REG - GENinCode PLC - Half-year Report
20/09/2023 07:00
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RNS Number : 9664M GENinCode PLC 20 September 2023
GENinCode Plc
("GENinCode" or the "Company")
Interim report
Oxford, UK. GENinCode Plc (AIM: GENI), the predictive genetics company focused
on the prevention of cardiovascular disease, announces its unaudited interim
results for the six months ended 30 June 2023. The first half of the 2023 saw
strong revenue growth from the introduction of the Company's lead products in
the UK and improving EU revenues, accompanied by the launch of the US Early
Access Program.
Operational and financial highlights
· First half revenues increased 43% to £950k (30 June 2022: £664k),
driven by sales growth in the EU and UK
· Significant and growing demand for US Early Access Program with over 40
institutions now onboarding for LIPID inCode® for the diagnosis of familial
hypercholesterolemia ("FH") and CARDIO inCode-Score® ("CIC-SCORE") for the
'lifetime' risk assessment and prediction of coronary heart disease ("CHD")
· CPT PLA coding granted from the American Medical Association for
CIC-SCORE
· American Heart Association (AHA) support introduction of polygenic
testing for cardiovascular disease ("CVD")
· NHS implementation of LIPID inCode® for FH diagnosis in the North of
England to deliver comprehensive hypercholesterolemia polygenic testing,
improved turnaround times at reduced cost
· LIPID inCode® collaboration with University Clinic Dresden, Germany
for diagnosis of FH and risk assessment of CVD
· California state licensing approval, CLIA certification received for US
laboratory based in Irvine, California
· Adjusted EBITDA loss of £3.4m (30 June 2022: loss of £2.3m),
reflecting increased investment in support of US and UK launch of Lipid
inCode® and CARDIO inCode-Score®
· Cash reserves of £5.2m at 30 June 2023 (30 June 2022: £12.4m)
Post-period end
· Filing of FDA pre-market notification (510k medical device) for
CIC-SCORE
· Public presentation of pricing for CARDIO inCode-Score® with US
Centers for Medicare & Medicaid Services (CMS) for inclusion in 2024
Clinical Lab Fee Schedule (CLFS)
· CAP accreditation received for US laboratory based in Irvine,
California
· Clinical utility study for CIC-SCORE with MedStar Health, Maryland to
support CMS and payer reimbursement
· Kaiser Permanente study on 'lifetime' risk assessment and prediction of
CHD presented at European Society of Cardiology (ESC) Annual Meeting
reinforcing use proposition of CIC-SCORE and polygenic risk scoring
· Successful completion of UKAS and ISO13485 accreditation for
Hammersmith laboratory, London servicing NHS demand
· CIC-SCORE pilot launched in Extremadura, Spain
· We are also pleased to confirm the new National Institute for Health
and Care Excellence (NICE) 'Ovarian cancer - draft for consultation'
guidelines issued on 15(th) September propose the adoption of the ROCA Test
for surveillance in women at high risk of ovarian cancer not undergoing risk
reducing surgery
Matthew Walls, Chief Executive Officer of GENinCode Plc said: "Growing test
demand from UK and EU markets and the launch of the US Early Access Program
has begun to strengthen business revenues and our forecast growth outlook. We
are working closely with our US partner institutions on commercial scale-up
and delivery of our Early Access Programs to generate our first US revenues
whilst progressing our CIC-SCORE 510k medical device pre-market submission in
readiness for approval."
Investor presentation
The Company will also host a presentation for investors via the IMC platform
at 4.30 pm BST on Wednesday, 20 September. The presentation is open to all
existing and potential shareholders. Questions can be submitted pre-event via
your Investor Meet Company dashboard up until 9am the day before the meeting
or at any time during the live presentation.
To register for this, please use the following link:
https://www.investormeetcompany.com/genincode-plc/register-investor
(https://www.investormeetcompany.com/genincode-plc/register-investor)
Change of Name of Joint Broker
The Group also announces that its Joint Broker has changed its name to
Cavendish Securities Plc following completion of its own corporate merger.
