StockMarketWire.com - Molecular diagnostics group Genedrive said Friday revenue was in line with expectations despite falling 26.7% for the year through June.

For the twelve months ended 30 June 2018, revenue fell 26.9% to £1.9m from £2.6m the previous year.

The annual revenue reduction was anticipated, and in line with market expectations, reflecting the successful completion of the US Department of Defence development contract, Genedrive said.

Net cash stood at £3.5m, lower than the £4.6m seen at the December-end last year, as the company sold its services business disposal June 2018.

Genedrive made its first commercial shipments of the Genedrive HCV ID Kit in February 2018. Following these initial shipments, further commercial sales have since followed, the company said.

The company was awarded over £2m of grants during the year, including in June 2018, which would be used to progress the development of its HCV and mTB products.






At 9:05am: [LON:GDR] Genedrive Plc share price was +0.5p at 29.5p



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