- Molecular diagnostics company Genedrive reported narrower annual losses as revenue grew by more than fifth even as the company’s sales of its HCV assay fell short of expectations.

For the year ended 30 June, pre-tax losses narrowed to £4.5m from £7.8m a year earlier as revenue rose 21.6% to £2.36m.

Commercialisation of the company’s HCV (Hepatitis C) assay had lagged behind its previous expectations principally owing to a slower than anticipated rate of country registrations and the overall level of funding for HCV drugs and diagnostics, the company said.

The company also said it now expected the revenue ramp for the assay to occur in the year to June 2020, behind its original plans.

‘While the year had seen slower commercial traction on HCV (Hepatitis C) than we hoped, growth in DoD and the prospects for 2019/20 are positive and the group is focused on generating material revenues across multiple assays during the financial year ending 2022,’ the company said. ‘Our pipeline provides us with confidence that we will continue to make good progress,’ it added.

At 8:36am: [LON:GDR] Genedrive Plc share price was 0p at 16.5p

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