Genedrive Shares Tumble Despite Forecast of Doubling Annual Income

Genedrive shares dropped more than 13% on Monday to 0.974 pence, extending a steep decline that has seen the stock lose 59% this year and 70% over the past 12 months.

The stock fell sharply on Monday despite the diagnostics company forecasting that full-year income for 2025 will have doubled to around £1 million, up from £0.5 million last year.

The AIM-listed firm, which specialises in point-of-care pharmacogenetic testing, said growth was driven by stronger sales in the second half, when revenues reached £650,000 compared with £350,000 in the first half. 

Overheads were said to be broadly unchanged from the previous year, with the company shifting towards more targeted commercial activity.

Genedrive reported having early visibility of about £600,000 in revenues for the first two months of the current financial year, supported by forthcoming UK rollouts. 

These include Scotland’s phased adoption of the Genedrive® MT-RNR1 ID Kit, a CYP2C19 point-of-care pilot, and a 12-month rapid genotyping programme at Manchester University NHS Foundation Trust. 

International sales in Europe and the Middle East are also beginning to gain momentum, with the US seen as a major opportunity pending regulatory approvals.

Cash reserves stand at approximately £700,000, and the board is exploring financing options to bolster working capital. 

Chief executive Dr Gino Miele said planned NHS reforms could significantly benefit companies with NICE-recommended diagnostics.

Despite the upbeat outlook, Genedrive shares have continued their downward slide, reflecting investor concerns over funding needs and the challenging market, even as the company eyes further domestic and overseas growth.