Premaitha Health grows half year revenue by 87%

Molecular diagnostics group Premaitha Health has reported 87% increase in half year revenue to £2.7m. It incurred a £4.7m operating loss (2016: £3.5m), higher as a result of a £1.3m charge to increase litigation provision.

Premaitha is trying to commercialise its non-invasive prenatal testing technology. Test volumes doubled to more than 22,000, it said.

It is trying to achieve positive pre-litigation cash flows by the 31 March 2018 financial year end.

Stephen Little, CEO of Premaitha, said: "In the last 6 months, the Group has made significant strides in expanding the business and de-risking its intellectual property position through international expansion.

'Today, less than 20% of the group's revenues are impacted by the UK judgment. Recent laboratory installations and public policy implementations will drive further growth in 2018 and will further reduce the percentage of our revenues from the UK as our share of the very substantial global NIPT market continues to grow - a market which is forecast to exceed $1 billion by 2021.

'We were very disappointed by the first instance judgment in the UK in relation to the Illumina NIPT patent claims, for which we are preparing a robust appeal ahead of the next hearing in late January 2018.

'The potential scenarios remain complex and we are reviewing how best to achieve a de-risked IP landscape for investors and customers, with appropriate working capital in place to realise the significant global potential for the group in 2018 and beyond.'