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GENI

Genincode PLC

Health Care First-pass screen £9.04m
390/1000 Overall fit
AI beneficiary 35% 30
Operating leverage 25% 60
Valuation 25% 30
Downside protection 15% 40

First-pass take

Early-stage diagnostic tests company with strong margin expansion (47→53%) and improving unit economics (adjusted EBITDA loss -£6.7m→-£4.4m, -34% YoY). However, immaterial AI exposure—uses AI bioinformatics as development tool, not strategic beneficiary of AI/ML spending. Material going-concern uncertainty and thin cash runway (£1.1m at year-end) despite recent £4.1m raise.

Flags

going-concernloss-makinglow-cashno-valuation-datahealthcare-diagnosticsmicro-capfda-dependent