Cambridge Nutritional Sciences (LSE:CNSL) — Interim Results

0:02 Good afternoon, ladies and gentlemen, and welcome to the Omega Diagnostics Group PLC Interim Results Investor Presentation. Throughout this presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time using the Q and A tab situated on the right hand corner of your screen. Just please simply type in your questions and press send. Given the significant attendance of today's meeting, the company will not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and publish responses where it is appropriate to do so. These will be available via your Investor Meet company dashboard, and we'll email you when they are ready for your review. I'd also like to remind you that this presentation is being recorded. Before we begin, we would like to submit the following poll. If you give that your kind attention, we would be most grateful, as will the company.

0:48 And I'd now like to hand over to Chris Lee, CFO and Colin King, CEO from Omega Diagnostics. Good afternoon to you both. Good afternoon, Mark, and thanks again. And thanks, everyone, for taking the time to listen to our interim result presentation. I really do appreciate you, everybody, taking the effort to join us today. And I'm what gonna do is I'm just gonna switch the camera off so that everybody can focus on the slide deck rather than looking at our two ugly mugs. So I'll just switch it off, and we can get started. Before I sort of dive into the the the the the presentation itself, I just really want to

1:29 appreciate the news today. We we the department of health is both a major concern and a and a disappointment, which, you know, we just want to echo that we we share that disappointment. I think, you a lot of our staff have put a lot of effort to get our facility ready to accept, you know, a test and then produce it for the UK government. That is I think as we stand today, it's highly unlikely that that that's that that will happen. So I think, no, you know, as as a business for us, you know, what we gotta do is you know, that's happened. It's it's not good news, but we really really gotta focus and forward as a business in what can we control and how we move forward. So I think, you know, in terms of COVID, you know, we do have our Visitec brand. And as we announced earlier on this month, we've got a a relationship with Dan that there is, I think, as you'll hear in the presentation, you know, something we can build on and really grow and move forward from. And there are further commercial opportunities once we receive cell test approval. And, you know, and, again, as I've said, you know, in in multiple presentations in in this platform is that we shouldn't forget about our core business as well. You know, we're not just a COVID business, and I think that's a key point that we really wanna try and get over. And and I think, you know, we've made excellent progress in the last six months in in in our in our core business, you know, and and and we can look forward with confidence in terms of long term growth opportunities for both areas.

2:53 So now with that, I'll just move move on and into the presentation. And this is obviously the the first time that myself and Chris has presented. Chris has just obviously just joined us, Really pleased to bring him on board. I thought it might be a a good appropriate to for Chris just to give a little bit of intro to him him and and his background and why he joined us, I guess. Great. Thank you, Colin. So, yes, so my name is Chris Lee. I've now been with the business for three months, joined at the end of August with the daunting task of taking over from Kieran, who was CFO for nineteen years.

3:29 I in in my early career, I spent fifteen years at KPMG. The bulk of that time was in their m and a practice, primarily doing due diligence for large corporates, public companies, and private equity markets. I jumped ship to join a client in the poultry industry where I spent ten ten fun years acquiring a number of businesses and growing a European practice. For the last seven years, I've been involved in in public company markets, mainly on AIM. My first business was very close to to the site here in Alva, a company called Soup Glass that was met that makes glass wool insulation. That was a a an interesting business, a a turnaround, a cost reduction, a placing, and ultimately a sale to a to a private investor.

4:18 And then the last four years, I've been working in a company called Indigo Vision in Edinburgh. They design and manufacture CCTV systems for the high end market. That was, again, a turnaround, sales growth, a cost reduction, and a sale ultimately at three times the share price on the day I arrived. We sold that business to Motorola last year for round about £31,000,000. I see some similar characteristics in this business to my last two roles in public markets. I see underlying here a decent health and health and nutrition business, profitable growth prospects, scope for expansion both geographically and in the product range that it has.

5:05 I see an emerging and developing c d four business that's starting to gain some traction and has strong relationships with NGOs, World Health Organization, Clinton Health, etcetera, but very much at the moment on a on a growth journey currently subscale for the factory that we're in, but with a long term market opportunity that I think we can capitalize on.

5:28 And I see an opportunistic COVID business, which which has taken up a significant amount of time and management resources over the last eighteen months and has unfortunately not delivered the return that everybody hoped it would. But I do see scope for for growth in our core business. I see scope for operational efficiencies and process improvements, outside of just the top line growth that that's potentially available. So I look forward to, getting stuck in and helping Colin drive the business forward. Thanks, Chris. And and and, again, hopefully, that gives you a good good overview of Chris. And I think, you know, what the you know, some of the key reasons why, you know, when we went through that recruitment process, we felt Chris was the the the the right person to to bring on board and and and work with me and and grow this business as we as we move forward.

6:17 In terms of the presentation for this evening, very similar to pre previous formats, a very quick overview of of the of the core business of the business, for anybody that's new new to the story. And then going into detail in terms of an update on our health nutrition business, Vizitec c d four, COVID, and then and and our global health expansion plans. I'll then hand over to Chris who will go through the financial numbers, and then we'll end up with a summary. Once we've gone through the summary, we'll end up pick a pick going back to the and this question and answers that we that have either been that have come in prior to the meeting or that we're coming in during the meeting. And and, again, I'll just reiterate in terms of on the questions what Mark mentioned, you know, know, as per per previous, the last two or three times we've done this, we we are committed to we will we will pick up the questions, and we and we will answer them. The last time we received over 300 questions, so just please bear with us while we work through them and respond to them, but we we will we will make that promise that we we will we will answer those questions whether, obviously, whether it's sensible to answer.

7:31 So in terms of, you know, an overview of the business, as I kind of alluded to, we have two two business units, our health and nutrition business and the global health business. Our health and nutrition business is is really focused on, gut health, and and in particular, food sensitivity, and helping manage, people with long term chronic illnesses that are related to to gut health. And this is, as as Chris alluded to, one of our I mean, as a as a most profitable business and and what generates today the the largest revenues for for for the group. We also, in terms of global health, we have a a Visitec CD four, and Visitec CD four is is a is a is a is a test that's used to help manage, people living with HIV.

8:20 It is the world's only instrument free, and c d c d four rapid test, and it's been developed deliberately to to go into low middle income countries and reach places where the, you know, current current test can't can't reach, basically. And, again, hopefully, through this presentation, you'll see where we're making good traction with the it's a key initiative for the World Health Organization as well. So we're we're really proud to be partnering with the World Health Organization and the NGOs that sit around that to support this initiative because it it's clear it will it will make a huge difference to a lot of people that are less fortunate than than than we are in this country. And then, obviously, we we have our COVID business as well, and then this division looks after that. We have a focus on both antibody and and antigen lateral flow tests, and and we also offer a lab service for antibody testing.

