Omega Diagnostics Group Plc

0.00 (0.0%)
Share Name Share Symbol Market Type Share ISIN Share Description
Omega Diagnostics Group Plc LSE:ODX London Ordinary Share GB00B1VCP282 ORD 4P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 2.50 30,198 07:45:21
Bid Price Offer Price High Price Low Price Open Price
2.40 2.60 2.50 2.50 2.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Diversified Industrial Holding 12.33 -11.33 -3.50 - 5.94
Last Trade Time Trade Type Trade Size Trade Price Currency
13:44:21 O 9,328 2.435 GBX

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Date Time Title Posts
15/5/202321:43CV and the Deep State94
15/5/202321:41short of money167
15/5/202320:21True Believers not traders2,093
14/5/202321:08Omega Diagnostics2,849
26/4/202321:30Omega Diagnostics - nicely poised for significant growth16,409

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Posted at 21/3/2023 07:01 by xtrmntr
The cash flow statement is the first thing I go to when looking at the financial statements.We're going to do a walkthrough on a company that was popular last year called Omega Diagnostics (ODX).What went wrong?This is a company that got caught up in the testing hype, then failed to deliver on its revenues.Some blame the government. Some blame the board.But regardless of who is to blame, the warning signs were clear in the cash flow statement.Cash flow statements show how cash moves through the business and can tell us if a company:may need to raise moneyconverts its profits into cashis spending hefty amounts on capexBy the end of this email, you'll know how to work your way around the three parts of the cash flow statement.Let's get started on the first part: the cash flow statement of operations. Operating cash flow statement (OCF)The operating cash flow statement shows if a business is self-sustaining in its ordinary course of business.It starts with the company's bottom line (net income/loss) and then works its way back to cash generated/used from operations by the company.To do this, the company adjusts items on its P&L.Let's look at ODX's cash flow statement.Source: SharePad (risk-free trial and free month worth £74 here)This company made a £2.7m loss in its half-year report.But it doesn't mean that it used £2.7m from its cash reserves.This is where the OCF comes in handy.For example, we can see straight away that the company adjusts for depreciation.Depreciation is the writing down of a tangible asset across its useful life on the P&L.But depreciation doesn't affect the company's cash position - so it's added back.The same goes for amortisation.Amortisation is the testing of an intangible asset for impairment.It's also a non-cash expense.We also add back share-based payments.As an aside - some management teams will tell you that these aren't a real cost because they are non-cash.But share-based payments can make a huge difference to the P&L and ultimately your share of the profits as an owner of the business.Anyway, let's continue..Some companies will provide a number used in operations before the movements in working capital.But these movements can be significant. Now, if "Increase in trade and other receivables" grows, this means more people paid on credit burning the year.And if it's negative, this can mean one of two things:the company has been proactive at chasing up those who owe it moneythe business is slowing down hence why receivables haven't been growingA stretched receivables book can be poor for working capital purposes, so always check the cash position on the balance sheet.And if the number in "Increase and trade and other payables" is positive, then it means the company owes more money.A decrease means it has paid and capital has left the business.Companies that get paid quicker than they pay cash out see a higher cash balance within the business. This is generally what I like to see.In the case of ODX, we can see that it burned through £1.8m in six months. If we do a rough calculation and divide this up then we get an outflow of ~£300k per month.Investing cash flow statement (ICF)The second section of the cash flow statement is the cash flows from investing activities.This includes:capital expenditure (capex)acquisitions with own capitalcapital raised from selling investmentsThis section will often be negative. But that isn't necessarily a negative.Capex can be be either maintenance or expansionary.Maintenance capex is capital that the business needs to spend on to keep the company running.For example, companies with large fixed assets such as restaurants or machinery will need to spend to keep these assets in good working order.Expansionary capex is capital that the company is investing in to grow. This is more exciting for investors.You can also calculate Free Cash Flow (FCF) here.FCF is what is left after the business has made all of its commitments.FCF is calculated by taking the company's cash flows from operating activities and subtracting capex.FCF = OCF - CapexLet's look at ODX's investing cash flow statement.We can see that the company spent £673k on the purchase of property, plant, and equipment.We can also see that management spent £411k on the purchase of intangible assets.This doesn't tell us much, and we don't know what was bought and why.But we do know that nearly £1.1m of the company's cash balance was spent on investments during this period.Financing Cash Flow (FCF)The final part of the cash flow statement is the cash flow from financing activities.This part shows us how the company financed itself through the period.A big positive number here usually means that the company raised capital.Here's ODX's financing cash flow statement:We can see that the company only raised £57k from the proceeds of issuing share capital.But in the prior period we see a big number - Omega Diagnostics raised £11m from a share placing the year before - and spent £551k on broker fees to help it achieve this.We also see other costs and get a final number at the bottom. So what does this mean?We can see that cash declined to £4.7m from £5.8m. We also know this number got a £2m boost from a DHSC contribution (as listed in the FCF).And we also know that the co is burning through roughly £1.8m per month. It also spent £1m on investing.But here's the crucial part. This report is from 25 November 2021.The date it reports on was for the period ending 30 September 2021.So you have to start calculating the £300k per month cash burn from that period.In an RNS on 10 December 2021, the company announced that the Department of Health and Social Care had acknowledged that the contract had expired (meaning no further revenue).It also requested that the company should repay the previous contribution along with the VAT which is £2.5m.Omega also said that it had taken further legal advice (more capital burned).At this point, anyone who had read the cash flow statement would've known it was clear that the company was in trouble financially.Stage four stocksHowever, even if you didn't know what a cash flow statement was, ODX was clearly a stage four stock.Let's look at the chart.Source: SharePad (risk-free trial and 1 free month worth £74 here)The stock topped out around 130p.Since then, the stock fell through all of its moving averages (another warning sign), then all of the moving averages started pointing down (another warning sign).It doesn't matter how good a company looks - I'm not tough enough to fight the trend.The company even announced it was discussing an equity placing: "Market conditions remain challenging and accordingly any issue of equity would be at a discount to the current share price."Of course, this is easy for me to say in hindsight. But I've taken a big hit in the past myself because:1) I didn't understand cash flow statements2) I ignored a falling chart, and more importantly3) I was emotionally invested and buried my head in the sand.This last point is key.Once you feel any hint of emotion to a stock - you're at a disadvantage.Trading is a ruthless business.If you're not able to cut stocks without emotion - you will struggle.
Posted at 09/3/2023 12:46 by the technical trader
A wise decision. From a technical perspective the upside looks phenomenal. The fundamentals back up the technicals too. Essentially ODX have put the Covid fiasco behind them and the business is focussing on its core product (nutrition). In fact, it was the only area of the business that was profitable (Jag's bit). They can't make these test quick enough, orders are increasing, and they're having to put back short term gain for more strategic benefit, and that's why they're investing in more production capacity. With the US markets exposure, we could see massive upside here. The near-term upside could even eclipse Covid testing highs, as these C19-LFT tests were always going to be a flash in the pan.

