Atomo Diagnostics (AT1) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed attendees in person and online, acknowledged traditional land owners, and introduced the board, executives, and key advisors present for the meeting.

• Outlined the meeting format: company update, financial review, voting on resolutions, and Q&A with shareholders.

• Atomo Diagnostics presented an overview of its business, focusing on innovative rapid test technologies for professional and self-test markets.

Financial performance review

• Revenue for FY24 reached $4.09m, a 61% increase from FY23, with core business revenue up 90% year-on-year excluding COVID sales.

• Gross profit rose 144% to $1.61m, and gross margin improved to 39% from 26% the previous year.

• Operating expenses were significantly reduced, with nearly AUD 3 million in cost savings over 18 months and over 30% reduction year-on-year, contributing to a 46% reduction in EBITDA losses.

• FY2024 saw 1.13 million devices sold, with two-thirds being proprietary products.

• No significant capital expenditure is required to fund future revenue growth, with continued improvements in revenue, gross profit, and margin.

Board and executive committee updates

• Board composition and committee roles were reviewed, with a strong endorsement for the re-election of Deborah Neff.

• Remuneration adjustments were minimal, with no options issued and CEO compensation unchanged.