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Shares of Abingdon Health have fallen on Thursday after the company reported an EBITDA loss at the upper end of guidance.
The developer and manufacturer of rapid tests revealed revenues of around £11.6m in the year ended 30 June, from £5.2 million. In April, the company said its revenue would be between £11.4 million to £17.0 million.
Revenue growth year-on-year was 123%. “Excluding any revenues in either year from the Department of Health and Social Care (“DHSC”) revenue growth was 138% reflecting the strong underlying performance of the business,” Abingdon said.
The AIM-quoted company also reported an EBITDA loss of £3.3m, which was at the upper range of its previous guidance, which stated that it would be between £(3.3) million and £0.0m.
Chris Yates, CEO of Abingdon, commented: “Abingdon continues to see material opportunities for the AbC-19™ rapid test both in the UK and internationally and we anticipate the onus switching to a more integrated testing approach which utilises the potential cost and practical benefits of neutralising antibody testing alongside both PCR and antigen testing.
“We have worked hard with our academic partners to build a robust bank of data that supports the performance of the AbC-19™ test and its potential role in a range of use cases. In addition, Abingdon has continued to build its contract manufacturing customer base with the signing of several important manufacturing contracts both within and without COVID-19 which we believe will contribute meaningfully to our FY 21/22 revenues.
“Our operational expansion has provided us with significant manufacturing capability and our key priority now is to grow our manufacturing volumes with existing and new customers to maximise our utilization of this capacity.”
The company's shares have plunged over 20% so far on Thursday, currently trading at 29.6p per share.
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