Revenues fall, losses narrow for Genedrive
Near-patient molecular diagnostics company Genedrive reported revenue of £0.7m in its final results on Tuesday, down from £1.1m year-on-year.
The AIM-traded firm recorded a loss of £0.7m for the 12 months ended 30 June, narrowing from the £19.4m loss it reported a year ago, while year-end cash slimmed to £2.6m from £8.2m.
Its balance sheet was debt-free, following the conversion of £2.5m in loan notes.
Genedrive had unaudited cash of £7.3m as at 31 October, after a successful equity fundraise of £7.1m in September.
On the operational front, Genedrive noted the successful completion of trials in antibiotic-induced hearing loss in June, with 750 babies tested, accuracy confirmed at 100%, and a launch with key opinion leaders ongoing.
Since the end of the financial year, the new Genedrive system was CE-marked, with the product launched on 29 September.
Mountain Horse Solutions was appointed as the firm’s specialist US military distributor in March, to drive adoption in the US military, while point-of-care Covid-19 studies to support the final CE submission stage were due to complete “imminently”.
“We are at an exciting phase for the company with both the AIHL and CoV-POC products about to enter their commercial stages,” said chief executive officer David Budd.
“Our balance sheet is strengthened following the recent equity raise and we are well placed to drive shareholder value going forwards.”
At 1444 GMT, shares in Genedrive were up 0.13% at 19.22p.