For more information visit www.genincode.com (http://www.genincode.com)
GENinCode Plc www.genincode.com (http://www.genincode.com) or via Walbrook PR
Matthew Walls, CEO
Paul Foulger, CFO
Stifel Nicolaus Europe Limited (Nomad and Joint Broker) Tel: +44 (0)20 7710 7600
Alex Price / Ben Maddison / Richard Short
Cavendish Securities Plc (Joint Broker) Tel: +44 (0)20 7397 8900
Giles Balleny
Dale Bellis / Michael Johnson (Sales)
Walbrook PR Limited Tel: 020 7933 8780 or
Anna Dunphy / Louis Ashe-Jepson / Phillip Marriage genincode@walbrookpr.com (mailto:genincode@walbrookpr.com)
GENinCode Plc
Chief Executive's Statement
For the six months ended 30 June 2023
On behalf of the Board, I am delighted to present the interim report for the
six-month period ended 30 June 2023 for GENinCode Plc. This statement provides
a summary of progress over the first half of the 2023 financial year and the
outlook over the next reporting period.
Introduction
GENinCode is engaged in the risk assessment, prediction, and prevention of
cardiovascular disease (CVD). Our polygenic (multiple gene) products and
technology are first-in-class risk assessment tests developed to prevent CVD.
CVD accounts for around 18 million deaths annually, representing approximately
31 per cent. of all deaths worldwide with the global cost of CVD estimated to
reach approximately $1.04 trillion by 2030.
The Company's product portfolio draws on advanced genomic precision testing
using genotyping, sequencing, and AI bioinformatics to risk assess patient DNA
from a simple blood or saliva sample. The Company analyses the DNA and
presence of genetic variants to determine a patient's lifetime Genetic Risk
Score (GRS) for cardiovascular disease in order to support lifestyle change
and treatment decisions to prevent cardiovascular disease.
Business review
The first half saw the continued strengthening of our EU and UK business with
revenues increasing 43% over the prior period to £950k (H1 2022: £664k)
driven by improving product demand. This sales growth net of increased
operating costs gave rise to an adjusted EBITDA loss of (£3.4m) (H1 2022:
(£2.3m)), reflecting the growth in commercial investment across the Group.
Over the first half of this year we launched our US Early Access Program with
selected (KOL) healthcare institutions. We now have over 40 healthcare
institutions onboarding to use CARDIO inCode-Score ("CIC-SCORE") and LIPID
inCode polygenic tests for the risk assessment of coronary heart disease and
diagnosis of familial (inherited) hypercholesterolemia respectively. We expect
these Early Access Programs to transition to full commercial programs in the
second half of this year to generate our first US revenues.
Following the CIC-SCORE pre-submission and constructive discussions with the
US Food and Drug Administration (FDA), we recently completed a substantive
analytical work program in advance of filing the pre-market notification
(510k) for the CIC-SCORE medical device. Approval of the medical device/kit
will complement and extend our California lab diagnostic testing, enabling the
510k medical device/kit format to the used in labs across the US.
Building on the GENinCode CLIA (Clinical Laboratory Improvement Amendment)
certification of our US Irvine lab facility, we successfully completed the
College of American Pathologists (CAP) inspections and have now received CAP
accreditation for the Irvine lab. CAP accreditation represents the gold
standard for US lab operations.
In the first half we announced our first CIC-SCORE collaboration with MedStar
Health, covering the states of Washington D.C and Maryland to support our
clinical utility program for CMS/payer reimbursement filings. The MedStar
program will use CIC-SCORE in a primary preventive care setting to advise
physicians of the polygenic 'lifetime' risk of patients for coronary heart
disease. The patient polygenic risk scores will be used in conjunction with
traditional clinical risk assessment to allow physicians to personalise
treatment including lifestyle change and therapeutic intervention.