9:17 In terms of health and nutrition, you know, in terms of sales, I think we're really encouraged. You know, we we we we let we we mentioned that in July that we we could see that the we're confident that the the business was recovering back to pre pandemic levels. I'm really pleased to see that, you know, by that continued through to September. Sales are up 62% in the prior year to £4,200,000 And I think, know, more important than that, those start £4,200,000 aligns with pre COVID revenues. So that's really encouraging. And as Chris will show later on, what's even more encouraging is that number that we had in FY twenty was actually included in Chinese revenues in terms of stocking orders, which was which has not fallen through from from this this number either. So in in real terms, the percentage growth excluding that that Chinese stocking order would be somewhere around about a 160 odd percent. So, you know, we're really pleased with that.

10:23 And I think really what what's even more encouraging is that that the growth is coming from not one country. It's coming across the globe. It's coming from North America, Europe, and also, in in Asia, Mid Middle East and Asia as well. So that's that's great. And I think the the other key point is we during COVID, we we our team spent a lot of time building up education webinars and educating our end customers on the benefits of food sensitivity testing. I think what we've seen is some benefits in even what we've always viewed as a mature market, which is a European market, and we actually saw some footprint expansion in that territory where we actually placed around about five new systems in there. So again, we can see the benefits of some of our growth strategy coming in in an area where we actually viewed it as, yeah, saturated or mature. So that's great news.

11:19 I think that the one slightly disappointment disappointing news, but probably when you take a step back and think about it, it's no real great surprise is our Chinese partner. We had expected to see some some demand coming in in in the the first half of this year, and and and and, unfortunately, you know, basically, they've they've overstocked, and they're working through the stock that they currently have. The reason for that is they, you know, they they were building up their stock over the last couple of years in preparation for for for market launch. The market launch actually took a little bit longer because COVID kicked in, and that delayed the the the approval processes. But by then, they'd already committed to to to to procuring because it's quite a long supply chain that they work through to to procure those tests. So those tests were already in China.

12:14 The and then, you know, once they've launched towards the end of last year and into this year, what they're finding is that, you know, they're they're they're basically putting in into the market a new test that is you know, it's a new concept. They're going direct to to consumer using social media, etcetera, to drive sales. And, you know, with, obviously, this the the pandemic, they're they're finding that that getting that traction is is still is is is slower than than they they had expected. As I say, if you take a step back and think about it, you know, given what they have achieved in the middle of a pandemic, it's actually, you know, really impressive. They continue to invest large sums of money in in into this area because they do believe strongly that this this is a a unique opportunity they have, and they can see that, that growth will come. So we remain confident that long term growth will deliver on what they promised, and we expect to see growth rematerializing during FY 2023.

13:13 Another key area that we've we've talked about before is the is The US. You know, in terms of The US, we've you know, and that we've we've we've it's the largest market for health and nutrition by far, and and and it's and it's an area where we don't really have a presence there today. We're very minimal. We we work with a couple of partners that hasn't really quite worked as as well as we expected for a number of reasons. You know, we we basically during the last six months, we sat back and and looked to, you know, why is it we've not got that traction, what is it we can do differently, and how can we improve it because it's a key market for us. So one of the one of the actions we took was we we actually we've got someone in the on the ground in The US that that that specializes in this area. We brought them in as a consultant.

13:58 We're we're using their knowledge and skills to identify potential partners for us, not just in not just in terms of lab partners that can run our footprint product, but also actually people that can actually take the product to the market and actually grow our revenues as well. So that that's an area that that that they've been working on with with our sales director and really begin to the stage now where and it's and it's great that travel's now now allowed into The US because we can now now actually go in into The US, meet meet these potential partners, and start start to square off, basically select who we want to work with, and that's something that we will be undertaking in the the coming months ahead. So, again, our expectation is that we will see The US strategy coming into play during f y twenty three.

14:46 One thing that we're that we're also exploring is is the potential of setting up our own, laboratory, but that's in the very early stages of exploration, in terms of what looking at what the cost impact would be, etcetera. But it is one thing that we that we are considering. We certainly haven't ruled out to take more direct control and and more margin as well.

15:08 The other the other key thing is that we we we're finally coming to the end of of of the the our purpose built facility, we we are looking forward to moving into that facility in early twenty twenty two. And, obviously, that is key to to allowing us to support the growth that we have we expected from China, The US, and our other strategies as well. In terms of our strategies, again, it's the same slide as we used a lot, in in July. We're just, again, repeating what what we are kind of the areas that we really want to focus in. There's is basically three three areas, organic growth, geographic growth, and menu expansion. In terms of that organic growth, it's really focused on I've already touched on that kind of the the the webinars that we've run-in trying to, you know, make make our our customers aware of of how to to educate the market, with with our product. That's something that we'll continue to do. It's been very successful for us, but we're also looking at in terms of how we could embrace the digital technology better, and that's something that we've been working on. And and and hope to hopefully, I expect that we can make some announcements on that towards the end of this this financial year.

16:20 In terms of geographic expansion, we already touched in terms of China and The US. And and, you know, and I mentioned about Europe. That's probably a good example of, you know, we what we've been doing is analyzing each country in terms of, you know, what do they actually sell. Do they sell both products? Do they sell food print and food detective? Is it mainly food detective food food print, for example? And what we're looking to do is that those countries actually get to the position where both products are in in in a in a country, we can use food detective to to generate the initial demand and then then the add on sell on footprint, which is our our you know, offers more foods and it's a higher margin, a higher revenue business. So that product, sorry. So that's kind of what we're looking at as well. And I'd say it's great to see some early success in Europe and what we thought was a mature market.

17:11 Then finally, in terms of where where we see growth as well is is in that menu expansion. And and in particular, as I say, our focus is around gut health. It's it's a it's an it's an area of which is, you know, there's more and more information coming out around gut health and how important it is. It's probably the one area of the body that's not fully understood yet. And, you know, our food sensitivity is tackling this sort of leaky gut problem. But, you know, there's other things around gut health and and general inflammation that we can look at and and and two or three markers that we are are really interested in in getting us an access into and then delivering it and sell selling it through our sales channels are microbiome, nutrigenomics and and micronutrients.

