Genedrive results don’t impress investors

The share price of AIM-listed biotech firm Genedrive (LON:GDR) plunged 62.48% to 7.88p (as of 16:20 GMT) after revenues for the six months ended 31st December fell by 60%. The company’s pre-tax loss for the period doubled as finance costs also rose sharply.

CEO David Budd commented: “The Genedrive® instrument has been proven to perform exceptionally well in the field as demonstrated in HCV study data and AIHL CE marking studies. The challenge for us remains exploiting its performance and driving revenues as we progress to our strategic goal of material revenues from our assays. We are very excited in the potential of AIHL, which has obtained CE marking in the period, and whilst we are cautious on meeting our short-term revenue expectations, we also remain confident in the long-term potential of the DoD and the HCV markets and are keenly focused on this important next stage of the Company’s evolution“.