We recently presented at the ESC Annual Meeting in Amsterdam the first
clinical data from Kaiser Permanente (GERA cohort) covering a 14 year follow
up period using CIC-SCORE for the polygenic risk assessment of coronary heart
disease. This is an important milestone which provides strong clinical
evidence for the need to include polygenic 'lifetime' risk assessment for
prevention of coronary heart disease in the national guidelines and in
revising standards of preventive care. We have collaborated with Kaiser
Permanente since 2014 and the ongoing clinical studies have been instrumental
in growing our US population evidence base for CIC-SCORE.
In the UK, we announced the start of our NHS commercial collaboration to
improve diagnosis and turnaround time for testing of Familial
Hypercholesterolemia (FH) at reduced cost to the NHS. The LIPID inCode
implementation in the North of England, Newcastle Trust represents the first
commercial polygenic risk CVD test to be adopted by the NHS. We are now in
discussions to cross-apply this preventive strategy to other trusts to reduce
NHS test backlog and advance polygenic risk assessment to prevent coronary
heart disease.
Following the recent commissioning of our new lab based in London we
successfully completed our UKAS and ISO13485 audits and accreditations to
support the growing NHS demand.
We are well progressed with the first CIC-SCORE pilot implementation study in
the Spanish region of Extremadura. The Extremadura region has a population of
~ 1 million, with an estimated 50,000 individuals at risk of a cardiovascular
event, e.g. heart attack. CIC-SCORE is expected to change clinical practice by
identifying those individuals at high genetic risk and improve preventive
treatment. Successful completion of the pilot in over 500 individuals will
lead to the extension of the programme across the Extremadura region.
In May we announced our collaboration with University Clinic Dresden for LIPID
inCode®. The University Clinic lipid centre treats over 6,000 patients with
lipid disorders and constitutes the largest academic lipid apheresis centre
globally. In Germany, 60% of the population suffer from high levels of
cholesterol and it is estimated that over a quarter of a million of these
cases relate to FH.
The National Institute for Health and Care Excellence (NICE) has proposed the
Risk of Ovarian Cancer Algorithm (ROCA) surveillance test for women at high
risk of ovarian cancer in the recently announced (15(th) Sept) 'draft for
consultation' guidance. The new guidance is under a period of consultation
with the final publication in Spring 2024. The ROCA test is a unique
proprietary surveillance test recommended for women at risk of ovarian cancer
who do not undertake risk reducing surgery. We anticipate starting discussions
with the NHS on implementation of ROCA over the coming months.
Cash reserves at 30 June 2023 were £5.2m (30 June 2022: £12.4m) reflecting
the £15.3m of cash, net of expenses, raised at the IPO in July 2021 and
continued tight cost control.
Financial review
Revenue for the period was £950k (H1 2022: £664k), an increase of 43%, with
an adjusted EBITDA loss of (£3.4m) (H1 2022: (£2.3m)), the increased loss
resulting from higher commercial and scale-up investment across the Group as
we prepare for commercial expansion in our core US, UK, and EU growth markets.
Revenue
Revenue for the period increased by 43% to £950k (H1 2022: £664k). Spain
continues to be the largest region for sales and enjoyed a year-on-year growth
of 26%. Sales in the UK increased to £131k (H1 2022: £12k), reflecting the
launch of LIPID inCode® in the NHS North of England region in May 2023.
LIPID inCode® continued to be the leading revenue generating product for the
Company, and this was boosted by the significant increase in UK sales to both
the NHS and private patients over the period.
Gross profit
Gross profit was £467k (H1 2022: £283k). The gross profit margin increased
to 49% (H1 2022: 43%). In Spain, the Company benefitted from improved margins
through increased volume sales across all products; At 55%+, the UK margins
are traditionally better than those generated on the EU continent, helping to
improve the Group's margins considerably.
Administrative expenses
In H1 2023, administrative expenses increased to £3.8m (H1 2022: £2.6m), the
increase reflecting an increase in headcount and respective salary costs (H1
2023: £1.6m v.s. H1 2022: £1.0m) across the Group. Infrastructure costs
increased as the Company prepares for commercial expansion in its core growth
markets, notably the US.