17:58 So that's something that we're we're actively looking at just now in terms of how we can gain access to them and then bring them to the market as well. So that that's our our food food and tolerance, our health and nutrition business. Hopefully, that's given you a a good overview of where we are and and and really what why I said earlier on that, you know, we are really pleased with the progress we've made in the last six months. And and also more important, as we look forward, we can see where this business has has huge growth potential, in the coming two to three years and and and really looking forward to getting back to that double annual double digit growth that that we were that we're so used to pre pre COVID. Colin, I'll I'll probably just add here. You know, obviously, a lot of the management resource and investment has gone into COVID over the course of the last couple of years. And and I I guess, you know, there's a there would have been an opportunity otherwise to be able to divert that attention into our food and, into our food and tolerance business.

18:56 So we're hoping we can return back to supporting the business in terms of growth and some of the things Colin's talked about on here. So, you know, things like expansion into The US, expansion of the menu, you know, the digital platform that we're implementing to get us closer to the consumer. Those sorts sorts of things are likely to help drive growth in that particular area, but it's been a bit starved of resource, I guess, in the last eighteen months or so. Yep. Thanks. Thanks, Chris. So moving on in terms of our global health division, starting off with c d four, and, again, we're we're really pleased in terms of, you know, the direction of travel here and the the momentum that we're gathering. Again, so in terms of, clearly, the the sales for the first six months was, you know, just short of a couple of £100,000, not overly exciting. But I think what what what makes it exciting is the fact that our actual committed orders, so orders that we have, received takes us to round about the £1,000,000 mark. And, obviously, our expectation is that we will receive more orders in the in the coming months as we as we roll out towards the end of this financial year. So really happy with the progress. And then to me, that's key that that's indicating that we're starting to build up momentum that we've always known is there and it's now rolling through. And hopefully, over the next couple of slides, I'll give you a feel for how that's building up and why we genuinely believe this is now happening for us.

20:27 I think in terms of the products now been in the market for twelve, fifteen months and what we're building up is it's been involved in a number of clinical studies and also actually just the general use of the test in the countries that that that that that the test has been routinely used now. And the feedback that we're getting is that that, you know, this is an excellent test. It delivers exactly what it's designed to do, and that is to get the test into parts of the countries that, you know, the the the current c d four test can't reach and and and get the performance in terms of, you know, finding those people that are living with HIV with, you know, low c d four counts that are below two hundred. You know, that ultimately, if they're not found, they will die, unfortunately. And what we're finding now is, you know, with this test, we can get closer to them. We can find those people, and, hopefully, it gives them some some longevity to their lives.

21:24 So I think, you know, it's great that we're actually making a huge difference to to people that, as I said, that are significantly less fortunate than we are. And a key part of our of our offering is we developed this global learning center. I mentioned it in July. We've rolled that out now. You know, this is really key for us in terms of, you getting our users to understand how to to use the test, you know, because it's it's not a a normal lateral flow test. It's probably you know, it it it looks like a normal lateral flow test, but, you know, inside those bits of plastic, you know, it's probably the most complicated lateral flow test that's actually on the market in the world today. So, you know, we need to make sure that the the the the people that are using it, the professionals that are using it understand, you know, how to interpret interpret.

22:10 We've now rolled this platform out across 14 different countries. We've got 400 over 400 users registered and trained on how to use this platform. These users are are you can view them as super users, so they would then train the train the trainer in effect. So, you know, you can see where you you can then get that roll out as you as you move from one country to the next. And we've increased the number of tests that it's now approved, and we're now up to 21 countries over over 37, strategically important countries. We've got initial demand from 15 of the 37 countries, and I'll touch on that in in the next slide in terms of what what, you know, where we see and how we see that that building. The and I think importantly and obviously, this this is a new product. It's we've we've validated it, and we started to manufacture it now in routine manufacturing during during the last six during this financial year. Like any new product that you bring in, there's always teething problems as you go through that manufacturing process, and and I'm and I'm sure Chris will touch on it in terms of some of the the increased the impact it's had in the margin because of some of the the increased costs that we've had as a result of that. You know, that's just part of that that introduction process. I think we can now see that that that those those issues that we're having in the early days are now now reducing, so we don't expect that to repeat itself.

23:34 And what we're doing is now focusing on the the original batch size was validated to meet that initial demand. We can now see where the demand is growing. So we're now looking at increasing our batch sizes to support that long term vision of 4,000,000 to 6,000,000 tests per annum. And finally, the other thing is we do see areas where we can improve margins as well through through some raw material and some subtle changes to the test, and and we've got a team focused on that, which will drive those margin improvements as well. But I think overall, really pleased with how we're doing and to say very confident that we will get to that 4,000,000 to 6,000,000 test within the time frame that we've that we've stated. In terms of our sales strategy around c d four, as I've, again, mentioned many times, we've got three strands to this strategy.

24:24 UNITAID and and and and Clinton Health, or CHI, they're they're really the the the organizations that are driving the the initial, uplift in the test. The the if you remember, they were they were given the for from the World Health Organization, you'll have this initiative around advanced HIV disease management. Immunity and CHI were were were given the contract to to implement that strategy. And, you know, c d four our c d four test is included in that program. It is the only c d four test that is included in that program. So there's no other test that's that's in there. Their their the the contract we signed and and and their plan is, you know, there's there's a potential for it to extend to up to 130 low middle income countries.

25:13 The focus initially was on what they called early adopters and get those early adopters in place and then, you know, and get the the the processes, the procedures, etcetera, in place and and and rounded. And once that was in place, you know, secure long term funding in those countries and then move on into to the net next batch of countries. I'm pleased to say that, you know, where where we've got to now is that that initial target countries, know, their input test is now implemented. It's in use, and we are now, seeing, long term funders such as PEPFAR coming in behind them and providing that funding in those countries, and their focus now moves on to on to to new countries and and getting the test implemented.

25:58 Again, focus, if you think of the classic eighty twenty rule as well in terms of where you see that demand, where the most need is, that's where they're focusing in those countries as well. So, you know, they're we're targeting the right countries initially. And I say really pleased to see that Petfur have actually placed that they had some initial orders for for the product as well in in in two two of those seven countries, and our expectation is that the other five countries will follow in the in the coming months ahead. So, again, great progress there. And and and think also as as another part of our strategy was obviously MSF, and they've been a long term advocate for the test. It was them that that sort of really pushed us to to develop this test. They, if you remember last time, we we had a six six country order from them. We have now delivered that to to them, and they're now in the process of implementing it.

