Genedrive update disappoints

Shares in AIM-listed molecular diagnostics specialist Genedrive (LON:GDR) sank 20.87% to 81.63p (as of 14:45 BST) after the firm posted an update for the year ended 30th June. Revenues were down by 58.3% as COVID-19 significantly impacted the group’s existing activities. The company is continuing to work on COVID-19 testing and the next step will be receiving regulatory approval in target markets.

CEO David Budd commented: “We remain encouraged by the interest in our Genedrive 96-SARS-CoV-2 test. We are working to secure regulatory approvals in the territories we are focused on, which are also key to signing additional partners to expand our commercial footprint. The critical role of testing is absolutely clear as the world continues to deal with the pandemic and while the competitive landscape and overall markets continue to evolve, our target markets combined with the unique aspects of the CoV-2 Test give us significant confidence in delivering successful commercial outcomes in the near future“.