Directors are putting their money on the line now too. I'm expecting a 10 fold increase by the end of the year.

Posted at 08/3/2023 12:19 by the technical trader
Keep ODX on your watchlist. Fireworks may be just around the corner.
Posted at 29/1/2023 13:41 by thirty fifty twenty
hi misterx

yes i agree completely. in particular i have researched the CFO's patterns and involvement with the other PLC's he has been involved with in the past and then too (twice) he has bought at prices before then selling the business to an outsider at much higher prices (12-18mths later).

also they are both heavily incentivised with share options etc... so why spend real money when one is going to be rewarded anyway, unless it seems like an excellent risk/reward.

the only negative scenario i could contemplate is that they are trying to inflate the price ... now they dont need to do that to raise funds (since they have c.5m net CASH in the bank) but it was for acquisitions? so i see that as a possibility (albeit outside) but one which i would be happy with as any acquisitions increase the size of the MV which brings in more investors which typically gives the overall company a higher rating.

so, for me, all the scenerios seem positive.
though the biggest sign overall is the fantastic chart which has obviously shaken the crash from the covid mania peaks and is now forming a very strong recovery pattern.

ODX is in my top5 holdings

Posted at 25/11/2022 20:23 by thirty fifty twenty
well it would be interesting to see if any known institutions have taken a disclosable stake in ODX. what we can assume is that holders to date are individuals.
(maybe a hangover from the covid speculation days)?

I thought Dowling (?) was a holder.
(Is that the one with the well-regarded woman Scottish(?) fund manager?)
(i heard her talk very positively about the company prob about 18 mths ago and watch the price fall every since)

anyway, i took a position based on the chart recovery and will now analyse some more.

to there there will be obviously funds selling because they have a small residual holding in a micro cap i.e. they could just be selling for technical reasons.
anyway is seems very positive that such volumes can go through in a couple of weeks and overall the price has risen.

time will tell....

ODX is in my portfolio

Posted at 25/11/2022 15:16 by smithie6

sorry, but I am right.
if you disagree then please give me the name of just 1 other listed company that has made this same stupid mistake ?

I don't think you can because ODX is the only co. to have made this stupid mistake. It is false reporting.
ODX needs to correct its stated owners of >3%


all the other listed companies need to correct their accounts & website to copy the ODX mistake. That would be X hundred/thousand companies.


Posted at 25/11/2022 13:38 by smithie6
I think there is 1 mistake in your write up

it mentions cash raise at 5p, whereas I think you meant "at 4p"


"On 6 May 2022, Omega announced its intention to raise gross proceeds of up to £4.1 million by way of a Placing, Subscription and Open Offer (together the "Fundraising"), all at an issue price of 4 pence per New Ordinary Share."


I think it would be useful, if you could consider to update your write up to make it clear what is the situation of the building that ODX plans to move to.
For example
- is it being built for ODX (I think yes, either built or modified)

- does ODX have any TNAV in it or is it all going to be a leased building ?

