(Alliance News) - GENinCode on Tuesday reported a larger annual loss as cost of sales and administrative expenses ballooned.
The biotechnology company focused on prevention of cardiovascular disease said pretax loss in 2022 was GBP5.7 million, widened almost 40% from GBP4.1 million in 2021.
Revenue grew by 17% to GBP1.4 million from GBP1.2 million, but administrative expenses increased by 56% to GBP6.3 million from GBP4.0 million. Cost of sales increased by 42% to GBP798,000 from GBP561,000.
Looking ahead, GENinCode expects to launch plans in the US, amid its continued business in the UK and the EU. "We have a strong and growing competitive clinical advantage to identify patients at genetic risk of coronary heart disease to improve preventive care in the largest global disease area with highest level of mortality," it said.
"Commensurate with growth we will build investment in our international manpower resource and expertise as well as exploring other acquisition opportunities to take advantage of the growth opportunities open to us."
Further, GENinCode anticipates additional revenue stream from private patients in 2023 and from National Health Services patients in the UK from 2024.
Chief Executive Officer Matthew Walls said: "We will drive revenue growth whilst maintaining a tight operational cost base to target breakeven over the medium term, de-risking our business model whilst offering significant growth potential."
GENinCode shares were 1.5% higher at 13.45 pence each on Tuesday afternoon in London.
By Tom Budszus, Alliance News reporter
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Genincode (GENI)