genedrive PLC (AIM:GDR), the maker of rapid genetic tests, said it expects total income to double to around £1 million for the financial year ended 30 June, up from £0.5 million the previous year.
This growth was driven by stronger sales in the second half, which generated £0.65 million compared with £0.35 million in the first half. Overheads remained steady, with a shift towards more focused commercial activities.
Looking ahead, Genedrive has visibility of about £0.6 million income early in the new financial year.
This is supported by several developments: completion and submission of evidence to the National Institute for Health and Care Excellence (NICE) as part of its Early Value Assessment, which could trigger wider adoption in the UK.
Also expected to aid commercial traction are Scotland’s phased national rollout of two Genedrive tests beginning around October and the start of a 12-month rapid genotyping programme at Manchester University NHS Foundation Trust.
International sales in Europe and the Middle East are also gaining momentum, and the US market remains a key opportunity.
Genedrive is progressing with FDA regulatory processes for its MT-RNR1 and CYP2C19 test kits, with the latter’s submission expected early next year.
Cash balances stand at about £700,000, and the board is exploring financing options to strengthen working capital.
In the trading update, genedrive welcomed planned healthcare reforms in England that aim to better fund innovative medical devices through an expanded NICE appraisal pathway from April next year.
This includes a new ‘innovator passport’ to help technology roll out more easily across the NHS.
CEO Dr Gino Miele said the company’s rapid genetic testing platform delivers improved patient outcomes, productivity gains for healthcare providers, and cost savings.
He added: “Our domestic revenue ramp is intrinsically linked to better patient outcomes and cost savings to the NHS and UK taxpayer.”
He highlighted growing international traction in countries including Italy, the Netherlands, UAE, Bahrain, Kuwait, Saudi Arabia, and Qatar.