Abingdon Health PLC (AIM:ABDX) Final Results

York, U.K.  17 October 2023: Abingdon Health plc (AIM: ABDX), a leading international lateral flow contract research (CRO) and contract development and manufacturing organisation (CDMO), announces its final results for the year ended 30 June 2023.

Operational highlights (including post-period end)

·    Strong commercial traction and growth from a diverse range of customers across all aspects of Abingdon’s fully integrated CDMO solution, including contract development, technical transfer, manufacturing, and regulatory, quality assurance and commercial support, establishing the platform for further growth.

·    Continuing to work with multiple current and new customers across different contract service projects with projects moving through the cycle from development to technical transfer and manufacture.

·    Encouraging growth in the Company’s product offering, including the Abingdon Simply Test™ range, with 12 self-branded products now available and further own brand and third-party product launches expected.

·    Salistick™, the first ever saliva pregnancy test, launched in 400 Superdrug stores and online, via Amazon and on the Abingdon Simply Test website in June 2023, followed by its roll-out in 298 Tesco stores and Tesco online in August 2023.

·    Break up of concert party, established at IPO, which prevented shareholders who were holding approximately 35% of the issued share capital in Abingdon being able to buy additional shares who are now able to do so.

Financial highlights

·    Revenue of £4.0m (2022: £2.8m), with H2 2023 revenue of £2.9m being over 2.5x that of H1 2023 (H1 2023: £1.1m) reflecting increasing commercial momentum over the year.

·    YoY revenue growth of 126% in FY23 when excluding COVID-19-related sales from both years.

·    Adjusted* EBITDA loss of £2.9m (2022: £10.0m loss).

·    Gross margin of 51% (2022: minus 116% or 3% when adjusted for £3.7m stock provisions in FY2022).

·    Cash burn has reduced significantly in H2 2023 compared with H1 2023 due to the combined impact of revenue growth and the operational restructuring undertaken in H1 that reduced overhead costs.

·    Cash as at 30 June 2023: £3.2m (2022: £2.4m), in-line with the Board’s expectations.

·    Net cash inflow from operating activities of £0.8m (2022: outflow £7.7m).

·    No additional funding requirement expected.

Chris Yates, Chief Executive Officer of Abingdon Health, said: “With our transition away from COVID-19 activities and focus as a fully integrated lateral flow CRO/CDMO, the Company has made strong progress, with a significant increase in our non-COVID-19 revenues and an increase in our opportunity pipeline.

“I believe that Abingdon is well positioned to meet the growing lateral flow market, through both our CRO/CDMO offering, and through our complementary direct sales and distribution platform. We remain highly focused on continuing to grow our revenues and reducing our cash-burn in FY24 and beyond.”  

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