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Genedrive coronavirus test capable of generating £1.5mln of revenue per week, says broker

The molecular diagnostics company's new test can support high-volume coronavirus testing for governments

Genedrive PLC -

Genedrive PLC’s (LON:GDR) newly approved assay to detect active infections of the novel coronavirus (Covid-19) could potentially generate revenues of up to around £1.5mln per week, says broker finnCap. 

This is based on partner Cytiva’s scalable manufacturing method, which is capable of producing 10,000 polymerase chain reaction (PCR) beads per hour.

Such revenues, which amount to £75mln on an annualised basis, could theoretically generate a gross margin of 60-80%, analysts at Genedrive’s house broker said in a note to clients on Friday.

This followed news from the company that its SARS-CoV-2 Kit has been awarded a CE-IVD mark, in line with management’s previous guidance, meaning Genedrive can begin commercial sales across the EU, including the UK.  

Genedrive will now begin distribution to potential customers for initial clinical evaluations and aims to record first sales in June.

The analysts said their current group forecasts, for £1mln revenue and adjusted losses before tax of £6.4mln, exclude Covid-19 test revenues, as modelling the impact of the test is not possible at the moment. 

As a result, the broker's target price remains under review. 

Quick facts: Genedrive PLC

Price: 127 GBX

Market: AIM
Market Cap: £65.14 m

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