Genedrive PLC (LON:GDR), the molecular diagnostics company, said revenues grew by 40% year-on-year in the six months to December 31.
Of that, £1.2mln was diagnostic-related income (in other words sales of its handheld Gendrive system). That compares with a figure of £500,000 in the same period a year ago.
Following July’s successful share placing, the company is in a strong financial position with net cash of £5.7mln.
Positive progress continues to be made with the Hepatitis C test and Gendrive said it will apply for regulator sign-off for the device in the form of a CE Mark by the end of March, based on its “highly encouraging performance results”.
Chief executive David Budd said: "We are making good progress towards realising the proven potential of the Genedrive platform in a range of applications through our own programmes and partnerships.”
In India, where the company is marketing an assay for tuberculosis, the market is described as “challenging” with the local distributor still working from its initial stocking order.
“While we continue to address challenges in India and are working to address TB-specific sample preparation issues for our MTB/RIF test in field use, the Genedrive platform itself is performing very well across a diverse range of programmes,” CEO Budd said.
"Our pathogen detection collaboration with the US Department of Defense is progressing well and, in Hepatitis C, we have the potential to be first to market with a decentralised qualitative test that will help extend the reach of new treatments to large patient populations globally."
After appointing advisers to review its service operations the firm said it is “seeking to secure third party interest for these non-core operations”.