Genedrive revenues tumble as Covid-19 hits pre-existing business activities

Molecular diagnostics company Genedrive saw revenues tumble in the year ended 30 June due to the impact of the Covid-19 pandemic on pre-existing business activities.

Genedrive said on Friday that revenues had fallen from £2.4m a year ago to £1.0m, in line with expectations.

The AIM-listed group did note it was "very confident" of a rapid commercial rollout of its Genedrive 96 SARS-CoV-2 kit in India and said it has signed deals with a number of distributors across Africa.

The company further stated that while it had already received over £1.0m worth of indicative orders for the Genedrive 96 test, it highlighted that regulatory approvals were still required to fulfil said orders and ship the product.

However, this approval was taking longer than expected to be received as a result of healthcare systems focusing on the pandemic directly.

As of 1015 BST, Genedrive shares had sunk 12.20% to 90p.