The Atomo Diagnostics (ASX:AT1) share price is popping 7% today

The Atomo Diagnostics (ASX:AT1) share price is up today without any new ASX announcements. Let's look at the company's recent performance.

Gretchen Kennedy

Gretchen grew up in a small Connecticut town where she learned to read The Wall Street Journal as part of the grade six enrichment program. She moved to Australia in 2002, earned a Master of Arts (Professional Writing) and went on to spend eight years writing on Wall Street. In June 2018, Gretchen returned to Australia and has since developed a keen interest in all things ASX. In December 2020, she started writing for the Motley Fool. Gretchen's usually writing something, reading a book or chasing her dogs around.

Published March 2, 2021 3:27 pm AEDT

Atomo Diagnostics Ltd (ASX: AT1) shares are on the rise in afternoon trade today. At the time of writing, the Atomo share price has surged 6.52% to 24.5 cents.

With no news announced today, let's take a look at the company's latest results update to see how it has been performing.

A happy doctor in a white coat dancing due to his excitement over the EBOS acquisition — Image source: Getty Images

An Atomo rundown

Atomo is an Australian medical device company that supplies blood-based rapid diagnostic test (RDT) devices to the global market.

The company reported in its latest results presentation that its monthly production of blood testing devices increased during the first half of FY21 (1H21) from 750,000 per month to 1.6 million per month.

At the end of the 1H21 period, Atomo posted global sales of 3.5 million devices. The business also disclosed that an additional 2 million devices have been contracted for.

Atomo produced some strong financial results for the half with a 389% hike in revenue and a 278% increase in gross profits compared to 1H20.

Earnings before interest, tax, depreciation and amortisation (EBITDA), on the other hand, came in at a $2.12 million loss for 1H21.

As of 31 December 2020, Atomo Diagnostics held $24.69 million of cash and no debt.

What's on the horizon for Atomo?

Regarding what lies ahead for Atomo, the company stated that it will continue to drive the growth of its COVID-19 rapid antibody tests in Australia. Atomo is also pursuing opportunities internationally, including in the United States.

The business further highlighted its intention to create commercialisation agreements for new products upon completion. Atomo intends to continue investing in technology that supports both the company and its client base.

In addition to being contracted for 2 million more devices, an FDA Emergency Use Authorisation has also approved sales beyond this amount.

Atomo Diagnostics share price snapshot

The Atomo Diagnostics share price has fallen by 12.5% over the past month. Over the previous 6 month period, Atomo shares have fallen by around 37%.

Based on the current Atomo share price, the company has a market capitalisation of approximately $94 million with 565.4 million shares outstanding.

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