Todos Medical Ltd (OTCQB:TOMDF) reported $3.2 million in sales for November 2020, up 269% from October 2020, following a strong final two weeks that saw the receipt of purchase orders for reagents to support increased testing demand due to the Thanksgiving holidays, as well as the completion of the Tecan liquid handler automation installation at Todos’ Wisconsin COVID-19 testing lab client.
The company noted that it was cashflow positive in November 2020 for its COVID-19 testing business, and it has secured $2 million in traditional receivables financing to preserve its liquidity while it awaits client payments.
Todos Medical CEO Gerald Commissiong said in a statement: “Our strategy of focusing on increasing key clients’ capacity by implementing automated PCR testing solutions to allow them to significantly increase the number of samples they can process daily is beginning to bear fruit.”
READ: Todos Medical has developed the technological tools for early disease detection
He added: “We are now on a clear growth trajectory and will be focused on expanding our testing offerings to existing clients with novel assays that are complementary to PCR testing. One of the key tests we expect to bring to the market is our development-stage lab-based 3CL protease diagnostic test that is being advanced to determine whether a PCR positive patient remains contagious to infecting others. We believe this assay could become quite important for labs that engage with clients who do repeat testing, and we expect the lab version of this assay to become available in the US market in the near future. We also see it as a way to persuade potential clients to switch to our traditional PCR tests as we are able to supply labs with everything they need to scale COVID-19 testing, including automation and consumables such as pipette tips.”
Todos added that it expects its revenue growth to continue in December 2020, as COVID-19 testing continues to increase on a weekly basis. The company also sees potential from the completion of a second client’s installation of liquid handling automation technology in Brooklyn, New York, which could begin placing reagents orders shortly.
Todos Medical announced yesterday that it expects 2021 to be a “transformational” year as it continues to build upon the initial commercial success of its COVID-19 testing while focusing on breast cancer blood testing for its post-pandemic future.
Contact Sean at sean@proactiveinvestors.com