26:52 So it's very similar to what UniDate and CHI have done as well. So they've got six countries that they're rolling a test into, and we're actively supporting that deployment. Once it's deployed and once they have that that infrastructure in place, they'll then then look to roll out into other countries. And, you know, they're they're active in more than 70 countries worldwide. So, again, good scope for for growth there as well. And then finally, in terms of the the the UN, this is one that we've always said will take a longer longer it's a longer view of the world. It takes longer to get the to get them up and running. The we've got the WHO approvals, which allowed them to start that process. What what we've been working with them is we now have we're now included in the supply catalog, which was one step. We've just received the the framework agreement is in place, which basically allows you and agencies to procure the test. So the next step is is is to start we should expect to see, RFQs coming for advanced c d four.

27:54 And then, obviously, once those RFQs are are issued and submitted and approved, then we should start to see purchase orders coming. So we really expect to see those purchase orders coming in during FY twenty three. I I would not expect them to come in in this the second half of this financial year, but certainly, we do expect them in, the the new financial year. So that's really CD4.

28:18 Hopefully, that's given, again, a good overview of why we are really excited about the progress that we have made and also as we look forward, the progress that we expect from this test. In terms of the the the the test that sit around that, what we'll be looking at again, I introduced this concept, in in July. What we'll be looking at is is is is tests that basically, complement c d four. So once you've run c d four, you've got a patient whose whose whose count is below 200, you know, and and and they they want to understand what potential infections they have. They then look to these tests that you that you see in the slide and and then run and then we'd run those tests. So we started development on a on a cryptococcus test. That's going going well. We've we've got a stage where we think we've got a pilot test, and we're about to send send it out into Africa for initial screening and to see if we're actually you know, it's it's doing what we expect it to do. Our expectation is we'll probably have to tweak something, from from the initial feedback, but that should be minor. But, you know, we're we're making good from what we could see, we're making good progress with that test.

29:25 And then in terms of the other ones, what we're looking to do is is just determine whether or not we actually develop in house or we we we we we in license. And there are other companies who are who are developing tests in these areas, and we see opportunities where we can potentially in license, And that's something that we're working through just now as well. So, again, let's let's see what what what comes over the next sort of four to six months in in that area. And then moving on in terms of terms of COVID as I touched on it, I guess, for for a lot of you who's listening, that that's obviously, you know, why why you invest in the company to do it, and and I do understand that. I've I've kind of already touched on the DHCC, will, go into that in a bit more detail in a in a second or two. What I've done is just split split this up and just trying to give you a feel for where we are in terms of regulatory and commercially, where where we see the opportunities.

30:18 In terms of the VisoTech COVID antigen test, which is really the one where we see our our greatest opportunities, in in the market as we look forward. Clearly, we we have the CE marking for the professional test, and what we're waiting on there is The UK approval from the DHSC. You know, I think I think we were, you know, like a lot of UK companies, we were pretty disappointed that that that, first of all, that that that legislation came into play. And second you know, secondly, you know, having submitted our information within the time frame and paid the money that they requested to, you know, to not have received the the necessary approvals by the time that they that they introduced the the new legislation was, yeah, let's say, extremely disappointing.

31:07 We are obviously pushing them for a response, and and and we hope to receive that, but it's, again, not something that's that's that's fully in our control. It is with the Department of Health in terms of when when that will come, and, obviously, that will open up, supply for dam in in The U in The UK market, obviously. And dam can also supply outside of The UK for that professional test. Again, I'll touch on that in a minute. In terms of self test, again, I think we're we're making good progress. I, you know, I I saw some of the questions that were come coming in before, and I and I understand the the the perhaps the frustration around why is it taking so long, and and maybe that's a that's a fault fault on on on our on ourselves and and how we've communicated that. I think, you know, in generally, in this industry, the the the approval processes, you know, are something that are not under your control. You know, you're working with a notified body or a country who who who are, you know, are a regulator, they have their own processes and their own timelines, and and it's not something that that we that we can control.

32:14 The in terms of the self test, however, you know, as I as I mentioned back in July, you know, we we you know, when when we had first indicated that we thought it would be the end of July, in terms of that approval process, we did update everybody in terms of, you know, there was new legislation that came in within Europe that required additional, studies to be done. Luckily for us, it was just before we we had completed and and gained, ethic approval. So we had to go back and update our protocols and then gain that ethical approval, then we obviously run the study, and and and that was the the the study that was that was run-in Ulster, which was very successful. We then have to analyze that data, and then we obviously then submitted towards the end of August, early September. In terms of where we are today, you know, obviously, that data was submitted into the the notified body. Basically, what happens is I I the best way I could probably try and visual you know, let you visualize this, it's kinda like a filter.

33:10 So so we've obviously supplied quite a lot of information, on our product to to that regulator. They obviously have to review all of that information. And as they review, there there will ultimately be questions. What you want is that you you you you do really you're looking you're hoping that the questions are are minimal and and easy to answer. We received a number of questions, in terms of, you know, feedback on on what we submitted. And I think, again, and and when I look back, it's probably more than unexpected because this test was developed at such speed, you know, the the, you know, the the there was gonna be questions that that were likely to come in. So we we basically, what we've done is we took those questions, we worked through them, we answered them, and then we we then we fed that back in.

33:56 And it's not it's it's been an iterative process, so we've been as we've got the answers, we we've we've been engaging with the notified body and sent them in. So they went in, and then, basically, you know, they they've reviewed those answers, and then the then there's some questions come back again. And it's just like a filter where the number of questions that have been asked is reducing each time they they they ask a question,

34:18 and then we we supply a response to them, and then that that can prompt another one. Where where where we're at just now is we're kind of getting to the end of those that that question cycle. You know, we're not there. We we you know, expectation is that we're we're getting close to that that endpoint. But, you know, in terms of given a time frame, it's not something that we can really, really do because as I said at the start, there's a process in terms of notified body. They could ask some other questions. You know, we we are not in control of that. So until they're really happy that, you know, they they have you know, we've answered all their questions, then then they would then obviously then look to to to approve that, let's say. So I'm not prepared to sort of hand out, give give out any guidance of when when we expect that. But what I would say is that we are making very good progress in in in answering the questions that are coming in, and we and as I say, that filter is narrowing as as each day day day progresses.

35:17 And that obviously will be key in terms of where where how we commercialize and drive revenues going forward. In terms of the FDA, the obviously, this is not a submission that that we're in control of. It's a partner, the logic. The you know, what what we we are aware of is that the FDA have come back and asked very similar. They've asked questions, and and the logic have been answering those questions. One of the the questions that they've that they've that they've raised has resulted in in in a requirement to get some additional US specific data, and that is something that's that's being gathered just now. Obviously, once that data is gathered, we we we would resubmit that, and then and then we'll we'll keep that process going. So, again, at this stage, can't really give a tight time frame on on when to when to expect that.

