Member Info for TWatcher

"if I had sip of beer every time he said "in terms of" I'd be sloshed by now. haha"

Hadn' t notice it, but now that I have I can't stop hearing it !

The change they talk about is:-
"we have looked at the sample handling process and sourced a supplier capable of volume manufacture of pre-filled tubes with our buffer formulation and have performed successful internal studies to confirm this new collection method produces the same performance as the professional test"

So however you take the swab sample, it appears the issue was what happened next. And ODx are now outsourcing the tubs/vials with a liquid inside it. I assume you take the swab and swill it around in there for a bit and it is this liquid that is dropped onto the cassette sample area.

exactly what that page says is:-
"Significant Shareholders as notified to the Company
Legal & General Investment Management Not Disclosed Below 5.00%"

"Last time I looked, the only institution invested in ODX was L&G who own a meager 5% of the total shares."

Actually all we know is that it is BELOW 5%.
https://www.omegadiagnostics.com/Investor-Relations/Share-Holder-Information

If they knew it for the presentation, they knew it during the day and the rules are clear you have to present market sensitive information as soon as possible.

presentation can not contain any market sensitive info, if it was ready for the presentation, it would have been ready to be RNSed today.

"We had hoped that the Mologic test would be chosen by the DHSC as a UK-developed test to be made by us as UK manufacturers, however the contract itself is test agnostic"

Note the past tense..."had hoped". They no longer hope. rule out the mologic test being chosen.

"we are waiting for confirmation on which test we will be required to manufacture."
So as of today, the 13th July, ODX has no idea what test the gov will select.

"COVID-19 antigen testing still remains a significant opportunity for us, although very much dependent on the UK Government's decisions as to test selection and timing. "

So regardless of CE approval in Europe or EUA in the US, Covid will not be a significant opportunity unless the uk gov comes good.

"We plan to submit the data from the study to our European Notified Body by the end of the month and we are working with them to explore how we can fast track approval."

CE approval for visitect aint going to happen by end of July.

The results make it clear that they are working on changing the visitect test, in particular how the sample is collected. Looks like they are trying to differentiate between their test and the failed Mologc test, it appears that the PD issue might have been in how the sample was collected. ODX dangle a carrot that if this works out and they get home approval, then this test might get selected as a gov test. What they don't point out is if the visitect test is no longer considered the same as the mologic test, then surely any USA EUA approval will no longer be valid for the visitect test. It's now a different test. If true that means Mologics passing thru the USA RADx program means NOTHING for ODX. Visitect also being a separate test means that ODX will have to start from zero and go thru all the validation stages of PD to get to a point where it is selectable.

"The ability to supply tests that are produced within the UK remains a key priority for DHSC and to that end they have facilitated discussions with other potential partner companies with lateral flow antigen tests that have now been approved by the DHSC and also have self-test approval. We have already concluded technical diligence with these parties and we are confident that the transfer time can be expedited given that they have tests already working at scale, rather than transferring straight from development. "

The one possible bit of potentially positive news. I wouldn't get over excited about "technical diligence" I'm no expert but that sounds to me like the are just confirming that they have the tecnical wherewithall to do the TT. Also, its all fine and dany being put in contact, but if there is a nice gov contract dangling, who in their right mind is going to allow a 3rd party to make money that they could be making themselves. ODX is over a barrel " very much dependent on the UK Government's decisions ", means ODX needs someone to give them a test, ODX is dealing from an extremely weak poistion.

The one suprise to me was that the cash balance was smack in the middle of the predicted range, @ £5.8M. So, there's that in their favour.

Chairmans statement blames the pandemic for the difficult year ! I understand he is only there since Feb, but this is a company that was positioning itself as being able to make whatever covid LFT was required. it raised £10M to "be used to exploit opportunities the Company currently has with COVID-19 testing". In the full year results this time last year, at which time we were 4 months into the pandemic the forward looking statement said:-

"We believe that our outlook for the coming fiscal year is excellent -, we are rapidly developing new tests, together with our partners, for COVID-19 that will need to be made and sold, ultimately, in the hundreds of thousands of units, if not millions."

Frankly to now blame covid for not being able to sell covid tests that they fund raised to produced and forcast an excellent year ahead is a ludicrous statement, shocking and an insult to investors.

