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Results: ABDX

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EPIC ABDX
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Abingdon Health – full-year results argue “well placed”. Er, what about the cash burn?!

Describing itself as “a leading international developer and manufacturer of high quality, rapid diagnostic tests”, Abingdon Health (ABDX) has announced results for its year ended 30th June 2022 with CEO Chris Yates arguing “as a knowledge leader in lateral flow, and with our comprehensive contract service offering, we believe we are well-placed to support customers in bringing their products to market and grow our business”. So why are the shares currently 12.5% lower today to 5.25p?

EPIC ABDX
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Abingdon sings at the Covid bailout placing ball, next up Omega Diagnostics then Abingdon again?

Abingdon Health (ABDX) will, no doubt, claim that its up to £6 million placing, open offer and Primary Bid offer at 25p is down solely to the DHSC not paying delayed bills. But then again this was a company that was technically insolvent before it raised £20 million at is IPO a year ago so, in my view, it has always been a basket case and I have explicitly warned you many times that a bailout was looming. For the record, this will not be the last one. So, who is next? Abingdon again or the other grossly overhyped covid dog Omega (OMX). But first a covid prediction…

EPIC ABDX
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Abingdon Health after the corrupt deadwood press pump when’s the placing dump?

I should have mentioned this in bearcast yesterday, the maths is clear and unchallengeable. Abingdon Health (ABDX), a company I warned you about at IPO as it was insolvent and the valuation absurd, is pumping its stock via the yellow journalists on the Daily Mail and the Telegraph ahead of a bailout placing. You know the score: mug punters overpay in the secondary market ahead of a placing at a vast discount to fund managers.

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