36:07 Again, one area that I'm aware that we've had questions coming in from shareholders is what are we doing with FDA self test. Obviously, the market is moving towards self test. What we're looking at doing is is is a feasibility study. We start that in terms of understanding the studies that would need to be done, and also the the the cost that would be involved, but that may well be prohibitive in terms of the the cost of doing those studies. We need to understand that, and that's something that we're we're we're getting our arms around as quickly as possible. And we're working with our partners, Landsdale, on that as well. And so I think, you know, and just trying to see what we can do. And if it is possible, how quick we can get get that through and is and is it a fast track process? So that's what we're looking at. But as I say, don't wanna promise just now because one thing that that is the the cost of these studies might might be a a break on on on on us and go going into The US.

37:04 Then in terms of UKRTC, you know, obviously, those registers, as I've been doing, alluded to in in their recent announcement, the registration process is ongoing. It has been slower than than I think we we all expected. Like, in July, I did use the word imminently and probably shouldn't have done. I I that was a mistake on my part.

37:25 The it was obviously an expectation that I had that that that didn't follow through. So, again, with that in mind, I probably will refrain from making any predictions on on the the so in terms of the commercial status, I think, you know, in terms of DHSC, obviously, you know, as I said in in the introductions, it was, you know, extremely disappoint disappointing that that, you know, basically, in in our view that the contract has expired. You know, just just to give you a feel for this, as most of you are probably aware, the the contract was split into two phases. Phase one is where, you know, obviously, we received the the 2,500,000, and that was designed to to get our facility ready and bring people in. And, obviously, the government was also procuring equipment and installing equipment and doing doing all the validations and and basically getting getting the plant ready and operational for for for a test that would be licensed by by the Department of Health. And that's really where where the the stumble blocks come. We unfortunately, that test has not been licensed, and and we don't have a test to manufacture.

38:37 And in terms of that long stop date, it was in terms of long stop date, it was originally the April 1. It was extended. And our expectation was that it was going to get extended again. And it was really when we were going through this, the process of getting ready for our interims, you know, we we we sought some some clarity, and and, obviously, the the legal advice we got was when when we looked at it and yet yet yesterday was that, you know, that this is we're in a position where, you know, we at least in our view, is that that that contract has now has now expired. And, you know, where we stand today is is I I can't see where the demand will come from. Again, just picking up on, the way, obviously, alluded to, we were in discussions with with two companies.

39:23 Again, just to give you a little bit of a backdrop in terms of of the the discussions we're having with those two companies, We as I as I mentioned before, we had completed a technical diligence that we were happy we could manufacture the tests, on their behalf. The both tests were were approved, reporting down, and both tests were in either hard self test or in the final stages of self test approval. We had reached commercial agreement, you know, between the two between ourselves and and those companies. So, obviously, we we were happy of in terms of what what that would look like. Unfortunately, you know, as we moved into to the the phase in terms of Department of Health, you know, and one company, you know, didn't was didn't didn't move any any further forward.

40:15 There was one company that that we we did move forward with the and and and I probably named that company, which was which was Orienting. And, you know, in terms of Origin, obviously, they are supplying you're probably getting a test from boots. They are being supplied, into The UK. Basically, the decision is that they they were awarded a contract, but, unfortunately, it was for for product manufactured from China. And, you know, we, you know, basically couldn't reach that commercial agreement that we wanted to. So, you know, that you know, there is potential in the future that that if another award that that could could could happen at this stage, I don't have any visibility of that, and I and I wouldn't like to, pretend that that that has a potential. So I think, you know, if it does happen, we'll take take that as an upside. But, you know, I think that that the where are standing today, I I think it's it's unlikely that we will, unfortunately, we will be making for the UK government.

41:14 Clearly, we have equipment for The U that that that's been installed by the Department of Health. That equipment, as as per the contract, is is for supplying the Department of Health. As we already mentioned in our statement, we are in discussions about getting commercial access for that. So if the demand from our self test and through dam health and professional tests exceed our own capacity, then we will our aim is to get access to that equipment that's in our facility. But those and those discussions are still ongoing, obviously. You know, when when they conclude, we will we'll advise shareholders of that. But, you know, extremely disappointing, especially, you know, I I understand a lot of people came in in the back of back of this announcements, And clearly, you you you are losing money as we stand here today.

42:10 It doesn't fill me with a lot of joy. I I can assure you that, you know, we we've in my view, we've acted in our bet and and and always tried to be open. And, you know, we as I said at the start, we're extremely disappointed as well that that we've reached this point. We've put a lot of effort into this over the last twelve, fifteen months. But, you know, as I said, we are where we are. We've gotta we've gotta move forward as a business. There's no point in in looking back. Let's look forward. And, you know, what does that forward look like in terms of COVID? Well, really, you know, we we weren't just totally focused on the Department of Health. We we we did have a strategy around our Visitec antigen test. We and and, you know, what what we realized, was that, you know, in terms of our sales sales channels, our sales teams, the way that the the COVID tests are being sold is different to to how diagnostic tests are normally being sold. It's a different marketplace.

43:11 We we could see that was starting to develop. There there was there's new new people coming again, sell selling selling diagnostics, tests that have never never sold them before. Our skill set is, you know, in in in in health nutrition and developing low low mid demand in low middle income countries. So we we were looking for someone to help us. We engaged with a with a company called Lands Landscape Strategic Capital. Really, the primary reason was that, you know, they have a a a pretty, strong connections in in in the where where we could see those tests being sold, and we could see that they they have the potential to to to to help us and and expand our commercial reach that that that we we we don't have. So that's really why we engage with them. We're really pleased with the way that that relationship is building.

44:05 The first company that they've obviously through through that part of that relationship is DAM Health. We signed that in in November. Really excited about DAM Health. I think they're a really interesting company that that is growing, you know, in the last twelve months, you know, significantly. They're they've done a great job in terms of the other mark probably, you know, maybe outside boot or just outside boots or along the boots, the the the largest provider of in clinic COVID testing in The UK. I think they've identified in The UK, you know, to to grow their business. They can't just focus in The UK. They've got a great network in Spain now that they've developed, and they've also got a network in in in Mexico as well. And I know they're they're they're very active in looking to expand into countries where where it makes sense for them in terms of and it's not just COVID as well, and that hence why we we've we've tagged in our health and nutrition business as well into that deal.

