GENinCode annual loss widens despite higher revenue, improved margin
GENinCode PLC on Monday said annual revenue grew, driven by higher volumes across the business, but losses mounted due to increased costs.
The Oxford-based genetic testing company, focused on cardiovascular disease and ovarian cancer prevention said its pretax loss widened to £5.9 million in 2025 from £5.1 million the year prior, reflecting increased commercial support and a reduced 2025 annual R&D tax credit.
Administrative expenses increased to £6.7 million from £5.9 million, due to the extended commercial costs of selling and scaling the business, together with reduced R&D tax credits.
Basic and diluted losses per share totalled 2.08 pence, down from 2.53p.
Revenue increased by 14% year on year to £3.1 million from £2.7 million, driven by volume growth in the UK, US and Europe.
For the first four months of 2026, GENinCode said revenue is broadly in line with the same period in 2025, despite lower revenues from the National Health Service NHS and Catalonia pilot study.
Ongoing commercial discussions are being held with Waltham, Massachusetts-based life science and clinical research company Thermo Fisher Scientific Inc regarding pricing and distribution of CARDIO inCode along with strategic talks with the NHS for prevention of heart disease and surveillance of ovarian cancer.
During 2026, the company expects to report an increase in year-on-year revenues, improved margins with a reduction in earnings before interest, tax, depreciation and amortisation losses moving the company towards breakeven.
In 2025, adjusted Lbitda stretched to £4.9 million from £4.4 million the year before, despite margins improving on-year to 59% from 53%.
The firm said discussions have progressed with the US Food & Drug Administration, and it plans to file an updated premarket approval for CARDIO inCode in the third quarter of 2026, targeting an approval by the end of the following quarter.
CARDIO inCode is an advanced clinical-genetic test used to assess an individual’s lifetime risk of developing coronary heart disease and having a heart attack.
‘We have a busy period ahead and anticipate continued growth and commercial updates,’ said Chief Executive Matthew Walls.
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