Via Kristy Dorsey
Food Detective, its test for detecting a variety of intolerances, has gained new regulatory approval in China from Omega Diagnostics, in a step that could further boost the company’s main business line.
The food intolerance division has historically accounted for the lion’s share of revenue, although the company has become known this year for its involvement in Covid-19 research. However, in the first six months of this fiscal year, the company suffered, with sales down 38 percent as global health priorities changed to pandemic response.
AIM-quoted Omega said in a note to shareholders late last month that demand for food intolerance tests was now recovering and sales were projected to be 20 percent higher in October than in the same time last year. “significant near-term opportunities” for company in China, where Food Detective has been available for laboratory use since April, were also highlighted by the Scottish firm.
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Omega has now reported that Food Detective has been approved for self-testing by China’s National Medical Products Administration (NMPA). The company added that it works with its distributor to ensure that commercial success in the home use market is reached by the test.
Colin King, Chief Executive, said, “I am delighted to receive approval of the self-test in China, which was a key commercial target for this year,” “This is another excellent reward for all the hard work that both our teams and those of our partners have put in during what continue to be challenging times around the world.”
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Food aversion accounted for 80 percent of Omega’s revenue in the six months to the end of September, considering the drop in sales. While that weighting is expected to change as the company ramps up mass production of test kits for Covid-19, the food allergy company remains part of its core market.
Shares in the firm, headquartered in Alva, Clackmannanshire, closed 2 pence lower yesterday at 73 pence. On Nov. 30, the firm will report its half-year performance.