The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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That £0.4M. COVID -19 revenue for one quarter could easily become £1M. per quarter once sales ramp up, even without the new COVID-19 products.
With those new products, it could be double that £1M. or more: say £2.5M. per quarter, which would be £10M. pa. annualised.
In contrast, IDH's routine diagnostic testing had recovered to about 85% of normal in September, and should soon be at 90% or more, if it isn't already.
And such a recovery to within 10% of normal would equate to annualised revenues of within £4M. of normal for this routine work, and improving.
Which is why I believe that there's a good chance that COVID-19 sales could soon increase IDH's annualised sales to higher than before.
IDH's IgM SARS-CoV-2 antibody test was only available for sale from 9th. October, so won't feature in the H1 figures.
And obviously the COVID-19 antigen test has yet to be launched, so has also still to contribute.
And even IDH's IgG SARS-CoV-2 antibody test has only been available for sale from 30th. June, and sales take time to ramp up.
That being the case, the £0.4M. in COVID-19 sales for the last quarter is very encouraging, and you would expect this to ramp up to multiples of that level.
So with other sales now recovering strongly, there's a good chance that COVID-19 sales could soon increase IDH's annualised sales to higher than before.
23rd Oct 2020 4:35 pm RNS H1 Trading Update
"COVID-19 Products
During H1 FY21 we launched automated immunoassays for the detection of SARS-CoV2 IgG and IgM antibodies, which can detect past infections and also provide critical public health information. We also provided outsourced manufacturing services to The Binding Site (UK) for their ELISA-based SARS-CoV-2 antibody test. Revenue from COVID-19 products amounted to £0.4m during Q2 FY21. In conjunction with one of our partners we are working on the development of a saliva-based rapid test for SARS-CoV-2 antigens. This test would allow for immediate identification of individuals with an elevated amount of SARS-CoV-2 and be extremely helpful for curtailing the spread of the virus."
https://www.lse.co.uk/rns/IDH/h1-trading-update-se9tywpdw15uwsx.html
This new COVID-19 antigen test is a logical extension to IDH's COVID-19 range and should be launched soon.