- UK-based rapid test developer and maker Abingdon Health shares surged over 38 per cent on Monday, making it the highest riser on the LSE.
- The shares rose on reports that the company will soon start the manufacturing of a Covid saliva test.
UK based Abingdon Health PLC’s (LON: ABDX) shares surged over 38 per cent on Monday, 4 October 2021. There were reports doing the round that the company will soon start the manufacturing of a Covid saliva test ‘KnowNow’. Though there were no official announcement from the company, reports have stated that the company has already signed a supply agreement with a UK-based health firm for the same.
The news made Abingdon stocks the highest riser not only on the medical equipment and services sectoral index but on the London Stock Exchange (LSE) as well.
Recently, Abingdon Health had launched a quantitative accessory to the AbC-19 lateral flow device (LFD) rapid tests initially for research use.
Abingdon Health PLC’s (LON: ABDX) share price performance
Abingdon Health’s shares were closed at GBX 57.69, up by 38.80 per cent on 4 October 2021.
(Image Source: Refinitiv)
Abingdon Health’s market cap stands at £39.72 million, and it has a negative return of 35.73 per cent as of 4 October 2021.
Abingdon Health’s scorecard accessory for rapid tests
Abingdon is a leading manufacturer of rapid tests, including healthcare and covid-19.
The company’s score card-based product, available along with its AbC-19 rapid test, is meant to provide a semi-quantitative reading of a user’s antibody response and possible immunity.
The AbC-19 test gives an indication of the presence of IgG neutralising antibodies by producing a line on the AbC-19 rapid test LFD. Then, the accompanying scorecard indicates the relative strength of a user’s antibody response and immunity results based on the intensity of the line.
Abingdon Health’s financial performance
The medical equipment and diagnostics company recently reported its FY 2021 results. Its revenue stood at £11.6 million, up by 123 per cent from £5.2 million in FY 2020. The strong growth was attributed to its robust business performance.
However, the company’s earnings before interest, tax, depreciation and amortisation (EBITDA) stood at a loss of £3.3 million.
Both the company’s revenue and adjusted EBITDA were in line with its previously announced guidance in April earlier this year.
The company also stated that it plans to see an increase in its AbC-19 product registrations in other territories in Q1 2022.
While most of the world’s attention has been on rapid antigen testing to identify covid-19 antibodies and immunity recent research by Abingdon Health has found that there is significant evidence linking neutralising antibody generation and an individual’s immune response to the virus, such as its AbC-19 test.
The company is encouraged by rising interest by the general population to better understand and learn about one’s antibody status, among other factors.