GENinCode (AIM:GENI) reported unaudited interim revenue of £1.1m for the six months to 30 June, down from £1.6m a year earlier.
The AIM-listed predictive genetics company, which develops polygenic risk score tests for cardiovascular disease and ovarian cancer risk, blamed the decline on "major strategic, organisational and funding changes" in the NHS and the absence of a one-off £0.2m Catalonia pilot study that boosted the prior-year comparator.
Adjusted EBITDA losses narrowed to £2.26m from £2.54m, helped by cost control and favourable exchange rates, though gross margin fell to 47.5% from 53% as revenue thinned.
Cash stood at £2m at period end, up from £0.8m at 31 December, after a £4.3m net placing completed in February to fund commercial scale-up.
This follows a year in which full-year 2025 revenue rose 14% to £3.1m with a widening EBITDA loss of £4.9m, as the company pushed toward breakeven on the back of commercial expansion and its FDA submission.
The company now expects full-year revenue of approximately £3.2m, trimmed from prior expectations, citing lower-than-expected NHS sales and slower-than-hoped uptake through its Thermo Fisher collaboration, though it expects reduced impact on adjusted EBITDA from cost cuts.
"We had hoped to achieve greater commercial traction with a launch of testing with Thermo Fisher but this is now expected later in the year," said chief executive Matthew Walls.
The company said its FDA De Novo submission for CARDIO inCode-Score is expected in November, with an EU IVDR filing to follow in December, and that cash runway extends to the first quarter of 2027.