- ODX now don't plan to move until 2025 I think. Does ODX have to pay any rental/lease costs in '23 or '24 if the building is ready but ODX leaves it empty ??

I don't know.
I think various ppl would like to know.

Posted at 31/3/2022 15:58 by hedgehog 100
What is a fair EV (enterprise value) valuation for ODX, before and after a bid.

Well, IDH (Immunodiagnostic Systems Holdings) was taken over last May for c. £110M., an enterprise value of c. £88M.

IDH's full year sales to 31.3.21 were £32.7M., and the H1 loss was about £3M.

= An EV sales multiple of c. 2.7.

Assuming full year ODX sales of say c. £12M., and applying a sales multiple of say c. 1.35, gives a value of c. £16M., or about 9p/share.
I.e. well over double the current share price.

And a bid could see that multiple moving much higher.

That looks like a pretty good margin of safety to me, at the current share price of 3.85p.

17/05/2021 07:00 UK Regulatory (RNS & others) PerkinElmer Inc Offer for Immunodiagnostic Systems Holdings Plc LSE:IDH Immunodiagnostic Systems Holdings Plc
" ...The boards of PerkinElmer, Inc. ("PerkinElmer") and Immunodiagnostic Systems Holdings PLC ("IDS") are pleased to announce that they have reached agreement on the terms of a recommended all cash offer whereby the entire issued and to be issued ordinary share capital of IDS will be acquired by PerkinElmer (UK) Holdings Limited ("PerkinElmer UK") (the "Acquisition").
-- Under the terms of the Acquisition, each IDS Shareholder will be entitled to receive:
382 pence in cash per IDS Share
-- The Acquisition values the entire issued and to be issued ordinary share capital of IDS at approximately GBP110 million ($155 million), on the basis of a fully diluted share capital of 28,865,469 IDS Shares. This implies an enterprise value of IDS of approximately GBP88 million ($124 million).
-- The price of 382 pence in cash per IDS Share represents a premium of approximately:
-- 49.8 per cent. to the Closing Price of 255 pence per IDS Share on the Last Practicable Date;
-- 58.1 per cent. to the Volume Weighted Average Price per IDS Share during the one month period ended on the Last Practicable Date;
-- 68.2 per cent. to the Volume Weighted Average Price per IDS Share during the three month period ended on the Last Practicable Date; and
-- 72.5 per cent. to the Volume Weighted Average Price per IDS Share during the five year period ended on the Last Practicable Date. ..."

Posted at 26/3/2022 11:56 by hedgehog 100
ODX's Heath & Nutrition business seems to be growing like gangbusters!

Not only a 62% H1 increase in sales, to £4.17M.

But then ODX has recently expressed confidence that this business would see significant further growth in H2, i.e. in the half ending in just a few days.

What a quite stunning performance during a pandemic!

Moreover, based ODX's total H1 revenue of £5.73M., which was a whopping 81% increase, ODX's annualised revenue is £11.46M., (i.e. not allowing for H2 growth).

At it's current market cap. of about £11.7M. at 4p, and that puts ODX on an annualised price-to-sales ratio of barely one.

Compare that to GDR: full year sales of a paltry £0.7M., a fall on the revious year, but a current market cap. of £27M. at 29.25p

25/11/2021 07:00 UK Regulatory (RNS & others) Omega Diagnostics Group PLC Half-year Report LSE:ODX Omega Diagnostics Group Plc

"Omega (AIM: ODX), the specialist medical diagnostics company focused on industry-leading Global Health (CD4 and COVID-19) and Health and Nutrition products, announces its unaudited interim results for the six months ended 30 September 2021.

Omega has substantial growth opportunities in the areas of Food Sensitivity, CD4 testing for the management of people living with HIV, and COVID-19 antibody and antigen testing and provides high quality in-vitro diagnostics products for use in hospitals, clinics, laboratories and healthcare practices in over 75 countries.

Financial Highlights:

-- Revenue increased by 81% to GBP5.73m (H1 '20: GBP3.16m)

-- Health and Nutrition sales up 62% to GBP4.17m (H1 '20: GBP2.58m)

-- Global Health revenue up 170% to GBP1.56m (H1 '20: GBP0.58m) ..."


09/11/2021 07:00 UK Regulatory (RNS & others) Genedrive PLC Final Results LSE:GDR Genedrive Plc
"genedrive plc (AIM: GDR), the near patient molecular diagnostics company, announces its audited Final Results for the year ended 30 June 2021.
Financial Highlights
-- Revenue for the year to 30 June 2021 GBP0.7m (2020: GBP1.1m)
-- Loss for the year of GBP0.7m (2020: GBP19.4m loss) ..."

Posted at 18/3/2022 15:51 by sanks
SpecialGypo.. My nob is next to the Christmas tree..feel free to stroke it on the way out..thank you.

..or you might want to consider ODX as the skirt is lifted towards £1.10 and above..
Just look at GDR today!!!..ODX share price was hand in hand with GDR recently..so this is an easy £1.10 target!!

30.00 GBX +13.75 (84.62%)today
18 Mar, 16:06 GMT

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