Operating loss and adjusted earnings before interest tax and depreciation
The Group generated an operating loss of £3.6m (H1 2022: (£2.4m)). We
consider a more meaningful measure of underlying performance is obtained by
examining adjusted EBITDA, which for H1 2023 was a loss of £3.4m (H1 2022:
(£2.3m)). This excludes the effects of share-based payments of £51k (H1
2022: £56k), and depreciation and amortisation costs of £174k (H1 2022:
£33k). The increase in operating loss and adjusted EBITDA is caused by the
increased investment in personnel and other infrastructure costs in advance of
the intended commercialisation expansion in the US, the EU, and the UK.
Tax
There is a tax credit of (£6k) (H1 2022: charge of £4k).
Non-current assets
The Company has a capitalised property plant and equipment total, net of
depreciation of £545k (31 December 2022: £653k), representing investment in
equipment required to fit out the UK laboratory in the latter part of 2022.
Additionally, the Company has a capitalised intangible assets total, net of
amortisation of £149k (31 December 2022: £161k). This related to the
application of new patents in various geographical regions which the
management believe will enhance the value of the business.
The 'right-of-use' asset representing the impact of leasing the new lab in
Hammersmith, London was £310k at 30 June 2023 (31 December 2022: £349k).
IFRS16 introduces a single lessee accounting model and requires a lessee to
recognise assets and liabilities for all leases with a term of more than 12
months unless the underlying asset is of low value. A lessee is required to
recognise a right-of-use asset representing its right to use the underlying
leased asset and a lease liability representing its obligation to make lease
payments.
Goodwill was £149k at 30 June 2023 (31 December 2022: £149k), representing
the impact of acquiring the entire issued share capital of Abcodia Limited in
the second half of 2022.
Current Assets
The Group holds very little in the way of finished goods and work in
progress, largely because around 60% of its revenues originate from service
testing, as well as the fact that the kits are mainly ordered and then
delivered directly from kit manufacturer/supplier to customer.
Trade and Other Receivables have decreased from £717k at 31 December 2022 to
£689k at 30 June 2023; this small decrease reflects improved cash collection
within the Group.
Non-Current Liabilities
Trade and Other Payables decreased from £1.3m at 31 December 2022 to £0.9m
at 30 June 2023; this decrease is largely due to the reduction in amounts due
to our US commercialisation partner, as we continue to pay down historically
deferred balances; a proportion of the costs are assumed to be payable within
12 months (current) with the remainder being payable after 12 months
(non-current).
As announced in September 2022, the Company acquired Abcodia Limited and its
globally leading algorithmic technology for the Risk Assessment of Ovarian
Cancer Algorithm (ROCA) test. A contingent consideration of £166k continues
to be recognised at 30 June 2023 (31 December 2022: £155k), representing the
present value of the likely consideration.
Lease liability was £249k at 30 June 2023 (31 December 2022: £285k),
relating to IFRS 16 requiring Right of Use lease liability being recognised.
Current Liabilities
Trade and Other Payables decreased from £2.1m at 31 December 2022 to £0.9m
at 30 June 2023; this decrease reflects the payment during the period of a
high level of purchase invoices booked in November 2022 and December 2022,
relating to the fitting out of the UK and US laboratories.
Lease liability was £72k at 30 June 2023 (31 December 2022: £69k), relating
to IFRS 16 requiring Right of Use lease liability being recognised.
Cash flow and working capital
Operating cash outflow increased from (£1.9m) in H1 2022 to (£4.5m) in H1
2023; the increase reflecting the scale-up investment and the corresponding
increase in operating losses, coupled with the reduction in net working
capital arising from the decreasing payables balances at 30 June 2023.
Net cash flows used in investing activities decreased from (£162k) in H1
2022, reflecting the reduced laboratory equipment set-up costs in the UK and
US, to (£38k) in H1 2023.
Net cash flows from financing activities was (£35k) in the period (H1 2022:
£0k).
