Omega Diagnostics (AIM:ODX) is one of the biggest movers on the AIM market today, down 19.67% after publishing their final results for the year ending March 2015.
Their turnover is up 4% at £12.1 million and gross profit is up 4% at £7.7 million.
However, in a company statement a problem with their product Visitant(R) CD4 was cited, which could be the reason behind the drop in share price despite otherwise promising results. Chairman David Evans commented:
“Since our last update on Visitect(R) CD4 confirming completion of the internal investigation phase, we moved into the process of verification and validation. This includes testing the longer-term stability of in-house manufactured finished devices, and as such, could not commence until the manufacturing process had been selected. We have determined within the last few days that there is a stability issue with finished product that manifests after a period of five weeks of storage at room temperature. This requires further investigation as to root cause, which is being undertaken now.”
Omega is one of the UK’s leading companies in the fast growing area of food intolerance, and also operates in markets supplying tests for allergies and autoimmune diseases and specific infectious diseases.
