By Samuel Indyk
Investing.com – Omega Diagnostics (LON:ODX) shares were trading lower on Wednesday morning after the company provided an update ahead of its Annual General Meeting (AGM).
Simon Douglas, Omega’s Non-executive Chairman, said the diagnostics company is confident they are well positioned for exciting growth, and this remains the case moving towards the second half of the year.
Covid-19
On testing for Covid-19, Omega said they remain confident in delivering significant value from the space. The company reported “positive” dialogue with third parties which are advancing. Omega said they are optimistic these will conclude successfully and have a positive impact on performance in the second half of the year.
The company confirmed they are still waiting for their European Notified Body to complete the review of their submission for CE marking for self-test use of their Visitect antigen test. Once this is approved, the company expects this to provide the catalyst for further sales opportunities.
Disappointment may have come following the update on regulatory approvals for the AbC-19 rapid test.
Omega announced that advancement towards further regulatory approvals and commercial progress is continuing but there is no further news to update shareholders on this progress. Omega reassured that the prospects for the test have not changed, and they still believe there is significant opportunity for this Covid-19 antibody test.
Non-Covid
The company said its Health and Nutrition Division is continuing to show early signs of recovery towards pre-pandemic revenue levels.
Omega also said they remain confident about the long-term prospects for the roll out of the Visitect CD4 test for the effective management of HIV. The company said they remain confident in the market potential for the product reaching 4-6 million tests a year within the next three to five years, representing an opportunity to generally £12-£18 million in annualised revenues.
At 09:01BST, shares in Omega were trading lower by 5.4% at 52.1 pence per share. The AGM begins at 11:00BST.