As a result of the above activities there was an overall decrease in cash and
cash equivalents of £4.5m from £9.7m at 31 December 2022 to £5.2m 30 June
2023.
Capital structure
As at 30 June 2023, the Group had 95,816,866 shares in issue. No shares have
been issued during the period.
Outlook for second half of 2023
Over the second half of 2023 GENinCode will continue to strengthen revenues
across its UK and EU business and transition its US Early Access Program to
start commercially selling CARDIO inCode-Score ("CIC-SCORE") and LIPID inCode.
The Company is focused on scale-up and revenue growth across its core EU, UK
and US markets, gaining FDA regulatory approval and reimbursement coverage for
CARDIO inCode-Score whilst taking advantage of US reimbursement coverage for
its familial hypercholesterolemia test LIPID inCode.
Over the remainder of this financial year, the Company expects to complete the
following key deliverables:
· Significant growth in year-on-year revenues
· Successful delivery of US Early Access Programs and first US revenues
· Progressing discussions with FDA on (510K) filing, pending approval
· Confirming CIC-SCORE pricing and inclusion in Centers for Medicare
& Medicaid Services (CMS) 2024 Clinical Lab Fee Schedule (CLFS)
· Advancing clinical utility programmes for CIC-SCORE with Kaiser
Permanente and MedStar Health to support CMS and payer reimbursement
submissions for CIC-SCORE
· Strengthening commercial, marketing and selling teams to accelerate US
launch programme. Integrate cloud based operational systems with Revenue Cycle
Manager (Senergene) for US billing, prior approval and cash collection
· Accelerating roll-out of FH testing with the NHS England trusts
· Commencing sales of LIPID inCode at Dresden University clinic, Germany
· Introducing THROMBO inCode (inherited thrombophilia risk assessment) to
UK and US markets
· Continuing to build EU partnerships and develop ongoing collaborative
discussions with pharmaceutical companies
We are working closely with our US partner collaborators to deliver a full
roll-out of our commercial program with specific focus on revenue cycle
management and institutional billing for CIC-SCORE for the prevention of
coronary heart disease and LIPID inCode for the management of FH. We have
built a constructive dialogue with the FDA around our pre-market notification
(510K) regulatory filing for CIC-SCORE and will consider advancing additional
new products in the US market later this year.
In the UK, following the successful implementation of LIPID inCode FH testing
in the North of England, we expect to see other trusts onboard to improve NHS
FH testing and support the delivery of the NHS 10 Year Plan to identify at
least 25% of those individuals suffering with FH by 2024 as part of the NHS
genomics programme.
Based on improving US market and regulatory conditions for the introduction of
polygenic testing for the prevention of cardiovascular disease and the ramp-up
in demand which we are now experiencing, we expect to see a major
strengthening of our core business and continued revenue growth over the
second half of 2023.
Matthew Walls
Chief Executive Officer
20 September 2023
GENinCode Plc
Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2023
Unaudited Unaudited Audited
6 months to 6 months to Year ended
Notes 30-Jun 30-Jun 31-Dec-22
2023 2022
£'000 £'000 £'000
Continuing operations
Revenue 950 664 1,430
Cost of sales (483) (381) (798)
Gross profit 467 283 632
Administrative expenses (3,836) (2,556) (6,266)
ADJUSTED EBITDA (3,369) (2,273) (5,634)
Depreciation and amortisation (174) (33) (163)
Share-based payments (51) (56) (102)
Operating Loss (3,594) (2,362) (5,899)
Other Income 110 38 173
Finance charge (23) - (20)
Loss on ordinary activities before taxation (3,507) (2,324) (5,746)
Corporation tax credit/(payable) 4 6 (4) 187
Loss after taxation (3,501) (2,328) (5,559)
Other comprehensive (expense) / income
Items that will not be reclassified to profit or loss:
