2nd Aug 2016 09:19
LONDON (Alliance News) - Molecular diagnostics company Genedrive PLC said Tuesday its financial year ended June 30 saw an increase in revenue but a wider loss before interest, tax, depreciation and amortisation.
Revenue for its financial year was GBP5.0 million, "the top end" of Genedrive's previous guidance and an increase of 10% from revenue of GBP4.5 million in its previous financial year. Its Ebitda loss is expected to be in line with market forecasts of GBP3.9 million, an increase of 11% from its loss of GBP3.5 million the financial year ended June 2015.
Following the year end, the company, which changed its name from Epistem Holdings PLC last month, said it has commenced its "strategic review" of its services operations, as previously planned.
"We have continued the process of focusing on our diagnostic operations with the changing of the company's name to Genedrive, and the strategic review of our services businesses, which will continue to trade under the Epistem brand," said David Budd, chief executive of Genedrive.
Shares in Genedrive were down 3.0% at 80.00 pence Tuesday.
By Lucy Heming; [email protected]
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