GENinCode PLC on Monday reported improved financial performance in 2023 as the company scaled up operations.

The Oxford, England-based genomic testing company is focused on the prevention of cardiovascular disease and ovarian cancer.

For 2023, the company said pretax loss widened to £7.0 million from £5.7 million the previous year.

Revenue increased 57% to £2.2 million from £1.4 million.

Administrative expenses rose 24% to £7.8 million from £6.3 million.

Following an increase in commercial investment, the company finished the year with a cash position of £2.5 million, down 74% from £9.7 million.

In the post period, GENinCode, which maintains four core products in its genetic risk assessment portfolio, began to generate initial revenue from the US market.

Chief Executive Officer Matthew Walls said: ‘We are scaling up our business and increasing test revenues in the US, UK and Europe. Notably, we have commenced initial US payor claims and revenues and are broadening our NHS commercial relationships whilst continuing to expand our European business.

In 2024, GENinCode is striving to deliver significant increases to year-on-year revenue growth by further expanding its presence in the US market and particularly through the scaling up of preventive cardiovascular disease testing.

‘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,’ the company said.

GENinCode shares were up 1.6% to 7.88 pence each in London on Monday afternoon.

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