Member Info for Muck165

I'd encourage everyone to watch the presentation if you couldn't watch it live.

Honestly, all really got out of it (beyond what we already know) was that;

- decision making headwinds owed to the US election and whether US grant funding for projects would continue. The company believes those are abating as the position on funding becomes clearer for customers.

- AppDx will be launched commercially in April, with a number of companies expressing interest. It will be monetised by licence.

- There is a recent broker research analysis (24 March) from Zeus which is available on Research Tree if you subscribe, or if you ask Walbrook for it directly. I've asked Walbrook.

- If I heard correctly, that analysis is forecasting £2.75m of full year 2025 losses and breakeven (not profit) in 2026. Revenues of something like £12.6m will be needed to breakeven.

- ABDX is not yet a shareholder of FOFH, nor is Yates a Director.

- The new FOFH contract will be paid for in cash, not further FOFH stock.

- The FOFH tests will be molecular based tests, so highly sensitive.

- Beyond telling us that FOFH is privately owned by a HNW individual and is currently changing its corporate legal status, we were given no more info about FOFH.

Overall, I have to say that sadly I found it a disappointing presentation. It was also disappointing that the only questions posed by investors came from me, and even then not all the questions I asked were posed.

I see the presentation is being given by Hand and Hayes (our new CFO). Yates isn't attending.

FWIW, I don't think this is a lifestyle business. The trajectory toward FCF had been strong, and we were led to believe everything was still going swimmingly even up to the AGM statement given just a few weeks before the period ended. Now it transpires things weren't going so well which has created some anger, frustration and concern.

On the face of it and as HarChris said, there are loads of positives with this business, but nevertheless something has stalled us. I just want to know what that is, and whether we can expect it to be temporary or not.

But I will say that my confidence in ABDX outlook statements has been damaged.

So is the level of reaction and comment!

It wouldn’t surprise me if the larger buys today were Directors looking to shore up a degree of confidence.

Its certainly not a dead duck. We've hit a road bump that has seriously affected our core business, and we need more detail tomorrow to better understand what that is and how long it's likely to last. If we get any flim-flam then I'll certainly be calling them out on it with some less than friendly questioning. The Directors are accountable to us, so lets make them accountable.

For info

https://www.linkedin.com/posts/upfrontdiagnostics_strategic-collaboration-with-nordicdx-activity-7310224491970813952-1m8-?utm_source=share&utm_medium=member_desktop&rcm=ACoAAEuI5eIBooawepY_Ubn_CKcFOzTXAaBN1HA

He’s certainly a visionary, but his only interest in us is that we’re listed. Why, well I suspect because we have access to capital mkts. Moonshots take money after all.

they are poor results . but if we’ve been spun a yarn, so have the 3 institutions that heavily backed the raise.

i may be being generous, but given what we can glean from the results i think it much more likely that we’ve been impacted by trump and us protectionism. if that’s not the “temporary headwind” hand referred to in his statement, then he needs to explain what it is that is causing customers to delay their decision making. and if trump is the problem, it won’t be temporary unless abingdon health inc can start doing a lot more than it is now.

i had hoped for a positive day today, having spent so much time over the last couple of years researching and following the company. i know there are one off acquisition costs that have affected the results but the fundamental problem is the backward step our core business revenue has taken.

earlier i said i was deflated but in truth i’m concerned, and like you trader, am ****ed off at the radio silence we have had from the company. i’ve vented my concerns in questions to the company for weds. i hope others do too. funny thing is, we may not see yates presenting given his new us presidency!

That our US revenue would have increased when compared to H1 24. It has, but only by a few thousand quid. That suggests to me that the US customer base is potentially the route cause of these relatively poor results.

There is one other area of concern.....

Yates has previously told us that CS had 100 customers, a significant minority of which were US based. All things being equal, you would have thought, therefore

The seasonality of the business will be the main reason, coupled with what they have described as delays in customer decision making. The Trump effect possibly?

Whatever, for me the most worrying thing is that our core CDMO business saw a 33% drop in revenue when compared to H124. So the core business has taken a real hit.

And oroduct revenue, which shouldn't be as impacted by seasonality, has remained pretty stagnant when compared to H2 24.

Thank goodness for the revenue that CS and Ivdeology are contributing.

It’s not in the interims, but didn’t need to be. Other companies we know we are working with, and have referenced before, aren’t noted either. As far as I am aware, Loop are trying to get the product into the U.K. mkt and, according to their timeline, hope to have the CE mark very soon.

Beat me to it Lucksin!

And whilst it’s little disappointing to see cash flow breakeven not forecast until 2026, it is comforting to see them say that no extra funding should be needed to get there.

There was piece of very positive new news…

“ Integration of Compliance Solutions (Life Sciences) well underway and recent contract wins, including one for >£500k, underpins significant growth potential in 2025 and beyond. This contract has since been extended with anticipated revenue from the contract anticipated to be >£1m over 2025 and into FY2026”

No problem. Understandable frustration on here. If you want a vent, you have 20 mins or so to register with the IMC platform and ask questions of those running the show.

Thanks HarChris - although I just ignored it!

The NED appointment does look like a great catch.

Come on ,let’s be honest - the results aren’t terrible, but they’re not great.

CS and Ivdeology contributed £1.2m, leaving the core ABDX business generating £2m. That’s a £400k drop period to period.

We have an £8.6m full year forecast. Again, if you discount CS and IVD, that is likely to mean flat growth in the core business. And I doubt £8.6m will get us to group profitability.

The Ecotests aren’t being launched until 2026, although the launch is expected to be in the US. Walgreens?

Im a bit deflated tbh.