LONDON (Alliance News) - Genedrive PLC said Tuesday it increased its first-half income and made "good progress" on two UK government funded projects.
For the six months to the end of 2018, the molecular diagnostics platform increased its revenue 15% to GBP1.5 million from GBP1.3 million a year before.
Genedrive said the majority of its revenue came from the USD900,000 order from the US Department of Defense for Genedrive instruments and assays.
The company received an additional USD500,000 order from the US DoD, which Genedrive will record as revenue in the second half.
"The US Department of Defense order has made a significant contribution to revenue in the period and with the recently received additional order we are hopeful that this momentum will continue," said Chief Executive Officer David Budd.
The company said it has made "good progress" on the two Innovate UK grant funded projects and an NHS grant funded project to develop an assay to test for antibiotic related hearing loss in infants.
Genedrive said it is targeting 30 country registrations for its HCV ID kit by the end of the financial year, which ends on June 30. Despite delays in registration, the company said, during November and December the kit was registered in its first four countries, including two "priority countries".
Budd added: "Genedrive has the first to market point-of-need molecular test for HCV, a strong commercial platform, and a clear strategy to deliver revenue growth. Genedrive has secured four registrations for the Genedrive HCV ID Kit, is gaining recognition in the marketplace and is currently involved in a number of country specific commercial initiatives."
The company ended the period with cash of GBP5.8 million, up from GBP3.5 million six months ago, following a fundraising in December. In the current quarter, Genedrive expects cash inflows from a research & development tax credit of GBP1.0 million and the US DoD order payment.
Shares in Genedrive were up 0.7% Tuesday at 21.64 pence each.
Genedrive (GDR)