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Genedrive receives second order from US Department of Defense

The company is targeting around 30 country registrations for the Genedrive HCV ID Kit by the end of June

HCV ID kit
Sales typically can commence between one and 12 months following registration depending on specific country requirements

Genedrive PLC (LON:GDR), the handheld medical diagnostic devices maker, saw revenues rise year-on-year in the second half of 2018.

Revenue clocked in at £1.5mln, up from £1.3mln the year before, and was largely generated by the US$900,000 order, placed in November 2018, for Genedrive instruments and assays from the US Department of Defense (DoD) plus ongoing grant income.

READ US giant AbbVie to fund trial of genedrive’s hep C test

The company said it recently received an additional US$500,000 from the DoD that will be recorded in the second half of the fiscal year, which runs to the end of June.

The company ended the year with cash of £5.8mln, up from £3.5mln at the end of June, following the successful fundraising which closed in December.

READ Genedrive welcomes BGF as a cornerstone investor as it proposes to raise £6mln

During the current quarter, the company expects cash inflows from an R&D tax credit of £1.0mln and to receive payment for the US$900,000 DoD order.

"Genedrive has the first to market point-of-need molecular test for HCV [hepatitis C virus], a strong commercial platform, and a clear strategy to deliver revenue growth,” said David Budd, the chief executive officer of Genedrive.

“Genedrive has secured four registrations for the Genedrive HCV ID Kit, is gaining recognition in the marketplace and is currently involved in a number of country-specific commercial initiatives. The US Department of Defense order has made a significant contribution to revenue in the period and with the recently received additional order we are hopeful that this momentum will continue," he added.

In a note to clients, analysts at Peel Hunt pointed out that Genedrive’s update showed the group was “well capitalised with encouraging DoD traction”.

They added: “We remain supporters of this company and the markets it is addressing.”

Peel Hunt currently has its rating and target price for Genedrive ‘under review’.

In early afternoon trading, Genedrive shares held steady at 21.50p.

 -- Adds analyst comment, share price --

Quick facts: Genedrive PLC

Price: 164 GBX

Market: AIM
Market Cap: £73.59 m

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