Genedrive Share Price Slides as Covid Test to Late to Market

Trade Genedrive Shares Your Capital Is At Risk
Sam Boughedda
Updated: 9 Nov 2021

Genedrive (LON: GDR) shares are down Tuesday after the company reported final results for the year ended 30 June 2021. 


The company announced a loss of £0.7 million with revenue of $0.7 million. During the same period in 2020, Genedrive reported a loss of £19.4 million on revenue of £1.1 million. 

Year-end cash came in at £2.6m compared to £8.2m in 2020. 

Also Read: Genedrive Stock Forecast

Genedrive shares are down over 1.6% at 18.88p.

The AIM-quoted company, speaking about its Covid-19 test product, which was the focus of its equity raise in 2020, said it had high expectations for the product that performed well in independent studies, but its commercial traction fell short of expectations. 

As a result, the company believes that, in hindsight, the product was too late to the market to benefit from the accelerated wave of regulatory approvals. 

“We are disappointed with falling short on expectation with this new product, but are taking the lessons learned into our commercial plans for our POC COVID-19 product,” stated Genedrive. 

David Budd, CEO of Genedrive, said: “We are at an exciting phase for the company with both the AIHL and CoV-POC products about to enter their commercial stages. Our balance sheet is strengthened following the recent equity raise and we are well placed to drive shareholder value going forwards.”

Should you invest in Genedrive shares?

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