17 October 2017

genedrive plc Preliminary Results

 

genedrive plc (AIM:GDR), the near patient molecular diagnostics company, today announces its audited Preliminary Results for the year ended 30 June 2017.

Financial Highlights

  • Turnover of £5.8m, up 13.7% (2016: £5.1m)

                              - Strong growth in Genedrive® development income to £2.6m (2016: £2.0m) principally driven by the US Department of Defense (DoD) biohazard programme

                              - Moderate increase in Service income to £3.2m (2016: £3.1m)

  • Trading loss improvement to £4.9m (2016: £5.4m) despite increased Research & Development and Administrative costs
  • Cash at 30 June 2017 of £5.1m (2016: £1.1m) post £6.0m equity fund raising in July 2016; 30 September 2017 cash of £4.2m (unaudited)
  • Loss for the year £6.4m, up 8.5% from £5.9m in the prior year reflecting an impairment charge and tax credit

 

Operational Highlights

  • Proprietary Genedrive® Hepatitis C (HCV) test submitted for CE marking
  • Continued positive progress with the US DoD biohazard identifier programme, including extension of programme into next phase
  • Successful field trials of Genedrive® aquaculture testing programme, performed in collaboration with the Centre for Environment, Fisheries and Aquaculture Science (Cefas)
  • Disappointing uptake of MTB/RIF assay in India, in part owing to sample preparation problems specific to MTB and commercial issues
  • Name change from Epistem Holdings Plc to genedrive plc and £6m raised from July 2016 placing - strategic focus on molecular diagnostics business opportunities

 

Post Year End

  • CE marking obtained for Genedrive® HCV ID kit
  • Genedrive yesterday announced that it has entered into a distribution agreement with Sysmex Europe for Genedrive® HCV ID kit in the EMEA region with an initial focus on Africa
  • Entered next stage of the US DoD biohazard programme, worth approximately $1.4m in development income and a further $0.5m in product sales all expected to be recognised in the current financial year
  • £0.6m conditional grant offer from Innovate UK to fund centrifuge free plasma separation device

“During the year, we have continued to follow a disciplined approach to executing our strategy to become a near patient molecular diagnostics company. We achieved significant milestones particularly in HCV where the CE marked Genedrive® HCV ID kit positions the Company as first to market with an affordable and cost effective decentralised HCV test. With a strong commercial partner now in place for HCV in EMEA, we look forward to beginning commercialisation activities in certain markets for this important new assay. Overall, the Board is encouraged by the growing momentum in the business and the outlook for genedrive plc.”

David Budd

Chief Executive

Conference call for analysts

A briefing for analysts will be held at 11:00am BST on 17 October 2017 at 85 Gresham Street, London, EC2R 7HE. There will be a simultaneous live conference call with Q&A and the presentation will be available on the Company’s website at http://www.genedriveplc.com/.

 

Please visit the website approximately 10 minutes before the conference call to download the presentation slides. Conference call details:

 

Participant dial-in: 08006940257

International dial-in: +44 (0) 1452 555566

Participant code: 99057976

 

For further details please contact:

genedrive plc

David Budd: CEO                                                                                                                               +44 (0)161 989 0245

Matthew Fowler: CFO

 

Peel Hunt LLP

James Steel                                                                                                                                       +44 (0)207 418 8900

Oliver Jackson

 

Consilium Strategic Communications

Chris Gardner                                                                                                                                    +44 (0)203 709 5700

Matthew Neal

Laura Thornton

genedrive@consilium-comms.com 

 

 

Notes to Editors

 

About genedrive plc

genedrive plc is a molecular diagnostics company developing and commercialising a low cost, rapid, versatile, simple to use and robust point of need molecular diagnostics platform for the diagnosis of infectious diseases and for use in patient stratification (genotyping), pathogen detection and other indications. The Genedrive® platform and MTB/RIF test have been launched in India and a Genedrive® HCV test has received CE-IVD Certification.

 

Further details can be found at: www.genedriveplc.com and www.genedrive.com

 

*** For full results statement please click here ***


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