GENinCode shares surge as loss narrows amid increased revenue

GENinCode PLC shares soared on Wednesday as it reported increased revenue and said it expects a further ‘significant increase’ during 2025.

Shares in GENinCode were up 55% to 2.33 pence in London on Wednesday morning.

The Oxford, England-based genetics testing company said revenue increased 25% to £2.7 million in 2024 from £2.2 million the year before.

Pretax loss narrowed to £5.1 million from £7.0 million, while basic loss per share contracted to 2.53 pence from 7.32p in 2024.

Administrative expenses fell 24% to £5.9 million from £7.8 million.

Higher revenue was ‘driven by volume growth in the UK and Europe,’ the company said.

‘We have continued to grow and strengthen the business over the past year and are now beginning to advance US business revenues alongside the roll-out of our NHS test programme and expanding European business,’ said Chief Executive Officer Matthew Walls.

GENinCode said in the first four months of 2025, consolidated revenues were 20% higher than in the same period last year.

It said it expects a ‘significant increase’ in revenue during 2025, with improving margins and a ‘substantive reduction’ in earnings before interest, tax, depreciation and amortisation losses ‘continuing to move the company towards breakeven’.

The adjusted Ebitda loss narrowed in 2024 to £4.4 million from £6.7 million a year ago.

GENinCode said it is holding ‘ongoing and progressive discussions’ with the US Food & Drug Administration for regulatory approval of Cardio in Code which would ‘significantly accelerate growth’.

Looking ahead, the company said: ‘Given the challenging markets, we will grow revenues whilst maintaining a tight control over operational costs to target a breakeven/profit position over the medium term. We expect to de-risk our business model whilst delivering strong growth across our core markets.’

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