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Merchant must have a degree in English literature. Another great post. My sentiments exactly that Odx is far from a one trick wonder and any potential profits from tests would go into further research and development in other projects.
Just to complicate life when the tests are ready to go, I believe its fair to say we would see a takeover attempt.
Some additional context taken from a recent circular below with some further thoughts. We have recently signed an agreement for 500k (circa £2.1m) CD4 tests, 100k (circa £400k) tests was to be ordered within 14 days. That is a big order for Omega. Food tolerance tests, orders of 20 odd thousand worth £0.3/£0.4m respectively.
Now think Covid; we will be making 200k and hopefully up to 500k POC tests per week plus 230k to 500k Lab tests per week!! If you are struggling to understand the increase in valuation just think about those numbers for a second. 0.5-1m tests per week when it is used to dealing in orders in tens of thousands.
"Both versions of the CD4 test have now received purchase orders. On 16 August 2019 the Company
announced a purchase order in from its distributor in Nigeria for 50,000 units of its VISITECT® CD4 350
test, with an order value c. £210k. This order is conditional upon the Nigerian Ministry of Health approving
the Company's VISITECT® CD4 350 test into its national HIV policy, a process which is still ongoing at
present. In addition, on 20 August 2019, the Company announced the purchase order for the VISITECT®
CD4 Advanced Disease Test for 20,000 units with an order value of c.£80k from its partner company in
Zimbabwe. The order from Zimbabwe was not contingent upon the recently announced conclusion from
the UNITAID-funded Expert Review Panel for Diagnostics as this order will supply into B2B marketing
channels, rather than Non-Government Organisations.
4.2. Allergy
Since signing the distribution agreement with Imuunodiagnostics Systems ('IDS') in April 2018, the Company
has continued to develop allergens for IDS' automated instrument. The Company has grown the CE-Marked
allergens menu to 62 allergens in total that can be run on the IDS automated instrument.
4.3. Food Intolerance
Following the development of a new Chinese version of the Company’s 46-panel Food Detective® test, the
Company announced on 16 August 2019 and 10 September 2019 that it has received a purchase order
from its new partner in China for 20,000 and 26,896 units respectively, with order values of c. £290k and
c. £400k respectively. The Company believes that the food intolerance division offers a longer-term growth
opportunity, particularly in the US and China."
Im happy enough this will all be positive - probably be happier if this stayed in mid 70s as that would be a better place to start from when the infamous RNS does drop certainly better that low 60s. And People are fickle they may let this drift down to 50s as they all want news yesterday. BUT looking at it positvley 50s and Im still in the black
MB superb post. Put much better than I could. But I completely agree. All one needs is a little patience for a while longer sit tight don't be scared out by daily SP machinations - up or down. The timeline is admittedly a little later than some of us had hoped but its important to realise the scale of what they are trying to accomplish. It's quite remarkable really that they've achieved it in such a short space of time.
If anyone is just sitting and watching; they need to have a trading pot :as ODX is a lovely daily 2days trade;hopefully will be back again at 62
I assume he means that’s the drop has stopped for today
Chrishutch - slowly moving back up?? Which sp are you watching. We ve done nothing but fall now for days. Can you not see red?? Are you colour blind??
you can see the ones who wet the bed and sold are now worried that the talk is positive and the price is slowly moving up without them. Live and learn as they say.
Agreed, excellent fundamentals here. Happy to top up as much as possible ahead of the Design Freeze news later this month.
True. I’m happy as Larry with ODX, happy with progress, happy with the bod. Great company to be invested in.
It’s crossed my mind that Abingdon could decide to IPO on the back of this. Would be a great buy if they did.
Spot on Merchantbanker
I have absolutely no concerns with this at all. There is only one diagnostics company that might be better placed than Omega right now, and that's Abingdon, our consortium lead and not a listed company. We will be manufacturing and selling the worlds leading Covid test.
There is no sunk R&D spend to recover here. It's a government funded product we will be given the spec and then churn out as many units as possible. Demand will be so high they will never make more than they can sell which is dreamland for any product. Pure volume play. Selling price less cost of sales. Free cash flow to the company, which could be used to invest in other products, buy back shares or return profits to shareholders.
Aside from Covid, the business was starting to turn up from other products. Cash flow generative and profitable. A well run company, going about it's business doing and then telling, not creating hype and then failing to deliver.