Abingdon Health PLC (AIM:ABDX) shares fell 25% after the maker of lateral flow tests unveiled a tripling in annual losses.
The diagnostic test maker reported a £21.3mln loss for the year to 30 June 2022 as revenue fell to £2.8mln from the Covid-test-boosted 2021 total of £11.6mln.
Cash at the end of June stood at £2.4mln compared to £5.0mln a year ago and by the end of October had risen to £4.4mln after a settlement with the Department of Health and Social Care over a cancelled order and £6.3mln cash being received in July.
As a result, the company said it has “no current requirement for additional funding” and believes it has sufficient to fund progress “beyond 12 months from the signing date of the accounts, with our priority being to move the Company to a positive cashflow position”.
In the results statement, Abingdon Health chief executive Chris Yates said: "It is pleasing to see the industry refocus on a much broader range of applications of lateral flow technology in other health and non-health areas.
“As a knowledge leader in lateral flow, and with our comprehensive contract service offering, we believe we are well-placed to support customers in bringing their products to market and grow our business."
The company said its key priorities are to grow revenues and reduce cash-burn through continued close cost management and a focus on the Contract Development and Manufacturing (CDMO) services business given anticipated growth in the lateral flow testing market.