Member Info for TWatcher

TCO is not doing himself any favours if he has suggested in his complaint that the surescreen tests are chinese.

ummm...they aren't.

"I disagree with TW’s views on cash burn ( quantum) per month, I don’t think it’s £1M, suggest we are close to break even or small loss due to the £600k gross from CD4 / HIV"

OKe, cash burn is how much less cash on hand is reported from one time to the next. Regardless of income, profit or outgoings, it's the cash in the bank...simple.

The cash on hand is reducing, according to the last 3 stated cash on hand figures reported by ODX. It's not a case of believing me, its a case of facts. It's going down, and if you divide the reduction by the period between the reports you get a rough and ready average monthly figure. In terms of income, nothing has changed that we have been advised. In terms of expenditure, ODX can reduce the wage bill, but many of the other outgoings will be standing charges, with them feeling an increase like everyone else in the cost of electricity. So given the information we know of, cash will continue to dwindle around the same rate as previous, until they can get generate more net income, which means sales of product at a net profit.

And of course new PCR tests don't immediately help things as my, admittedly limited understanding is that PCR capacity is limited by lab capacity. Unless of course some of these tests have accelerated results or a much more automated process.

On the other hand, the CTDA keeping uk LFTs in the slow lane just accidently helps HMG, in terms of being able to point to the lack of certified tests.

"I just don't get it."

That is clear, you just now have to come to the realisation that I have neither a responsibility nor a particular desire for you to "get it".

Perhaps you should spend more time discussing the company, than discussing posters. This came about from a discussion on ODX cash position, which you did not refer to or add to at all, just went all "don't get it"

Benny-hill,
Oke said "We don’t know if we are running at a loss at cash level "

I countered it is one of the things we do know and related the various figures that ODX was supplied. It is a discussion. It's why I'm here.

And once again it appears my giving relevant factual information irks you and you'd rather not have that information posted ?

It is clear for all to see that the REAL information coming out of ODX has in fact been entirely negative for over 18 months, and the positive stuff they put out wasn't real. In fact they have been the rampers of most consequence in my opinion. Unfortunately the things we were not privy too have also proved to be negative. The fact that my mostly factual postings, and my personal assessment of the situations have predominantly been proved correct seems to annoy you....it certainly is a disappointment to me that notwithstanding their ineptitude I had expected the gov contract to bear fruit (I always said so), and am at a significant financial loss as a result. Perhaps you'd prefer if I took the same path as the notorious ODX rampers, such as BigJock, Merchantbank etc etc, and just disappeared when the SP crumbled ? I constantly challenged their ramping at the time.

Maybe you should in fact learn something from those18 months, which is I've basically been right, and take more heed of my posts rather that dismissing them.

In this instance the ODX's cash running down is factual correct.

I note you weren't here for quite a while, and have returned of late, which is suggestive that you sold out and have latterly bought back in and are now not happy with your timing, and would once again prefer to just hear good news regardless of its basis in reality ? Look up BJ or Shredz or Merchantbank on twitter, they'll dish out endless "news" that'll keep you content.

It is primarily a manufacturing company, they hold some IP, possibly the food detective stuff, I'm unsure was that bought in tests or designed in house and the visitect test is a re-working of a mologic test so not sure how much value is in having access to the test.

So as a takeover target, it is primarily for their 660K of capacity and potentially another 1.3M if they can come to an arrangement with UK gov. Given that only Surescreen is knocking out covid LFTs in the uk, and they announced plans for 14M-20K a week by the end of 2021 (who knows if they got there), is there really a big buyers market out there for UK lft manufacturing ?

"We don’t know if we are running at a loss at cash level and there are question marks around the ability of Jag as the new interim CEO and is he a fill in via the Chairman "

Theres a lot of things we don't know, but we DO know that the cash position is reducing.

Cash in March (reported in July) was £5.8M.
Cash in Sept (reported in Nov) was £4.7M. This includes the £2M or so received from uk gov. So burn was 3.1M for 6M. £500K ish a month
Cash reported 2 days ago was "in excess of £2.5M".

"As a holder who is down a lot of money"

Money is all relative, but I'm down a mighty packet. But then I think of Mr Evans from the other forum, a former CEO who said in June 2021 that he held over 4M shares. He has since disappeared into a subscribe only forum on advfn (I guess it's an echo chamber where only good things are said), so I don't know it he still holds.

The government said that the contract signed gave no obligation to provide ODX with a test, ODX said it did.
The contract lapsed without the government giving ODX a test.

The government has said it is entitled to its £2.5M back, ODX said that there is no requirement in the lapsed contract to do so. I strongly suspect that if the gov really wants £2.5M from ODX they will get it.

1) I don't think it is an immediate issue, probably be returned in staggered payments over years.
2) It is also possible that in the grand scheme of things, the gov will drop the pursuit of it.

"there is no short term need"

Factually,shareholders know only too well that descriptors used in ODX statements to communicate timelines have meant absolutely nothing.

calderkate, any chance in the next year or so you might express a view on the company, as opposed to views on other posters, didn't see one all of last year. This is primarily a place to discuss the company, not other posters.

"£500k per month was the rough cash burn I got from the Nov numbers so about what I was expecting tbh."

closely matches my £2.1M in 3.5 months (600K a month) figure for the period since then.

"Twatter hows your divorce going?"

And there he is back to form, as soon as he loses an argument, he goes abusive.

"> 2 years later and silles still prefers to bury his head in the sand than face reality.
what else can I do? not selling at a loss. "

Brilliant, just admitted he has his head buried in the sand :)

"in excess of £2.5M,does not mean anything other than what it says"

Really..you don't think that if they had £2.6M they would say "in excess of £2.6M", or if they had more than £3M they would say "in excess of £3M", I think it's using rose coloured glasses to suggest that the number isn't a close approximation to the figure, because if it is not, there was absolutely ZERO point in stating it.

2 years later and silles still prefers to bury his head in the sand than face reality.

Sneaky, you missed out the (former) Finance director Harbinson selling over 1M shares that day.

Jaftrade, check the RNS 15/02. The included table shows you how many each director exercised and then also how much they sold on the same day.

"Very few companies would be able to commit to never needing a fund raise "

A purely manufacturing company bringing in profits from 2M products a week, a totally funded rise in capacity from 100K a year earlier, has zero need for a fund raise, unless they are further extending capacity due to ever increasing demand, which is an extremely positive reason for fund raising.

However a manufacturer that has little output, but fixed overhead costs needs money to pay for those costs, i.e. to keep the lights on, which is not a positive fund raising proposal.

We were sold the former story, whereas that is far from the case.

Stepped down from the board with immediate effect....no statement from him. I assume the "wish him well for the future" confirms that he is totally gone, and not just gone from the board (i.e. he isn't taking up a non-board employee job).

I totally agree that the new guy is very culpable for whats been going on, he has been on the board the whole time of this disaster, so he has either been a yes man, didn't have a contrary view on anything much in particular, or was prepared to swallow his integrity for his salary and share options. None of those are particularly appealing options.

Jag Grewal was one of the directors that had his nose in the trough 15-Feb-2021
He exercised and immediate sold 210,000 options, part of the 1.6M that were exercised and sold that day. This was when the rest of us were expecting the company to gear up for 2M tests a week.

So thats the Finance director and the CEO gone in a period of 7 months.
"In terms of" screwing people over it's almost like a micro-version of the tory party.

not quite:-
"Like all growth companies, Omega will look to raise funds to drive growth as and when appropriate. "

ODX was supposed to be raking in profits from millions of units a month and fund raising was in the dim and distant past. Dismissing that it's current happening, whilst implying its on the table isn't great.