Diagnostics specialist Genedrive PLC’s (LON:GDR) annual revenues came in at the top end of City forecasts, buoyed by a strong growth in development income.
The major commercial breakthrough was the launch of the company’s rapid detection tuberculosis test in India in April. It said early interest was “in line with expectations”.
Turnover in the 12 months to June grew 12% to £5.4mln of which £1.9mln was development income.
The latter figure was up year-on-year by £1mln thanks to Genedrive’s involvement in the US Department of Defense handheld biohazard identification programme.
“The project represents significant external validation for our development capability and processes as well as extensive enhancement of our development know-how and supply chain,” the company said.
The next £2.4mln (US$2.9mln) phase has been signed off.
As is common with companies at this formative stage of the commercial cycle, Genedrive was lossmaking – to the tune of £5.4mln.
At the year-end it had cash of £1.1mln, but topped up its coffers following a £6mln share placing in July.
Looking ahead, regulatory approval for the Genedrive test for hepatitis-C is expected next spring.
Chief executive David Budd said: “The year has seen us take further significant strides towards realising the potential of the Genedrive platform to bring the strength of hospital-based, central laboratory diagnostics close to the point of need and near patient setting.
“We have begun the launch of our MTB/RIF [tuberculosis] assay in India, our first commercial market, and, whilst this has been challenging, I am confident that we will make progress in securing support for the roll out of our TB and HCV tests during the current financial year.
“We also intend to make progress in the development of partnerships to bring assays to the Genedrive platform which will see effective capital deployment in the extension of the Genedrive range of tests."