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(Alliance News) - Genedrive PLC on Monday reported a substantially widened pretax loss as revenue slumped due to a lack of Covid-19 revenue.
Shares in the molecular diagnostics company fell 19% to 10.36 pence each in London on Monday afternoon.
In the year that ended June 30, Genedrive's pretax loss widened to GBP5.6 million from GBP1.9 million last year.
Genedrive's revenue dropped to GBP49,000 from GBP687,000 last year. Genedrive said its revenue was "adversely impacted" by the absence of Covid-19 revenue.
The company noted that it "refocussed" its resource on developing Covid-19 tests as diagnostics needs "changed almost overnight."
However, it noted that Covid testing following the summer months has not increased in the UK or internationally.
Despite the results, Chief Executive Officer David Budd said: "Market development and engagement is positive and growing, as we have unique products with a positive health economic and clinical outcome."
Looking forward, Genedrive said its Antibiotic Induced Hearing Loss test has been deployed first to Manchester University NHS Foundation Trust, a "cornerstone installation" which will act as a reference site to other NHS trusts.
The AIHL test has been selected to be fast-tracked via the National Institute of Clinical Excellence's Early Value Assessment Programme. It expects NICE evaluation to be "the catalyst to springboard our AIHL test into national commissioning by the NHS."
Genedrive said it has also commenced the process for Food & Drug Administration approval of its Genedrive AIHL test.
By Chris Dorrell; chrisdorrell@alliancenews.com
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