Genedrive Confident For Future As Interim Loss Narrows On Lower Costs

20th Mar 2018 13:59

LONDON (Alliance News) - Genedrive PLC said on Tuesday that its pretax loss narrowed in the first half of the financial year as financing costs reduced significantly.

Revenue for six months to the end of December was GBP2.6 million, down from GBP2.9 million for the same period in 2016. Although Diagnostics revenue rose 8.3% to GBP1.3 million, from GBP1.2 million, it was more than offset by Services revenue, which declined 24% to GBP1.3 million from GBP1.7 million the prior year. This was due to a reduction in the like for like revenues from Pharmacogentics.

The molecular diagnostics company reported pretax loss of GBP2.2 million, narrowed from GBP3.0 million it reported in the first half of 2016, as financing costs reduced significantly to GBP100,000 from GBP600,000.

Genedrive said that receipt of CE-IVD certification for its Hepatitis C ID Kit in September was a "significant achievement" for the company, leading to the signature of two distribution agreements with Sysmex EMEA and Sysmex APAC to cover the Europe, the Middle East, Africa and Asia Pacific regions.

The group added that it begun work on a device to allow the separation of plasma from whole blood without the need for a centrifuge. Genedrive said it will fund studies by a GBP600,000 innovate grant awarded during the period. The company expects the device to be ready by mid-2020.

Genedrive Chief Executive Officer David Budd said: "We continue to execute on our strategy to transform Genedrive's focus fully on to molecular diagnostic targets, particularly on the global opportunities present in Hepatitis C and Tuberculosis, as well as looking to the future for additional accretive assays."

The company said it is currently trading in line with expectations and remains confident and committed to the business strategy.

Genedrive shares were up 5.2% at 40.50 pence per share on Tuesday.

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