Abingdon Health

ABDX.L

Medical - Diagnostics & Research · Healthcare

Price

11.00 GBp

+0.00 (+0.00%)

Market Cap

27.8M GBp

Exchange

London Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Weak

Growth

Good

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+282.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 96.0M (2021) → 366.7M (2025)

Winston Score History

The full picture

Abingdon Health is a UK-based company that makes rapid diagnostic tests — simple tools that give quick medical results without needing a lab. Their products include lateral flow tests, which are the same type of strip-based tests used in home COVID tests. They sell to healthcare providers, governments, and businesses, and also help other companies design and manufacture their own diagnostic tests.

The company earns money by selling finished tests and by charging fees to develop and produce tests for other organizations, known as contract development and manufacturing (CDMO). Abingdon Health operates mainly in the UK and exports internationally, but it is a small company with a market cap near zero, meaning it is very early-stage. Its main competitive edge is its specialized expertise in lateral flow test design, but the business is currently losing money — spending far more than it earns — and its key challenge is winning enough new contracts to reach profitability before it runs out of cash.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+36.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+15.5% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

£0/ year

0.0% of revenue

Below sector average (18%)

Research and development spending

Insider Activity

4.8%ownership

Relatively low insider ownership

Cash Runway

~9 months

£4M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Revenue accelerating

Abingdon Health grew revenue 37% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

24.9%

Thin — 24.9% gross margin

Profit after running costs

Operating Margin

-67.4%

Losing money on operations — -67.4%

Return on the money invested

ROCE

-62.1%

Weak — -62.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+40.4%

Fast-growing sales (+40.4% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-27.0%

Burning cash (-27.0%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.12

Conservative — low debt load (0.12)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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