45:01 But in terms of COVID, you know, I'm quite excited about, you know, what what DAM Health can do that they are a very proactive business. We just need to get those approvals over the line, and then we we can start to look forward with confidence. And I think in terms of the the other partners that the Landsdon are working on, you know, again, there there is a, you know, a a lot of interest in our test that they are generating through through their networks. And fundamentally, we need self test approval for for those those those two to be opened. And but, you know, they are sitting there. And once once we get that self test approval, I'm confident that these other arrangements will will will flow through. So that's kind of where we are with COVID. And, hopefully, that you know, I understand that for most of you, you're extremely disappointed, but hopefully, I've given you a bit of a flavor about where where we can potentially, you know, once we get these approvals, how we can move forward and through this partnership we have and and and see see demand in in the in the coming months ahead.

46:04 And I'll just hand over to Chris now to go through a financial update. Yep. Thank you, Colin. I'll start with just a high level summary in terms of the overall p and l for h one. So sales overall up 81%, That's 62% have been food and a 170% have been our global health business. That's an extra million pounds coming from our global health business. And as Colin mentioned earlier, just under 200,000 pounds of that was, c d four that was shipped in the first half with the balance being COVID related. Gross profit in absolute terms obviously increased as a consequence. However, gross profit percentage has dropped by eight and a half percentage points. The drivers behind this really are twofold, underutilized production labor and raw material wastage or scrap as we ramp up production.

46:56 So in terms of the direct labor, the headcount on the Aldis site broadly doubled over the last over the last year or so as we brought in people to deal with the likelihood of the DHSC contract, so part of that ramp up phase. The p and l, we've we've actually expensed all of those costs as incurred in the first half, notwithstanding the fact that the the government's provided £2,500,000 of funding towards those setup costs. So that that that 2 and £1,000,000 is held in the balance sheet and is to be spread over the output, if you like, on a recovered on a per test basis from DHSC. So none of that benefit has actually gone through the p and l in the first half of this year.

47:43 On the production side, we we've really been ramping up our c d four production, as we mentioned. We're moving from small batch sizes to large batch sizes. The product, it has a biological component as you might expect, and that's introducing variability, into the into the production process. So there have been some teething issues, too high a level of wastage, if you like, and some materials that have reached their expiry date, and we've dealt with that by having a full stock take at the end of September. And we've cleaned up, you know, any materials that were at or nearing their potential expiry date where we didn't see that those would get utilized in the production process. The overall summary of that is essentially that that the loss for the first half is roundabout twice what it was for the second half at about two first half of last year, sorry, at around about 2,400,000.

48:37 And, clearly, that's not an acceptable result, and that's my key focus, in terms of how we can, move that business back to, at least a breakeven position on a consolidated basis. Moving on to health and nutrition. So as you mentioned, health and nutrition sales up about 62%, but but within this, we're having a significant effect from China. So Colin mentioned the stocking orders for our Chinese supply our Chinese customer last year. We said we sold just under 1,100,000 to China in in 2020, but only 300,000 so far this this fund is half wall. So, you know, if you if you were to strip out that kind of Chinese growth, the the the group, you know, the or the, you know, the the Chinese order from last year, if you like, the globe the growth in the underlying business will be closer to a 160% rather than rather than 60%.

49:31 And as we mentioned, I don't think we're gonna see any significant Chinese volume coming through in the second half of this financial year. It will really be h one, f y twenty three when we start to see, hopefully, a return to a sustainable level of procurement from our customer as they're growing their demand in the Chinese market. At the high level, sales have recovered, as we mentioned before, to pre pandemic levels, around about 4,200,000 in this food business. So you can obviously see the dip in terms of 2020 for the for the COVID. Our growth really is driven by Foodprint. Foodprint is our our premium product in this area. It has an average selling price of around about £250 a test and a higher margin compared to our food detective product, which is selling for maybe nearer a 100 per test.

50:25 So we we've seen the growth in food print. And, of course, our food detective product is predominantly sold into China. So you're seeing a a mix change within the food industry as well. We talked about the overstocking in China, and we've we've got some other sundry sales coming through here in terms of our lab. We're conducting testing within our CNSLab down in, Littleport, and a few other kind of pass through sales and and and food Eliza tests coming through, just making up the balance in terms of the overall 4,200,000. So flicking over to the the two core products of food print sales, as as Colin mentioned at the beginning, we've seen sales growth across all sales regions and key sales territories, North America, Europe, Asia, etcetera.

51:11 We've had six new system installations in h one, four of which were in Europe, in countries like Italy and Bulgaria, and two new additional installations taking place in India. This takes overall our active our active installations to a 156. So active installations is a KPI that we look at. These are these are, throughput systems where we have, sold product within the last twelve months, so rather than the ones that are sitting on the shelf covering dust. As as we mentioned earlier, our strategy here is to fill in the market gaps, so we make sure we're carrying, both the food print and the food detected product in our core territories, and and that's that's led to some of this growth, particularly within the European market.

51:57 On the food detective sales, this really is all this really is all about China, in terms of the the, the 40% decline year on year. But we have seen growth outside of China, which has offset some of that, at least. Remember as well, food detective is a an in clinic test. And whilst people haven't been moving around and and going out, due to COVID in different parts of the world, there will be an impact in terms of attendance at clinics that will be having an effect on this particular part of the business as well. Switching over to global health. We've broken our global health sales down in in terms of our our core products. So you can see a 167,000 on the left hand side. That's our c d four business.

52:43 We've got we've got 400,000 of UK RTC antibody tests earlier in the year. And then the major part of this of this revenue stream really has been the COVID where we've been doing work, as I'm sure you've seen, for the likes of SureScreen and a company called Farmact. Our COVID ELISA product, 200,000 last year, is now being discontinued, and we've got some balancing sales in other areas that include allergy, adrenal function profiles, and various recharges for the likes of, carriage and packing packaging to, to some of our customers. Okay. And maybe just, just in terms of the the the ELISA in terms of why we discontinued that. I mean, basically, that was a a test that was developed very early on in the pandemic, and and and that was at the time point, obviously, the the feeling was that, you know, antibodies could be antibody testing could could be a key way out of and get us back to to life in a in a normal and it it was really aimed at patients who were infected with COVID.

53:47 One of the restrictions that the the particular way that the test's been designed was it wasn't particularly good at picking up vaccinated patients. Clear clearly, The UK UK RTC antibody test does pick up both vaccinated and and infect and people have been infected and have antibodies. So we've that's why we've sort of switched our focus to if there is any antibody demand, we believe it'll come from UKRTC, and hence why we've decided to to discontinue the COVID ELISA product. K. And finally, just on to segmental reporting and cash. So we've broken down here the EBITDA between the different divisions, health and nutrition, global health, and corporate.