The figures give breakdowns for revenue for the various tests. The smallest one listed is CD4 test @ £111K. Vistitect antibody doesn't get called out. So its fair to conclude that it's less than £111K and falls under the "other" column. I highlighted since the beginning of the year the lack of mention of the tri-antibody test, to be shouted down by the answer that CK gave to a question "we are making all the tests". It probably cost them more in TT than the profit from sales, remembering that they have to pay Mologic a royalty per test too....a completely bad move.

Revenue from RTC antibody is £931K. We know that whatever gov still needs to pay, ODX has said it is not significant. I think we can work out from that that very little RTC have been paid for beyond the known 250K test.

So what about all that every increasing capacity week after week since oct, building to around 1M units a week at the end of March. It's been a nonstop "we are stockpiling"," we are making at full capacity week after week", "ODX are going to need a bigger warehouse", from all those that wanted to ramp. So lets look at the actual figure

Inventory £2.2M. That will include finished goods waiting to despatch/stockpile and all raw goods and materials. £2.2M. Even if it doesn't include a single raw material and you price an LFT at a small £2 each, that would give an unbeleivably generous 1.1M units stockpile. That is the equivalent to 1-2 weeks production capacity during March. Tell me again about this nonstop full capacity production ? So now that the figures put that to bed, can you tell me again what the 150 people during march were doing, and what the 250 now are doing ?

left out

strangely you've less out the estimate for cash balance, which is £5.5M to £6M.

Actually, we don't know the year end results otherwise ummm, issuing them tomorrow would be pointless (kinda obvious). We know EXPECTATIONS for a couple of figures, that were stated in Feb.

Where did the "not long to wait" conclusion come from.
"continues to explore different operating models to make best use of the capacity ..."
"....which we hope will provide opportunities to further increase UK manufacturing output of lateral flow tests."

Still exploring models and hoping for a good outcome.

given ODX has no capacity to provide a single test to uk gov, as they haven't been advised of a test, that answer was basically a non-answer answer.

"do u get an RNS every time McDonald's sells a 99p cheesburger ? no"

Did McDonald's tell you they would do so, no.

ODX have repeatedly told shareholders and the market that all substantial orders will be advised when they occur.

the SP is down, sorry if you have problems with the truth :)

Please tell me that ODX hasn't signed a contract to make it for uk gov !

"The reds are really buys " has been posted regularly on here all the way down from 70p. Who cares, if some trades are in the wrong column, the SP is down.

"Dear Mr German, here is a new british test for home use that the uk gov testing house repeatedly failed to verify, or alternatively you can buy this nice german made one by Roche"

People who have been on this board for more that a few moths will remember that the rampers on here torn the bmj to shreds saying it wasn't worth a damn and not really a respected medical journal, when they published a paper saying the RTC antibody tests were not accurate, and highlighted that deeks was associated with the authors of the article. I think a 'burn yer bmj'march was considered.

Apparently the bmj are now an august definitive source of medical information to be revered and articles should be sent to every news source in the land.

meanwhile odx are in month 4 of this financial year, looking increasingly likely that they are being screwed over by uk gov for a 2nd time, and not a sale or order in sight.

But don't worry the car park is full and there are 250 employees, so all is fine.

great, basically he is saying he doesn't want scotland to use "these dangerous Lateral flow tests". Other than saying they are chinese, he doesn't expressely point out which ones aren't dangerous. Goes on to say someone took 8 LFT and they all came back negative, but the person did indeed have covid.

1)he can't call out ODX one as the one to go for when Porton Down consistently fails it.
2)He can't tell scotland to use any other tests, unless the scottish gov are going to tender £100M contracts independantly for LFT.
3) So he is basically tell scotland not to use LFTs....fabulous.

By highlighting "dangerous LFT", many will take away a message that LFT per se are bad and will not see the detail.

He may be as dangerous as Innova.

Desperation, its not that the antibody test doesn't work, its that no one actually wants to detect antibodies. When I say no no one, I mean that ABDX (the lead of the consortium) has not announced a single order from anywhere in the world, including the uk, since the "great unshackling day" (copyright regulator) of the 17th of Feb, when there were allowed to sell beyond uk gov.