EKF Diagnostics (EKF) - Share Chat

Trading update in today β€œThe transition to non-COVID revenues in both Contract Manufacturing and Laboratory Testing is progressing, but is taking longer than originally anticipated. As a result of the underperformance in these businesses, adjusted EBITDA1 is now anticipated to be slightly below market expectations.”

β€œThe transition of the Laboratory Testing business into non-COVID revenues remains a challenge, following the rapid drop in demand for COVID testing seen worldwide in Q1 2022. Whilst ADL was loss making for the last three quarters of 2022, a focus on developing and validating a diversified portfolio of high value tests has slowly seen the green shoots of recovery within the business, with losses narrowing in Q4 2022.”

Looking to reduce Ops costs with a reorg programme.

CEO stepping down in order to be able to focus on Life Sciences and improved performances for Contract Manufacturing and Lab Testing.

Price took a dip 16% today, has dropped 30% in a week.

Going to be a painful year I think with this one. I am holding my position.