54:34 So you can see there that the, the health and nutrition business is generating a positive EBITDA of 1,100,000, whereas global health, COVID and c d four has lost 2,800,000, and we've got 700,000 of centralized costs for maybe kind of PLC related and shared services for the group. On top of the, the p and l, spend, if you like, we've got development spend, and there's around about £400,000 worth of r and d that we have cash paid, but have put on the balance sheet, under accounting standards. So overall, in our, in our trading business, we have, consumed around about 2,800,000, of cash. We've had some favorable working capital movements of $700, a bit of finance, a bit of CapEx, and we've received in the period the £2,000,000 I referred to earlier from Department of Health.

55:25 So overall, net cash movement in h one is an outflow of 1,100,000, leaving us with 4,700,000 as at the end of September in the bank. Our cash burn, if you look at that 2,800,000 spread over the six months, is a little under £500,000 a month. So 4,700,000 in the bank, you know, that that sort of nine months with the cash if we sit here and do nothing. Clearly, we're not gonna go and do that. We're gonna take action to address the cost base as well as try and grow the revenue. So some of the items that that we've identified that we're working on right now is as well as the growth across all the product ranges is just to manage the labor force, particularly the temporary labor force, reduce our consultants.

56:12 There'll be some natural wastage and headcount coming through as well. There are opportunities, I think, in terms of production efficiency around scrap rates and wastage, we're improving our processes to control purchasing to make sure that we are buying the materials we need aligned with our sales forecast, and we don't run the risk of having material that might expire before we consume it. So there's a number of items that we're working on to try and drive the cost base down in the second half. In addition to the 4,700,000 cash bank, we have a £2,000,000 overdraft, which is currently undrawn. And I'm currently working with Bank of Scotland, who are are our main bankers, to implement an export guarantee process, which would multiply that overdraft facility by four.

56:58 So we'd be we'd be nearer, you know, 8,000,000 of of potential debt facilities on top of our current net cash balances. And so, hopefully, that gives you some reassurance in terms of future cash flows. Okay. So with that, I'll hand back over to Colin to wrap up. Thanks. Thanks, Chris. And, hopefully, that that gave you a good flavor in terms of, you know, in terms of the piece of context around around the numbers as well. I thought he actually did a very good job given he's only been in, you know, in in the business for such a such a short time. So, yeah, he's he's certainly learning fast, I would say. So, yeah, just in terms of summary, I think, you know, in terms of COVID nineteen, think, clearly, we're disappointed with the the DHSC contract. You know? However, you know, you know, we are excited around Darm Health and the commercial agreement that's in place and, you know, the opportunity for for them to grow their business and for us to succeed as as they grow as well.

57:55 And we're also confident that once we we get self test approval in place, the other commercial opportunities will be forthcoming. So that's where we are with COVID. And in terms of VIZUTEK c d four, again, not really com not great that we're seeing build buildup of momentum, through multiple partner channels, in particular, CHI and UNITIED and PEPFAR coming on board, but also MSF as well. And so that that's great. We've got a million of committed orders for scaling up our production, and hence why we're confident of that 4,000,000 to 6,000,000 in the next three to five years. We also have, you know, strategically identified opportunities that will sit around that test to to help grow that those revenues in in the in the in the coming years ahead as well. And then finally, in terms of, you know, health and nutrition, you know, you know, I think that's really the for me is the is the great positive of of the the the first half of this year, you know, to sign in terms of the the return to to pre pre pandemic levels of a of a business that that generates significant cash for us.

58:58 But also, more importantly, is that strategic plan that we've got to see significant growth over the next two to three years as well, whether it be through organic digital platform, geographic expansion, or that menu expansion as well. And as Chris just alluded to as well, you know, we we obviously, in the first half, we have been burning some cash and more more than we probably should have done in anticipation of that DHSC buildup. You know, we will get that under control, and there will be operational efficiencies as well as we scale up with CD four as well. So I think, you know, overall, we expect to see an improved sales performance across the group, for the full year and also to see those losses reducing in the second half. So that for me is is really the the the end of the presentation. I'm conscious that it's now an an hour, and we've used the hour up. I had thought that it might have taken you know, we'd have had about twenty minutes to answer questions.

59:54 What I actually tried to do during the presentation was deal with a lot of the questions that I'd I'd seen that come in be beforehand. The so, hopefully, I've with a lot of the questions that came in. Clearly, what we can do is we could pick up those other questions. And as I said, and and Mark alluded to, what we can do is we will answer, like, all the questions that have come in. They are all all sensible questions that have come in. I will provide some feedback to to you so that you can so that your because your your your input is valuable to us. That's great, Colin. Thank you very much indeed. So so, Colin, would would that be the most sensible play, or do you wanna take a few moments to take a couple of questions that were presubmitted? I think a lot of these I I think both you've touched on, and there's a lot of commonality in some of these questions.

1:00:45 Yeah. I I mean, I think, you know, given that probably people have a a problem allowed in our I'm happy to sort of go over you know, we'd obviously look through the pre prepared questions, Mark. There's maybe sort of two or two or three that we can maybe pick up on. Sure. Sure. If you if you wouldn't mind, I'll maybe just sort of look look at those and and just pick them up directly, if that's okay. Yeah. No. Please do. And and just for the avoidance of of any doubt, you know, with over 1,100 people accepting today's call, know, it's impossible for those questions to be answered, obviously, collectively during this meeting. But as Colin said, we will notify you by email as soon as all of those questions submitted by investors have been reviewed. And, obviously, we'll make you aware by email when that's ready for your review. Yeah. And and, again, I do I do apologize. I I I let's see. We we thought this would our terms of presentation would last about sort of thirty, forty minute mark, and we've obviously overrun.

1:01:36 But as I said, the reason we have overrun is I've tried to pick up a lot of the questions that are coming in, certainly pre pre pre pre today anyway. Sure. So in terms of some of the as I look down some of the some of the questions that I I think I I may be missed off, and I'll I'll say I'll I'll pick out two or three, and then we'll just wrap it up given that we have overrun. So so there's one question around there's obviously there were some pictures taken of orange boxes within our facility in Alvar. So there's a question around, you know, what are they, what why are they there, and and how much revenue will it create. So bay basically, you know, as as I alluded to earlier, Origin was one of the companies that we have been in negotiations with with the Department of Health.

1:02:22 The I you know, during that, we've obviously developed a a close close relationship. They they asked us for some assistance with with product that are coming to The UK that they need some help with, you know, given that we had built up their relationship and, you know, we we we we agreed that we would try and help help them where we could. This is very much a short term term term task. It's using unskilled labor, and it will last for about four to six weeks, we envisage. And it's not utilizing any of the equipment or skilled labor that we have in place. And again, I think it's probably people are aware, we obviously brought in a lot of temps and resources to do this as well. In terms of, you know, we we expect revenues to be around about the the 500,000 mark, and, you know, it'll be a modest a modest profit of around about 100 k, in terms of the contribution.

