- Atomo Diagnostics (AT1) reports an increase in cash receipts for the quarter of $7.3 million as demand for its rapid antigen tests soar
- The company says the Omicron variant and increased acceptance of rapid antigen testing is driving demand for the product
- The first half of the financial year, unaudited revenue from customers was $7 million, representing more than the full year of FY21 which was $6.7 million
- Moving forward, the company will scale up its current COVID-19 professional use testing business in Australia and launch a self-test product version
- Shares were trading 7.95 per cent lower today at 20.3 cents each
Atomo Diagnostics (AT1) has reported an increase in cash receipts for the quarter of $7.3 million as demand for its rapid antigen tests soars.
The company said the Omicron variant and increased acceptance of rapid antigen testing is driving demand for the product.
Cash receipts for the first half of the financial year totalled $9.5 million, up from $5.8 million in the prior corresponding period.
In the first half, unaudited revenue from customers was $7 million, representing more than the full year of FY21 which was $6.7 million.
The company sold approximately 90,000 rapid antigen tests per month during the quarter.
Atomo onboarded more than 50 new customers during the period, adding to the 70 customers onboarded in the previous quarter.
Demand was strong over the Christmas holiday period, the company said it was fully committed and sold for this month with volumes for the month exceeding total volume sold in the first half.
AT1 is continuing to work toward TGA approval for a COVID-19 rapid antigen self-test.
Managing Director John Kelly said there has been a big ramp up in demand for the tests.
“The Atomo team has worked extremely hard over the holiday period to support existing and new customers with their urgent testing requirements,” he said.
“As the New Year has commenced, this demand has further increased. It is pleasing that we have in place contractual arrangements with Access Bio to provide ongoing supply of product throughout the rest of 2022 and we look forward to receiving our next shipment so we can continue to supply our customers here in Australia at this time of need.”
Atomo’s cash balance at the end of the quarter was $13.7 million. The strong cash inflows were offset by expenditure on personal protective equipment, research and development, and investment in working capital.
Moving forward, the company will scale up its current COVID-19 professional use testing business in Australia and launch a self-test product version.
It is also is aiming to grow its global HIV business through the support of partners rolling out its products and expanding domestic sales after a recent relaxing in TGA restrictions.
The company is currently recruiting a senior US resource to help expand its US footprint.
Shares were trading 7.95 per cent lower today at 20.3 cents each at 2:05 pm AEDT.