**Summary of GENinCode Plc Half-Year Report (H1 2025)**
**Overview**
GENinCode Plc, a UK-based predictive genetics company focused on preventing cardiovascular disease (CVD) and ovarian cancer risk, released its unaudited interim results for the six months ended 30 June 2025. The report highlights operational and financial progress, strategic initiatives, and future outlook.
**Operational Highlights**
**Commercial Contracts**Secured the first ROCA commercial contract with the NHS (University College London Hospitals and North Central London Cancer Alliance) for ovarian cancer risk surveillance.
**US Market Growth**Increased sales of LIPID inCode® and CARDIO inCode-Score® in the US, with over 40 clinics onboarded for CVD risk assessment.
**Regulatory Progress**Completed FDA De Novo Supervisory Review for CARDIO inCode-Score®, with agreement on outstanding deficiencies. Expects submission of additional data in Q1 2026.
**European Expansion**Growth in LIPID inCode® usage in Germany, Spain, and Italy, with CARDIO inCode-Score® pilots in Spain.
**Presentations**Showcased research at major cardiology conferences, emphasizing genetic modulation of cholesterol risk.
**Financial Highlights**
**Revenue Growth**First-half revenues increased by 15% to £1.60 million (H1 2024: £1.39 million), driven by growth in the UK, EU, and US.
**Fundraising**Successfully raised £3.7 million (gross £4.1 million) in March 2025 to support expansion.
**Adjusted EBITDA Loss**£2.07 million (H1 2024: £2.05 million), excluding unrealized forex loss.
**Cash Reserves**Increased to £2.44 million at 30 June 2025 (31 Dec 2024: £1.11 million).
**Outlook**
**Revenue Expectations**Full-year revenue revised to £3.3 million (lower than expected due to NHS restructuring and FDA delays).
**Strategic Focus**Expanding LIPID inCode® and CARDIO inCode-Score® in the US, EU, and UK.
**Regulatory Milestones**Aiming for FDA submission of CARDIO inCode-Score® in Q1 2026.
**Partnerships**Expanding collaborations in Germany, Spain, and with the NHS for ROCA ovarian cancer testing.
**CEO Statement**
Matthew Walls, CEO, emphasized increased revenues across core markets and progress in US regulatory pathways. However, NHS funding uncertainty and FDA delays impacted full-year revenue expectations. The company remains focused on commercial expansion, cost control, and strengthening its market presence.
**Financial Review**
**Revenue Breakdown**Spain remains the largest market, with 14% growth. UK sales increased to £383k, boosted by ROCA test sales.
**Gross Profit**Improved to £849k (H1 2024: £730k), with margins at 53.0%.
**Administrative Expenses**Slightly higher at £2.92 million due to inflationary pressures.
**Cash Flow**Operating cash outflow decreased to £3.22 million (H1 2024: £3.39 million).
**Conclusion**
GENinCode Plc demonstrated resilience in H1 2025, with revenue growth and strategic advancements despite regulatory and NHS-related challenges. The company is poised for further expansion, supported by its innovative genetic testing solutions and ongoing partnerships.