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So what you are saying is that even though in Feb when ODX tweeted "in april we'll deliver 2M per week", odx had no idea what test the gov would pick, or how long it might take odx to do the tech transfer of said test (both still true), its somehow not ODX fault that they didn't deliver 2M a week april ?

"None of us should or care about any of that!"

Well ok then :)

"The completion of that capacity target, and more importantly full utilisation of this capacity, is dependent on the confirmation above from the UK Government. In the meantime, Omega is currently using its own capacity to produce its own tests and following today's launch, the Company expects, together with the test to be licensed from the UK Government as above, to rapidly move towards full utilisation of its capacity of 2 million test per week."

So the "delivering 2M a week in April" didn't happen and still isn't, as I've said for a couple of months now, this just wasn't possible as they have no LFTs orders , amazed at many apparently well researched investors could not see this basic reality.

Launch of the antigen LFT that they have been messing about with for 4 months, and all that time, knowing the exact performance specs of the test, they could not conclude a single order in advance. Haven't we been told there is an overwhelming worldwide demand for LFTs, surely there must be trucks parked at the door eager for the very first antigen lft roll out....apparently not.

And all those well researched investors laughing at the mere idea that 250 staff can't possibly be doing anything other than making LFTs at full capacity, month after month, counting cars and brown boxes, we now know what they are doing, making a few tests of their own (you'll note AGAIN no actual production figures from a manufacturing company) and acting as a gopher, supplying bits and pieces to real lft manufacturers who have actual orders, such is the lack of orders to use this stuff for their own LFTs. "Making all the tests", my a*se.

At least no one can now sensibly argue that the ODX twitter feed is anything other than a ramping vehicle, that has now been proven historically to provide forward looking statements that bear no resemblance to reality.

all good and fine for leaving from and returning to UK to/from countries designated green. But what if those countries haven't green lighted uk, or they change status whilst there. Showing france some uk specific app isn't going to cut it, just like someone from italy showing some italian app isn't going to let them into the uk.

Each country or region using their own app will end up an unworkable mess.

"As indicated in February, our year-end cash position was expected to be in a range of £5.5m-£6m.
There is no reason to change that range. We continue retain a *very* healthy cash position. "

So lets be clear @ just after 4pm, while the markets were open, ODX via twitter, just gave an update to confirm that expected cash position in Feb is unchanged. That is price sensitive info, to give updated projections (even to say the the projections are unchanged), and is IMO definitely violating market rules to make such a statement via twitter whilst the markets are still open, prior to making a statement to the markets via an RNS.

Extremely unprofessional.

One formally reported to the market, news that is price sensitive using an RNS.

Another trying to bolster their SP using twitter.

Good news indeed for mologic, the award page (which has not yet been updated to reflect that the contract has been awarded) indicates it's worth over $11M to Mologic.

Doesn't have an immediate impact on ODX of course, but does leave a door open to possibly supplying in future, once they figure out how to make it.

" there has been no bad news"
You mean other that the news today that company leading sales for the antibody lft saying they have no sales and things are taking longer than anticipated, not indicating any immient sales and also saying the government has thus far not paid for the 1M tests they received, which puts a big question mark as to whether ODX got paid for their 250K, which would effectively wipe out their income from covid related activities and have a material impact on their cashflow ?

Other than that ?

Just to be clear is this the same Bigjock that ramped when the SP was in the 90s that ODX was on the cusp of a life-changing contract (his words), just about the same time a load of directors exercised options approaching 2M shares, and the SP is currently 70p.....same guy ?

Did ODX announce something new to the market ?....oh no its twitter :)

"Remember business is not governed by the financial year end, and £30m sales booked in May is the same impact on the business as £10m in each of March/April/May. The key is having product to supply to the demand."

Capacity is Capacity. If they miss out on 2M a week in April, they can't do 4M a week in May.

Cashflow Cashflow Cashflow.

Staff, 250 according to some on here, no orders, massive stock build, apparently been operating at maximum capacity since OCT according to many many contributors. Possibly no money for the 250K units supplied to UK gov.

Orders are the only source of income.

Explains why they were keen to take a free loan of Gov equipement rather than fill out the 2M capacity using they own funds as was planned in Oct.

and then we have rampy commentators on here saying "CK has been clear that ABC-19 demand is expected later in the year.", whereas ABDX says "The speed of adoption and therefore the receipt of orders is taking longer than the Board originally anticipated".

I wonder who you should beleive.

So as many hear have asked, what the hell is all that staff doing ?

There are no anitbody orders and ABDX given no indication that any are immient. They have not finalised the mologic TT. They don't know what test the UK gov wants to make. ODX has not mention the tri-antibody lft in despatches since it was CEed. They are possibly still waiting to get paid for the the 250K units supplied to up gov.

Can they really just be piling antibody LFT tests ever higher into a warehouse, using up money, given the terrible track record abdx has had thus far securing any orders ?

