StockMarketWire.com - Genedrive expressed caution on meeting market forecasts after a 'challenging' first half saw the company's losses nearly double.

For the six months to 31 December 2019, pre-tax losses widened to £3.3m, from £1.7m, and revenue fell to £0.6m from £1.5m on-year.

Revenue from the commercialisation of the company's HCV and pathogen detection assays had not been sufficient to offset anticipated revenue reductions on expiring grant programmes, the company said.

Research and development costs fell to £2.3m from £2.5m last year, owing to the reduced activity on grant-funded programmes.

'Trading has been challenging in the first half of the current financial year owing to the continued slow commercial traction with the HCV ID kit and also the delays experienced on shipping various U.S. Department of Defense orders,' Genedrive said.

'Meeting consensus revenue estimates for the year remains attainable however the board expresses some caution given the varying degrees of visibility on the commercial opportunities being pursued,' it added.

At 9:54am: [LON:GDR] Genedrive Plc share price was -9.5p at 11.5p



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