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Genedrive profit halved, in line with market expectations, and the medical diagnostics company said delivery of its Covid-19 testing kit was being held back by longer-than-expected regulatory approvals.
Revenue for the 12 month period to 30 June 2020 was £1.0m, in line with market expectations but below the prior year's £2.4m.
To date, the company had received over £1.0m of indicative orders for the Genedrive 96 Covid-19 test, but regulatory approvals were required to fulfil these orders and ship the product, the company said.
In general, regulatory approvals were 'taking longer than anticipated and the regulatory agencies we are engaged with are unable to provide definitive timelines for approvals, which we believe is due to a significant increase in their workload,' it added.