Genedrive PLC Trading update (0749N)

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RNS Number : 0749N

Genedrive PLC

15 January 2019

For release: 15 January 2019

genedrive plc ("genedrive" or the "Company")

Trading Update

genedrive plc (LSE: GDR), the near patient molecular diagnostics company, today provides an unaudited update for the six month period ended 31 December 2018.

Revenue was GBP1.5m (2018: GBP1.3m). This largely comprised the $0.9m order for Genedrive(R) instruments and assays from the US Department of Defense (DoD) announced in November 2018 and on-going grant income. During the period good progress has been made on the two Innovate UK grant funded projects and the NHS grant funded project to develop an assay to test for antibiotic related hearing loss in infants.

The Company is also pleased to announce it has recently received an additional $0.5m order from the DoD which will be recorded as revenue in the second half of the year ending 30 June 2019.

The Company is targeting approximately 30 country registrations for the Genedrive(R) HCV ID Kit by the end of the financial year. Despite the delays in registration previously announced, the Company is pleased to confirm that that during November and December 2018 the Genedrive(R) HCV ID kit was registered in its first four countries, including two that are classed by the Company as priority countries. genedrive's distributor will now progress to the next stage of in-country commercialisation. Sales typically can commence between one and twelve months following registration depending on specific country requirements. In addition to the registration processes, the Company is also involved in a number of country specific opportunities with the HCV ID kit to support near-term sales.

The process to obtain WHO pre-qualification (WHOPQ) is also progressing as expected. WHOPQ is a necessary step to support adoption of the Genedrive(R) HCV ID kit by interested United National agencies and WHO Member States in their procurement decisions.

The Company closed the period with cash of GBP5.8m (30 June 2018: GBP3.5m), following the successful fundraising which closed in December. During the current quarter the Company expects cash inflows from an R&D tax credit of GBP1.0m and to receive payment for the $0.9m DoD order.

David Budd, Chief Executive O cer of genedrive plc, said: "genedrive has the first to market point-of-need molecular test for HCV, a strong commercial platform, and a clear strategy to deliver revenue growth. genedrive has secured four registrations for the Genedrive(R) 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."

The Company expects to announce results for the six months to 31 December 2018 on 28 March 2019.

- Ends -

For further details please contact:

 
 genedrive plc                                   [phone] 
 David Budd: CEO 
 Matthew Fowler: CFO 
 
 Peel Hunt LLP 
 James Steel                                     [phone] 
 Oliver Jackson 
 
            Stanford Capital Partners Limited 
             Patrick Claridge                               [phone] 
            John Howes 
 
 Consilium Strategic Communications              [phone] 
 Chris Gardner                                   [e-mail] 
 Matthew Neal 
 
 

Notes to Editors

About genedrive plc

genedrive plc is a molecular diagnostics company developing and commercialising a low cost, rapid, versatile, simple to use and robust point of need molecular diagnostics platform for the diagnosis of infectious diseases and for use in patient stratification (genotyping), pathogen detection and other indications. The Genedrive(R) HCV-ID test has received CE-IVD Certification and has been launched in Africa and Asia Pacific. genedrive has distribution agreements with subsidiaries of Sysmex Corporation for the distribution of the Genedrive(R) platform in the EMEA and SE Asia (ex-India), and with ARKRAY Healthcare pvt Ltd for the distribution of the Genedrive(R) HCV-ID Kit and Genedrive(R) platform in India. Further details can be found at: www.genedriveplc.com and www.genedrive.com. The Company also has tests in development for tuberculosis (mTB) and Antibiotic Induced Hearing Loss (AIHL).

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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January 15, 2019 02:00 ET (07:00 GMT)