13 July 2017
genedrive plc, the near patient molecular diagnostics company, today provides an unaudited year end update for the twelve months ended 30 June 2017.
Group revenue was ahead of the prior year at £5.8m (2016: £5.1m) with diagnostic (Genedrive®) related revenue of £2.6m (2016: £1.9m) and Services revenue of £3.2m (2016: £3.1m). The Company closed the period with cash of £5.1m, (2016: £1.1m), compared to the unaudited 31 December 2016 cash position of £5.7m. The second half cash flows benefitted from the receipt of a £0.8m tax credit (2016: £0.7m) related to HMRC R&D tax relief.
The Company submitted its Genedrive® HCV ID kit for CE IVD certification in March 2017 and has since been working closely with the certification body to achieve registration. The Company expects to update the market on its CE status and commercialisation plans for HCV in the near future.
The Group’s contracts with the US Department of Defense and the Centre for Environment, Fisheries and Aquaculture Science (Cefas) continue to progress well and in the year these contracts drove the sales growth in the Group’s diagnostic related revenues.
As previously announced, there has been an issue with the mTB sample preparation process and genedrive has worked to resolve this situation which was related to a supplier component. The Company is now engaging with its local commercial partner to access field based customers and assess the impact of this change, and, until validated in the field, there is no additional short-term revenue expected.
The Services business continues to contribute positively to the Group’s cash flow and we expect this to continue in the short-term. The Company continues to assess how the business might best contribute to the Group, including considering disposal options. At present, none of the proposals submitted to acquire the Services business has been deemed to be in shareholders’ interests.
“We have continued the good progress made in the first six months of the calendar year and continue to work towards realising the proven potential of the Genedrive® platform across several value creating opportunities. The forthcoming months will be significant for the Company as there are a number of near-term milestones expected to be achieved, in particular for the Genedrive® HCV ID kit. We look forward to providing updates as we deliver each step of the plan.”
David BuddCEO of genedrive plc
Genedrive expects to reports its full results in October 2017.
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For further details please contact:
David Budd: CEO +44 (0)161 989 0245
Matthew Fowler: CFO
Peel Hunt LLP
James Steel +44 (0)207 418 8900
Consilium Strategic Communications
Chris Gardner +44 (0)203 709 5700
Notes to Editors
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 been successfully assessed by the Institut Pasteur, Paris.