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The Genedrive share price is falling so here’s what I’m doing now

first_imgThe Genedrive share price is falling so here’s what I’m doing now Simply click below to discover how you can take advantage of this. I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. One stock that I noticed fall in price substantially yesterday is Genedrive (LSE:GDR). The Genedrive share price is down almost 30% after it announced half-year results.Genedrive is a molecular diagnostics firm that develops and commercialises low cost, rapid, versatile, simple to use molecular diagnostics platforms for the diagnosis of infectious diseases. These are used in patient stratification. Its developments have been validated and launched in Africa and the Asia Pacific region. It also has distribution agreements for the use of its platforms in EMEA.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…The Genedrive share priceThe past 12 months have been a roller-coaster ride for the Genedrive share price. Just over a year ago today, it was trading for less than 25p per share. At the time of the market crash, its shares were up to 220p, which is a five-year high. As I write, I can purchase shares for less than 70p per share. At the beginning of trading yesterday, the Genedrive share price was over 115p.Since that point, however, things have been quite up and down. I do believe Genedrive is a stock which has potential and with its recent slump and past highs, there may be an opportunity to add it to my portfolio cheaply.Upon reviewing its results for the six months to 31 December, I must admit I was disappointed. I believe this is the reason the Genedrive share price has dropped off since the results were announced yesterday.Half-year resultsGenedrive reported total revenues of £400,000 for the six-month period. This is down from £600,00 compared to the same period last year. As a result, its operating loss rose to £2.9m from £2.6m which is disappointing. As of 15 March, cash stood at just less than £3m. There was an R&D tax credit of £1m still outstanding too.Genedrive’s results were in part due to delays and the pandemic affecting sales. A prime example of this was a contract with the US Department of Defense stalling somewhat that has suppressed progress in what could have been extremely lucrative. Further impact of the Covid-19 pandemic relates to Genedrive’s Covid-19 testing kit. Progress has slowed down as it awaits regulatory approval from the World Health Organization (WHO) and the US Food and Drug Administration (FDA).As well as less than stellar results, these other aspects have weighed on the Genedrive share price in recent times in my opinion.What I’m doing nowI must note there are positives to take from its recent update. The firm is now debt-free which is always an attractive trait for any company. In addition, there are commercial contracts in which Genedrive is involved that are producing results. There is a distribution agreement with Beckman Coulter Life Sciences as well as an opportunity with the European Ministry of Health that could bring in millions in revenue.Overall I am not tempted by the falling Genedrive share price. I will keep an eye on developments, however. Right now, I won’t be investing my hard-earned cash. I am look at other alternatives such as this FTSE 100 stock, which I believe could be a great opportunity. Enter Your Email Address Are you on the lookout for UK growth stocks?If so, get this FREE no-strings report now.While it’s available: you’ll discover what we think is a top growth stock for the decade ahead.And the performance of this company really is stunning.In 2019, it returned £150million to shareholders through buybacks and dividends.We believe its financial position is about as solid as anything we’ve seen.Since 2016, annual revenues increased 31%In March 2020, one of its senior directors LOADED UP on 25,000 shares – a position worth £90,259Operating cash flow is up 47%. (Even its operating margins are rising every year!)Quite simply, we believe it’s a fantastic Foolish growth pick.What’s more, it deserves your attention today.So please don’t wait another moment. 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