Shares of Deepverge PLC (LON: DVRG) edged higher after the environmental and life sciences group reaffirmed that its 2021 revenue targets remain at £10 million and that it had already received £3.6 million during Q1 2021.
The company revealed that it generated revenues of £6.1 million in 2020. Organic growth accounting for £4.4 million in what it said was a hectic year that saw all its business unit record substantial growth.
DeepVerge revealed that it had successfully launched its Skin Trust Club artificial intelligence (AI) skincare app and home test kit, cemented its Labskin business as a leading diagnostics partner.
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The company also revealed that its environmental division was proliferating amid rising demand for its Microtox and MicroTrace products, which have already generated £3.7 million in sales of “new equipment, solutions, labs and services”.
DeepVerge also announced that initial data from its ongoing Phase III Coronavirus (COVID-19) detection studies had demonstrated an ability to identify and detect the virus.
The company expects the product to meet the UK regulator’s criteria for a COVID-19 rapid breath test allowing it to roll out the tests later this year.
DeepVerge noted that rising demand for its products within China would significantly impact its continued profitability.
Deepverge share price.
Deepverge shares edged higher after the company reiterated its 2021 guidance but later fell, erasing most gains.