Exchange differences arising on translating foreign operations 312 (253) (361)
Other comprehensive (expense) / income for the period/year, net of income tax 312 (253) (361)
Total comprehensive loss for the period/year (3,189) (2,581) (5,920)
Loss per ordinary share attributable to
the owners of the parent during the period/year 6 Pence Pence Pence
Basic (3.33) (2.70) (6.18)
Diluted (3.33) (2.70) (6.18)
GENinCode Plc
Consolidated Statement of Financial Position
As at 30 June 2023
Unaudited Unaudited Audited
As at As at As at
30-Jun 30-Jun 31-Dec
Notes 2023 2022 2022
£'000 £'000 £'000
Non-current assets
Intangible assets 149 176 161
Property, plant & equipment 545 193 653
Right of use asset 310 - 349
Goodwill 149 - 149
Total non-current assets 1,153 369 1,312
Current assets
Inventories 76 34 20
Trade and other receivables 689 501 717
Financial assets 22 - 16
Cash and cash equivalents 5,183 12,398 9,732
Total current assets 5,970 12,933 10,485
Total Assets 7,123 13,302 11,797
Equity
Share capital 5 958 958 958
Share premium 15,551 15,551 15,551
Foreign currency translation reserve 23 (184) (289)
Share based payment reserve 226 158 175
Retained deficit (11,996) (5,261) (8,495)
Total Equity 4,762 11,222 7,900
Liabilities
Non-current liabilities
Trade and other payables 938 1,268 1,279
Lease liability 249 - 285
Contingent consideration 166 - 155
Current liabilities
Trade and other payables 911 802 2,078
Lease liability 72 - 69
Deferred tax 25 10 31
Total liabilities 2,361 2,080 3,897
Total equity and liabilities 7,123 13,302 11,797
GENinCode Plc
Consolidated Statement of Cash Flows
For the six months ended 30 June 2023
Unaudited Unaudited Audited
6 months to 6 months to Year ended
30-Jun 30-Jun 31-Dec
2022
2023 2022
Notes £'000 £'000 £'000
Cash flows from operating activities
Loss before taxation (3,507) (2,324) (5,746)
Adjustments for:
Foreign exchange loss/(gain) 531 (126) (197)
Share based payment charge 51 57 102
Depreciation and amortization 174 33 163
Finance charge 22 - 20
Bad debt (178) - -
Operating loss before working capital changes (2,907) (2,360) (5,658)
Cash used in operations
Decrease / (Increase) in trade and other receivables (184) (102) (106)
(Decrease) / Increase in trade and other payables (1,531) 584 2,022
Decrease/(Increase) in inventory (55) (20) (6)
Decrease/(Increase) in financial assets (5) 4 (13)
Income taxes received 212
Net cash outflow from operating activities (4,470) (1,894) (3,762)
Investing activities
Purchase of property, plant and equipment (38) (162) (700)
Purchase of intangible assets - - (149)
Net cash flows used in investing activities (38) (162) (849)
Financing activities
Movement in lease liability (35) - (47)
Net cash flows from financing activities (35) - (47)
Net change in cash and cash equivalents (4,543) (2,056) (4,658)
Cash and cash equivalents at the beginning of the period/year 9,732 14,554 14,554
Exchange gains/(losses) on cash and cash equivalents (6) (100) (164)
Cash and cash equivalents at the end of the period/year 5,183 12,398 9,732
GENinCode Plc
Consolidated Statement of Changes in Equity
For the six months ended 30 June 2023
Share
Share Share Retained Translation based payment Total
capital premium deficit reserve reserve equity
£'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 January 2022 958 15,551 (2,936) 72 73 13,718
Other comprehensive expense - - - (256) - (253)
Loss for the period ended 30 June 2022 - - (2,325) - - (2,328)
Share based payments - - - - 85 85
Balance at 30 June 2022 958 15,551 (5,261) (184) 158 11,222
Share based payments - - - - 17 17
Other comprehensive expense - - - (105) (105)
Loss for the period ended 31 December 2022 - - (3,234) - - (3,234)
Balance at 31 December 2022 958 15,551 (8,495) (289) 175 7,900
Other comprehensive income - - - 312 - 312
Loss for the six months ended 30 June 2023 - - (3,501) - - (3,501)
Share based payments - - - - 51 51
Balance at 30 June 2023 958 15,551 (11,996) 23 226 4,762
Share capital is the amount subscribed for shares at nominal value.
