Genedrive PLC - Interim Results for the six months to December 2017

Written by Riccardo Lowi

  • Genedrive's PLC (LON: GDR) HepC test just entered the commercial phase as partner Sysmex launched in EMEA and APAC territories  in recent weeks
  • Re-design of the mTB test in progress, launch date to be announced in the next fiscal year
  • Discussions for the disposal of the Services business entered an exclusivity period, expect an update by the end of June
  • Careful cash management with a £3.9mln cash balance at the end of February, we would expect a capital raise in the second half of calendar year 2018


As discussed more in depth in our initiation note of November 2017, we value Genedrive PLC on a SOTP basis.

Based on expected revenue of c. £15 mln in 2025, we value Genedrive’s diagnostic division approx. £24 mln.

Including the value we attribute to the Services business and the company's net debt leads to an equity valuation of about £24 mln, 3-4x current market capitalization.


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