The Genedrive PLC (LON: GDR) share price plunged 20% after releasing its annual results for the year ended 30 June 2022. According to the report, the company generated £0.05 million in revenues, representing a slight drop from the £0.69 million recorded in a similar period last year.
YOUR CAPITAL IS AT RISK
However, the company’s ballooning losses of £4.7 million for the year disappointed investors. The loss was immense, given that Genedrive had made a £0.7 million loss in the previous year.
The markets were disappointed by the mounting losses despite the company launching several products, including its Genedrive® System for Antibiotic-Induced Hearing Loss. In addition, the firm reassured investors that it had started deploying the test kits within the UK’s National Health Service (NHS).
Genedrive also published a JAMA Pediatrics’ PALOH (Pharmacogenetics to Avoid Loss of Hearing) paper, which makes a case for the use of the Genedrive® MT-RNR1 test in Neonatal Intensive Care settings.
Other non-monetary milestones the molecular diagnostics company achieved include filing the US FDA Pre-submission for the Genedrive® MT-RNR1 ID product range and the accelerated evaluation of the Genedrive® MT-RNR1 ID test by NICE.
Genedrive’s Point-of-Care COV19-ID Kit received Coronavirus Test Device Approval (CTDA) from the UK’s Medicines and Health Products Regulatory Agency (MHRA). Furthermore, NICE included the company’s CYP2C19 ID Kit in its Diagnostics Assessment Programme.
Finally, Genedrive is working on a program to adapt its Genedrive® Point-of-Care device for ischemic stroke treatment in emergency care settings.
David Budd, the Genedrive plc CEO, said: “The Company has made good progress on advancing our strategy in pharmacogenetics and the opportunity to be leaders in the establishment of genetic testing in acute point of care. Our Genedrive system delivers unambiguous clinically actionable information on the wards by nurses with no previous experience in molecular testing, making a positive impact on health outcomes. Market development and engagement is positive and growing, as we have unique products with a positive health, economic and clinical outcome.”
Genedrive shares are trading near a crucial long-term support level and seem attractive to investors interested in the firm. As a result, this is a perfect spot to buy GDR shares with minimal risk.
*This is not investment advice.
Genedrive share price.
The Genedrive share price plunged 19.84% to trade at 10.22p, falling from Friday’s closing price of 12.75p.