Genedrive losses narrow despite increased R&D costs

(Sharecast News) - Molecular diagnostics company Genedrive saw revenues tick ahead slightly in the first half of its financial year but increased research and development costs kept the firm in the red.Genedrive saw revenue and other income increase 15% to £1.5m in 2018, reflecting a shift to commercial sales from development grant revenues.However, a 12% increase in R&D costs to £2.49m left the group with an interim pre-tax loss of £1.7m - or 22.7% less red ink than that recorded at the halfway point of its previous trading year.LBITDA widened 2.5% to £994,000, while losses per share narrowed 35.7% to 7p.The AIM-listed group ended out the half with a cash balance of £5.8m, up from the £3.5m it held at the beginning of its trading year on 1 July thanks to a successful £6m fundraiser.Looking forward, the group assured investors it was confident that its Genedrive platform would perform particularly well as it moves into commercialisation for both its HCV and bio-threats tests.Genedrive also said it remained committed to its business strategy of exploiting "the attractive near-patient molecular diagnostics market".As of 1200 GMT, Genedrive shares had slid 6.38% to 22p.