Genedrive full-year revenue rises

(Sharecast News) - Point-of-care pharmacogenetic testing company Genedrive reported a significant increase in revenue in its full-year results on Friday. The AIM-traded firm said revenue and other income for the six months ended 30 June rose to £0.5m, up from £0.06m in the 2023 financial year, driven by progress in commercialising its Genedrive product range.

It said it remained debt-free, with £5.2m in cash at year-end following a successful £6m equity fundraising.

The operating loss for the year widened slightly to £5.3m, from £5.2m a year earlier, which the board put down to increased research and development investment of £4.2m, focussed on advancing near-commercialisation projects.

Genedrive said its MT-RNR1 ID Kit, which aided in genetic testing for neonatal hearing loss risk, achieved notable traction.

Initial orders were secured in the UK and overseas, with adoption by Royal Sussex County Hospital and a £0.5m funding package supporting real-world evidence generation at 14 UK hospitals.

The product also received FDA 'Breakthrough Device' designation, paving the way for clinical research in the US.

Genedrive added that its CYP2C19-ID Kit, used for CYP2C19 genotyping in stroke management, achieved UKCA marking and outperformed a reference laboratory test platform in a key performance milestone.

NICE endorsed the kit as the preferred platform for guiding clopidogrel administration, with the first UK commercial sales now secured.

Both the MT-RNR1 and CYP2C19 kits received positive assessments from the Scottish Health Technology Group, enhancing their credibility and adoption potential.

"Our AIHL and CYP2C19 interventional tests are at the forefront of the emerging realisation of pharmacogenetic testing at the point of care, enabling better health outcomes and improved safety for patients, whilst offering significant health economic benefits to global healthcare systems," said chief executive officer Gino Miele.

"We made significant progress during the year and our near-term focus is executing on our commercial growth strategy, by navigating the reimbursement complexities of the NHS and other countries, expanding the number of sites using our tests in the UK and making targeted efforts to initiate in-country live sites in our prioritised international markets."

At 1312 GMT, shares in Genedrive were down 8% at 2.07p.

Reporting by Josh White for Sharecast.com.