Atomo Diagnostics Q4 FY24 performance report

Atomo Diagnostics Limited (ASX: $AT1) has released its Appendix 4C and quarterly activity report for the three months ended 30 June 2024 (Q4 FY24). The company reported unaudited revenue of $1.64m for Q4 FY24, with cash receipts from customers during the quarter of $1.08m. Atomo finished the quarter debt-free, with cash on hand at quarter-end of $3.69m.

Executive Commentary on Q4 FY24 Performance

Atomo has experienced continued growth across its HIV Self-Test business, with approximately 400k units sold during the quarter. The Australian Federal Government's commitment to funding for the expansion of the NAPWHA run HIV Self-Test via mail-out program is a significant development, with Atomo budgeting revenues of $1.3m over the next two years from this program. The company is also working on promoting awareness and access to HIV Self-Testing via partnerships with NAPWHA and Grindr. Additionally, the launch of the Atomo HIV Self-Test in Boots stores across the UK marks a milestone in the company's global expansion. Atomo's collaboration with the Burnet Institute on the development of tests for monitoring liver function and the detection of active syphilis demonstrates the company's commitment to addressing public health challenges. The company's unaudited revenue of $1.64m for Q4 FY24, representing a 61% increase year-on-year, reflects the positive trajectory of Atomo's business.

Summary of Q4 FY24 Performance and Outlook

Atomo Diagnostics' strong performance in Q4 FY24, driven by global sales growth, government funding, and new product launches, underscores the company's position as a key player in the rapid diagnostic test market. The company's focus on expanding into new markets, supporting OEM partners, and engaging in industry events demonstrates its commitment to sustained growth. With unaudited revenue reaching $1.64m for Q4 FY24 and a debt-free status, Atomo is well-positioned to capitalize on emerging opportunities and further solidify its presence in the global diagnostic market.