Abingdon Health (LON: ABDX) shares have plunged Thursday with the company reporting interim results for the year ended 30 June, showing an adjusted EBITDA loss of £3.3m compared to a £0.8m profit the previous year.
“It has been a significant and challenging year for Abingdon, against the backdrop of a constantly evolving situation with regards to the COVID-19 pandemic,” commented Chris Yates, Abingdon Health's CEO.
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Abingdon has invested around £8.9m since 2020 to expand its manufacturing facilities in York and Doncaster.
Revenue for the year was £11.6m, representing a 123% increase from 2020s revenue of £5.2m. The company's operating loss came in at £6.7m compared to a profit of £3.3m last year.
Abingdon is also still awaiting payment for the delivery of 1 million units of its AbC-19 Covid-19 rapid antibody test to the DHSC — but the company said it has recently held positive discussions with DHSC regarding the payment.
“Whilst the COVID-19 market environment remains uncertain, the group is well placed to support our global customers, having expanded the range of COVID-19 rapid tests under manufacture,” added Yates.
In reaction to the results, Abingdon's share price has fallen as low as 35.5p. It is currently down over 22% at 37p, while its stock price has declined over 60.5% for the year to date. Last month Abingdon shares surged after reports it would manufacture the KnowNow Covid saliva test.
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