Biolidics H1 loss widens to S$3m

MEDTECH company Biolidics 8YY posted a S$3 million loss for the six months ended June 2021 - widening from the S$0.1 million loss in the year-ago period - amid a "highly competitive market" with a growing supply of antigen and antibody test kits.

Group revenue for the period tumbled 91 per cent to S$0.6 million, from S$7.1 million in H1 FY2020. Basic loss per share stood at 1.14 Singapore cents, compared to 0.04 cent in H1 FY2020.

"As the Covid-19 pandemic unfolded since the start of 2020, there has been a significant increase in manufacturers involved in the development of Covid-19 diagnostic test kits as well as antigen and antibody test kits.

Hence, the growing supply of antigen and antibody test kits has led to a highly competitive market with intense price competition," the company said in a business update on Friday.

Sales of Covid-19 related products brought in S$0.4 million in H1 FY2021, compared to S$6.4 million in the year-ago period.

Apart from its business in infectious diseases, Biolidics is also engaged in cancer diagnostics and providing laboratory services.

For H1 FY2021, revenue from its cancer diagnostics services fell to S$0.13 million, while that from laboratory services increased to S$80,000, up from S$7,000 in the year-ago period.

On its upcoming plans, Biolidics said it wants to provide testing applications at different infection stages of Covid-19. One area it is focused on, is developing a neutralising antibody Covid-19 test kit embedded with technology licensed from the Agency for Science, Technology and Research (or A*Star).

It also plans to broaden its market presence in Asia on the cancer diagnostics front.

Shares of Biolidics closed flat at S$0.27 on Friday.