StockMarketWire.com - Genedrive warned it expected revenues to fall short of market expectations as the commercialisation of its HCV ID kit was progressing more slowly than expected.

The company said that while it was 'optimistic' about the long-term opportunity that HCV presented the slower rate of country registrations and ongoing WHO pre-qualification process would weigh on short-term growth.

'As a result, we expect to fall short of market expectations for overall revenue to 30 June 2020, although we are confident of maintaining double-digit revenue growth.'

The company reported that only 12 country registrations had been completed for the uptake its HCV ID kit, below the year-end objective of 30.

For the 12 months ended 30 June 2019, diagnostic revenue was up at £2.4m from £1.9m last year, broadly in line with market expectations.

The company closed the period with cash ahead of market expectations at £5.2m down from £5.8m last year.

'The level of dedicated HCV testing funding has not yet flowed to meet WHO testing targets, leaving the current potential market underfunded. Our supply of Genedrive® to the US DoD and its contribution to the year and the outlook for 2019/20 continues to grow; we expect further orders for both assays and units during the forthcoming year,' said David Budd, Chief Executive Officer of genedrive.

'The grant funded projects have performed well and we are excited about the opportunities these provide, especially the hearing loss assay with its potential in European and North American hospital settings.'




At 9:30am: [LON:GDR] Genedrive Plc share price was -2.5p at 19p



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