1:03:14 It was more in terms of, you know, the potential to develop a relationship with them, you know, that that could then be used in in in the future that we saw why we wanted to do this, basically. In terms of some some other ones, there was a question around capacity that I noticed that I I didn't pick up on. So what is Omega's current capacity per week? What is the percentage being utilized? And how's how's it been utilized in the whole last three months? So, you know, as we publicized our capacity, it was it was was circa 2,000,000 a week. And in terms of split that between UK and our our own equipment that we that we procured.

1:04:00 It's really approximately a a third split. So we've we've got about, yeah, 33% of of that that overall fee that capacity that is that is Omega equipment. Just a second, Mark. I think there's a there's a bit of background noise that's or interference that we're hearing coming through, if you don't mind. So the so yeah. So it's it's about a third of of the is is our is our own capacity, and, obviously, two thirds is is is equipment that is that is ringfest for DHSE. And and as I alluded to, we're we're on discussions about getting access to that to allow us to to to to use use that capacity as well. This I would just stress that it does cover all lateral flow tests, which does include c d four as well. In terms of stock building, know, shelf life is a constraint.

1:04:50 And, obviously, with the unknown, you know, not knowing in terms of tight time frames of of approvals, etcetera, you you've gotta be prudent that you don't build too far too far ahead because if if you do, you end up with quite a lot of expiry cost, which obviously is something we want to avoid. So we've had limited stock build up. So really, a result, utilization has been a lot lower than than than what our capacity is. And, again, I think I touched on this in previous presentations, how we were managing that a lot of temporary staff. And clearly, once the demand comes in, we can ramp that up over a period of time. So hopefully, that answers the question on capacity. I think the other one that there were there was a lot of questions around sort of communication in in terms of, you know, basically, you know, I've I've picked one of them, there was a there was a large amount of them, so it could be any of them I picked. So in terms of one of the questions that I pulled out was, at the last presentation, you acknowledged that your investor communications have been poor and that they would improve.

1:05:53 Since that time, we've all faced it's a stonewall of silence whilst the share price continues to crash in front of us. Why do you pay so little respect to your investors, and why do you say you will improve and then it gets worse? I think we we actually answered this question, during during the AGM, and and and we when we when we did post a a reply in terms of, you know, what we felt was was this was the correct way in terms of changing our our communication strategy. I think that we accept that, you know, that in the past, that it's we've not always struck the correct tone in terms of communications, especially on on Twitter. And as a result, you know, what we decided to do is our communication was is is becoming more formal. I think it's also felt from from the board that, you know, it's it's it's not common for management to provide running commentaries to to investors.

1:06:46 And, clearly, when when we have something of of significance to say, we will see it, and we will share it as as as, you know, as quickly as possible. I think the other thing that that I did notice, I'll just wrap this into this question, is there was a lot of criticism around Warburg as well. I think, you know, you I think we've gotta be fair fair to Warburg here, you know, and I've mentioned this before, and I'll mention again is that, you know, at the end of the day, we are responsible for for our communication. It's not Warburg. They're only as good as as as a as a news flow that that that's coming. Clearly, there has not been a lot of news flow for for a number of reasons over the last few months. So they can only work with the material they've given. And, also, in terms of, you know, what that communication is, it's a company that has the final say on on how how that is communicated as well. So, again, I'd just like to to to address that.

1:07:38 I'm pretty sure that's probably not what you want to hear, but, you know, I think I think we we've got to, you know, be be quite clear in terms of how how we want to communicate and what we think is the most appropriate because we had a lot of criticism in the past around, you know, basically, you know, over overhyping or whatever. So we we have taken that on board, and, you know, this is a position that we will have moving forward. So I think in terms of what it may be due, given the time, it's we're we're just about ten minutes over. I'll I'll just finish up with one last question. I thought and I thought it was probably a a a good good one to to to end on, and it it will really repeat what I what I said at the start of the presentation. But, again, I think I think it's it's worthwhile to to end on that note. So again, can you offer us anything that is at all positive to shareholders, share prices, obviously, when the person wrote it, was near placing pricing continues to fall, company is silent, there's no institutional investors making move to buy the stock. This is completely at odds with the positive statements made by Omega earlier in the year.

1:08:41 The why should potential shareholders buy into Omega Diagnostics? I think in terms of why should potential shareholders buy into Omega Diagnostics, well, first of all, let's again address clearly shareholders' disappointment in terms of lack of progress with DHSC and COVID in general. I think that's a fair criticism and especially around the Department of You know, we we share that disappointment. I think in terms of hopefully, I've given you a good feel. You know, we we said back in July that in terms of our own product, we expect the demand to come from self test in particular. You know, we, are still waiting for that to approve. Once that's approved, we do expect to see, you know, commercial gains through the partnership we have with Lansdowne.

1:09:30 I think I would also add in terms of the dam health was something that, you know, because they are self can self professional test was in effect an added bonus for us. And I think the relationship we have with DAM will be a positive one that we'll look back on in in the coming months ahead as being a a good agreement that we've signed. And then in terms of noise, you know, the the other parts in terms of our core business, again, I'll just reiterate, you know, CD four is making great traction. We've got NGOs NGO support around this. It's backed by the World Health Organization. We do expect demand to get to four to 6,000,000. And and as you saw in in the recent results, the the revenues were were around 200 k. So significant upside in terms of potential revenues for that product. I think in terms of health and nutrition as well, it's back up to to to those those, pre pandemic levels. We expect to get that that that double digit growth. We've got a strategy in place that will really drive growth, whether it be through menu or or geographic expansion.

1:10:32 So I think, overall, we've got a core business that that that, you know, more than supports the share price we have today and with lots of gross growth potential and then and throwing the potential of COVID around our self test and and and what DAM can offer us, I do think that we have a very good good offering to to to shareholders. So just on that, I would I'd like to thank you for your time you've taken, and I assume we will answer a lot of questions over the coming days. We can hopefully get that out to you by the end of next week. Colin, Chris, thank you very much indeed for updating investors this evening. Can I please ask investors not to close this session as we're now automatically redirect you for the opportunity to provide feedback in order the management team can better understand your views and expectations?

1:11:18 This will only take a few moments to complete, but I'm sure will be greatly valued by the company. On behalf of the management team of Omega Diagnostics PLC, we'd like to thank you very much for attending this evening's presentation. That now concludes today's session. Good evening, and thank you again for your attendance.