Share premium is the amount subscribed for share capital in excess of nominal
value less share issue costs.
Other reserves arise from the share options issued by the company during the
period.
Retained earnings represents accumulated profit or losses to date.
GENinCode Plc
Notes to the Consolidated Financial Statements
For the six months ended 30 June 2023
1. General information
GENinCode plc (the "Company") is a public limited company admitted to trading
on the AIM market of the London Stock Exchange on 22 July 2021. The Company is
incorporated and domiciled in England and Wales. The registered office of the
Company is One, St. Peters Square, England, M2 3DE. The registered company
number is 11556598.
The Company was incorporated on 6 September 2018.
The Company's principal activity is the development and commercialisation of
clinical genetic tests, to provide predictive analysis of risk to a patient's
health based on their genes.
The financial information set out in this half yearly report does not
constitute statutory accounts as defined in Section 434 of the Companies Act
2006. The statutory financial statements for the year ended 31 December 2022,
prepared under UK adopted International Financial Reporting Standards
("IFRS"), have been filed with the Registrar of Companies. The auditor's
report on those financial statements was unqualified and did not contain
statements under Sections 498(2) and 498 (3) of the Companies Act 2006.
Copies of the annual statutory accounts and the Interim Report can be found on
the Company's website at www.genincode.com.
2. Significant accounting policies and basis of preparation
2.1 Statement of compliance
This half yearly report has been prepared using the historical cost
convention, on a going concern basis and in accordance with UK adopted
International Financial Reporting Standards ("IFRS") and the Companies Act
2006 applicable to companies reporting under IFRS, using accounting policies
which are consistent with those set out in the financial statements for the
year ended 31 December 2022.
2.2 Application of new and revised UK adopted
International Financial Reporting Standards (IFRSs)
There are no IFRSs or IFRIC interpretations that are effective for the first
time in this financial period that would be expected to have a material impact
on the Company.
3. Segmental reporting
The Company has one reportable segment, namely that is the development and
commercialisation of clinical genetic tests, to provide predictive analysis of
risk to a patient's health based on their genes, the geographical split of
revenue generation is below.
6 months to 6 months to 12 months to
Turnover by geographical generation 30-Jun-23 30-Jun-22 31-Dec-22
£'000 £'000 £'000
UK 131 12 36
Spain 819 652 1,394
US - - -
950 664 1,430
GENinCode Plc
Notes to the Consolidated Financial Statements (cont.)
For the six months ended 30 June 2023
4 Taxation
6 months to 6 months to 12 months to
Income taxes recognised in profit or loss 30-Jun-23 30-Jun-22 31-Dec-22
£'000 £'000 £'000
Current tax
GEN inCode 6 (4) 187
SLU
Tax credit for the period 6 (4) 187
5 Share capital
Issued share capital comprises 30-Jun-23 30-Jun-22 31-Dec-22
£'000 £'000 £'000
95,816,866 Ordinary shares of £0.01 each 958 958 958
6 Loss per share
6 months to 6 months to 12 months to
30-Jun-23 30-Jun-22 31-Dec-22
£'000 £'000 £'000
Basic and diluted loss per share
Loss after tax (£) (3,189) (2,581) (5,920)
Weighted average number of shares 95,817 95,817 95,817
Basic and diluted loss per share (pence) (3.33) (2.70) (6.18)
As the Company is reporting a loss from continuing operations for the period,
in accordance with IAS 33, the share options are not considered dilutive
because the exercise of the share options would have an anti-dilutive effect.
The basic and diluted earnings per share as presented on the face of the
income statement are therefore identical.
7 Events after the reporting date
The Company has evaluated all events and transactions that occurred after 30
June 2023 up to the date of signing of the financial statements.
The Company believes there are no reportable events post reporting date.
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. END IR EASNNFFNDEFARecent news on Genincode
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