Omega Diagnostics Group plc

Description

Omega Diagnostics Group plc is a UK-based company, which develops, manufactures, and distributes medical diagnostics products. With the help of its subsidiaries, the group provides high-quality IVD (in-vitro diagnostics) products for use in clinics, hospitals, laboratories and healthcare practitioners in more than 75 countries across the globe. It specialises in the areas of CD4, infectious diseases and food intolerance. The company was found in the year 1987, and its headquarters are situated in Alva. It is listed and traded on the London Stock Exchange since 2010. The subsidiaries of the group include Omega Diagnostics GmbH, Omega Dx (Asia) Pvt Ltd, Cambridge Nutritional Sciences Ltd, Genesis Diagnostics Ltd, and Co-Tek (South-West) Ltd.

There are three main segments from which the company derives its revenue: Food intolerance, Infectious disease and Global health, and Allergy. A variety of tests are provided by the company for with food intolerance and gut health, and its main products include Foodprint®,  ELISA, Food Detective®, and CNS laboratory service. It manufactures tests for several infectious diseases, such as syphilis, tuberculosis, dengue fever, chagas disease and malaria. The main products offered by its Infectious disease and Global health segment include VISITECT® CD4 and VISITECT® CD4 Advanced Disease. For patients with pre-diagnosed HIV infection, VISITECT® CD4 in-vitro diagnostic test is used.

The allergy segment is engaged in manufacturing allergy assay reagents which allow the quantitative determination of Total IgE and Specific IgE in serum. The sensitisation to an allergen is properly assessed through the measurement of circulating IgE antibodies. Additionally, the group has developed and manufactured antibody tests for Covid-19, and is also aiming to expand via more antigen tests.

Omega Diagnostics Group plc follows a well-defined framework of corporate governance and aligns itself with the Quoted Companies Alliance (QCA) Corporate Governance Code. The board of the company has set up separate committees for audit and remuneration. It has an ethical code of conduct for running its business operations and promotes a culture of trust, transparency, and accountability. Apart from fulfilling all its corporate responsibilities, the company also fulfils its environmental and social responsibilities. It has a comprehensive ESG (Environmental, social, and Governance) framework in place and complies with international best practices and guidelines to create a sustainable business. It aims to minimise the impact of its business activities on the environment and create long-term value for the business as well as the wider community.