"deliver 2M per week in April", of what exactly ?

ABDX trading update has a direct follow thru to ODX, in terms of the antibody LFT.

Many rampers spoke about NDAs here, and that ABDX had been being held back from selling loads of RTC antibody LFTs to eager buyers due to the exclusivity of the contract with uk gov. In fact one termed the 14th Feb date when the uk gov contract ended as "unshackling day", forecasting that vast pre-orders would materalise into actual orders flowing from that day forward, and implying that they would struggle to keep up with demand.

The reality is:-

"The speed of adoption and therefore the receipt of orders is taking longer than the Board originally anticipated. The Board therefore expects the results for FY21 will be substantially below the current market expectations. "

That immediately reflects on ODXs income from the antibody test. ODX can not independently sell this test, it is effectively a manufacturing partner, and requires ABDX to get sales. No orders have been received (I've been saying this for months). Not one single government in the world has rolled out antibody tests along with vaccine rollout. And ABDX update confirmed that the ones being used in the biobank study are from the original 1M order.

Stock build.

ABDX says partners are building stock. Of corse they don't say how much stock they've built. As a reminder the original agreeement was that ODX could service up to 25% of any orders. Leaving aside the fact that there are no orders, ODX can decide to build as little or as much stock as they like. But whatever stock they are building, it is not based no any orders. As there are no orders, including gov, then any stock build is being funded by ODX. They are basically using up money to store stuff in a warehouse, eith the entity that is charged with securing orders todate admitting that not only are there none, but that orders are "taking long than originally anticipated". How much faith can ODX continue to place in generating income from RTC antibody ?, how much money can have they already tied up in stock, and how much can they continue to do so ?

More shocking is the relvation that uk gov has not paid for the original 1M test, and so important is that money to ABDX that "If the outstanding and overdue sums are not paid in the short-term, then Abingdon may need to reduce its cost base". Cost base primarily means staff.

The unknown is whether ODX has been paid a penny for the 250K units it supplied to ABDX. It appears likely. Given that ODX was forcasting for its year end (march 31st) a revenue of £1.5M for all covid activities, that could be substantially wiped out if money has not been received from UK gov. This will also have a material impact on the expected cash on hand at year end. One can only hope that they have not been spending too much money stockpiling unwanted RTC antibody tests.

why are you concerned about a random person on the internet more than you are about a manufacturing company you are invested in having not reported any manufacturing or orders for covid products.

It is not splitting hairs, I hope, like any publicly listed company, ODX are extremely careful with the wording and outlet for news. When they say capacity and constantly talk about capacity, they refer to the amount of LFT that they are capable of making. They have NEVER in a formal RNS referred to weekly production either historic or forward looking, this from a manufacturing company. If you think that is accidental or splitting hairs, you are naive in the extreme. Manufacturing product is the essence of a manufacturing company. The one place they mentioned a figure was on twitter in mid feb, where they stated the they would deliver 2M per week in April. Aside from the 250K units they made in 2020, they have also never announced an order that would require manufacturing of covid LFT...ever !

wadogara,

Capacity plans have been formally announced and referred to in RNS, so I have no idea what you are talking about. Manufacturing (i.e. actual production) volume was stated to in a Feb tweet, "Deliver 2M per week in April", this number was never mentioned in an RNS. For a company that has only delivered 250K covid LFT in the previous 12 months, 2M a week is price sensitive news and has to be advised to the market. Of course if its just twitter....

SneakySimon
"The 2m capacity being hit isn't a biggy for me personally. We know the 'extra'1m capacity is the governments machine"

2M capacity by end of April was announced in oct, long before any gov antigen LFT contract.

I'll get my next door neighbours brothers window cleaner to report back, he does porton down's windows.

Alansugareayour.

The company commenced a capacity ramp up in oct 2020 in expectation of a big demand for LFT. Capacity at the start was 100K a week, with capacity expanding to 2M a week by end of april. The company said it would announce all significant orders. Not a single order for LFT has been announced by the company during that period. The company has always referred to capacity, NOT production.

sledgey121
"I took the 2 million delivered per week in April as gospel."

Well it was a very definitive statement, but extremely concerning that ODX has never stated any production figure in a formal RNS, not once. Why was ODX so eager to mention a specific figure in a tweet, but not inform the market of this price sensitive news ?

"they have historically released their production targets "

That's wrong, they have NEVER announced production targets to the market.

They did tweet (!) on the 17th of Feb that they'd be delivering 2M LFT per week in April. So believe the tweet and that's 8M delivered, without a word of an order, customer, or production ramp up. Or was the tweet just ramping ? There was a combined frothing at the mouth that this was a stone cold nailed on certainty, and yet strangely nothing advised to the market via an RNS and nothing since via any channel. And as April comes to an end, those that hung their hat on that tweet have gone strangely silent.