Genedrive PLC Trading Update (9183K)
13 July 2017 - 4:00PM
UK Regulatory
TIDMGDR
RNS Number : 9183K
Genedrive PLC
13 July 2017
For release: 13 July 2017
genedrive plc ("genedrive" or the "Company")
Trading Update
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 GBP5.8m (2016:
GBP5.1m) with diagnostic (Genedrive(R)) related revenue of GBP2.6m
(2016: GBP1.9m) and Services revenue of GBP3.2m (2016: GBP3.1m).
The Company closed the period with cash of GBP5.1m, (2016:
GBP1.1m), compared to the unaudited 31 December 2016 cash position
of GBP5.7m. The second half cash flows benefitted from the receipt
of a GBP0.8m tax credit (2016: GBP0.7m) related to HMRC R&D tax
relief.
The Company submitted its Genedrive(R) 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.
David Budd, CEO of genedrive plc, commented: "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(R) 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(R) HCV ID kit. We look forward to
providing updates as we deliver each step of the plan."
Genedrive expects to reports its full results in October
2017.
- Ends -
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
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(R) platform and MTB/RIF test have been
launched in India and a Genedrive(R) HCV test has been successfully
assessed by the Institut Pasteur, Paris.
Further details can be found at: www.genedriveplc.com and
www.genedrive.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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