Tech firm narrows losses amid development drive

TYNESIDE health tech firm QuantuMDx has narrowed its losses as it works on releasing a new version of its pioneering diagnostic device.

- COREENA FORD Business writer [e-mail]

The Newcastle company develops medical testing equipment in the form of handheld device Q-POC, which aims to provide diagnoses for a range of illnesses within minutes, particularly in poorer countries where there is less access to hospitals and laboratories.

The business - which has previously received investment from Bill Gates and his wife - last year paused production of its flagship product to focus on development of a revamped version, as well as developing new tests which it will carry out.

The life sciences and diagnostics developer, which also has subsidiaries in the US and Singapore, saw revenues fall from £1.7m in the 12 months to March 31 2024, to £346,000 in the nine months ended December 31 2024, but its operating losses narrowed considerably, from £11.3m to £5.96m. The overall loss narrowed from £11.3m to £7.2m.