Abingdon Health achieves 'strong commercial traction' as it focuses on lateral flow testing

Abingdon said this performance is expected to be “significantly improved” in the second half of the year. It said that its full year 2023 revenues are also expected to be materially higher than 2022 revenues of £2.8m.

Chris Yates, the chief executive at Abingdon Health, said: “Our dedicated lateral flow CDMO service continues to gain traction with a number of new customers onboarded in recent months.

"Importantly, all of our CDMO activities are non-COVID-19 and are spread across a range of sectors including clinical and animal health. We believe our fully integrated CDMO service is offering customers a straightforward solution to bring their products to market in the most cost-effective and efficient manner.

"We are also pleased with the progress that our lateral flow product portfolio, including Abingdon Simply Test, is making; and while we are still in an early phase of our strategy, the distribution channels we have worked hard to build are beginning to generate repeatable revenues.

“Our focus is to continue to grow our commercial pipeline, increase our revenues and ultimately achieve profitability and a positive cash flow position. I would like to thank the Abingdon team for their unwavering commitment and support during a period of significant change which has been greatly appreciated by me and the rest of the board.”