has held positive recent discussions with DHSC regarding collection of the amount due
· Completion of the technical transfer of the BioSure COVID-19 IgG antibody self-test
· Transfer of the Bioporto A/S lateral flow product for its gRAD platform
· Currently in the process of transferring two COVID-19 Antigen tests into routine manufacture – Avacta plc’s AffiDx® SARS-CoV-2 lateral flow test, and Vatic Health’s KnowNow™ saliva COVID-19 antigen test
· Having regard to the Group’s growth plans, working capital shortfall expected to arise in Q1 2022 ahead of any collection of sums due from DHSC
· Indications of funding support provided by certain of the Group’s directors and the Group is investigating options to raise further capital
Chris Yates, Chief Executive Officer, Abingdon Health plc, commented:
“It has been a significant and challenging year for Abingdon, against the backdrop of a constantly evolving situation with regards to the COVID-19 pandemic. Following our successful admission to AIM and raise of £20m, we have invested heavily in expanding our manufacturing facilities in order to meet the growing demand for lateral flow tests, with our current manufacturing capacity now totalling 150 million tests in card format and 85 million foiled device format per year.
“Whilst the COVID-19 market environment remains uncertain, the Group is well placed to support our global customers, having expanded the range of COVID-19 rapid tests under manufacture. We now have a range of COVID-19 antigen and antibody lateral flow tests with manufacturing agreements or in the late stages of technical transfer, with our capabilities meaning we are also able to support any changes in product specification in the event of new variants.
“We are optimistic about the opportunities that lateral flow tests can play across multiple disease areas, as well as within the COVID-19 pandemic, and we also look forward to the conclusion of the DHSC Dispute Resolution Process, where constructive talks have taken place in recent weeks. I would like to thank all of our employees for their hard work during the past year.”
Abingdon Health plc
Chris Yates, Chief Executive Officer
Via Walbrook PR
Melanie Ross , Chief Financial Officer
Chris Hand, Non-Executive Chairman
About Abingdon Health
Abingdon Health is a world leading developer and manufacturer of high-quality rapid tests across all industry sectors, including healthcare and COVID-19. Abingdon is the partner of choice for a growing global customer base and takes projects from initial concept through to routine and large-scale manufacturing and has also developed and marketed its own labelled tests.
The Company offers product development, regulatory support, technology transfer and manufacturing services for customers looking to develop new assays or transfer existing laboratory-based assays to a lateral flow format. Abingdon Health aims to support the increase in need for rapid results across many industries and locations and produces lateral flow tests in areas such as infectious disease, clinical testing including companion diagnostics, animal health and environmental testing. Faster access to results allows for rapid decision making, targeted intervention and can support better outcomes. This ability has a significant role to play in improving life across the world. To support this aim Abingdon Health has also developed AppDx®, a customisable image capturing technology that transforms a smartphone into a self-sufficient, standalone lateral-flow reader.
Founded in 2008, Abingdon Health is headquartered in York, England.
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