TIDMYGEN
RNS Number : 9912W
Yourgene Health PLC
29 April 2021
Yourgene Health plc
("Yourgene" or the "Company")
Full year Trading update
10% year-on-year revenue growth
Manchester, UK - 29 April 2021: Yourgene (AIM: YGEN), a leading
international molecular diagnostics group, announces a trading
update for the financial year ended 31 March 2021 ("FY 2021") .
Yourgene reports unaudited revenues for FY 2021 of GBP18.3m (FY
2020: GBP16.6m), up 10% compared to the previous year. This is in
line with recently issued guidance and reflects strong performances
for European core revenues and for COVID-related testing products
and services focused on the UK, more than offsetting the pandemic
headwinds affecting international sales as previously outlined in
our trading update issued on 8 February 2021.
Non-invasive prenatal testing (NIPT) performed strongly in
Europe (+38% year-on-year) reflecting a full year's benefit from
the acquisition of the Company's French distribution business in
March 2020. International NIPT revenues continue to be affected by
pandemic-related travel and supply restrictions, delays in US
market penetration and diversion of health budgets in some
countries to more pressing matters. While we are hopeful of a
return to more normalized trading patterns in the most affected
international NIPT markets, clearly the timing of pandemic recovery
is very different from country to country.
Molecular Genetics revenues grew 26% year-on-year. These are a
composite of research services, the size selection technology
acquired with Coastal Genomics in August 2020, and also revenues
from the Company's DPYD chemotoxicity PCR test which represented
over 14,000 chemotherapy interventions in the reporting period.
Revenues from COVID-19 testing services in the UK and the
Company's Clarigene(R) SARS-CoV-2 PCR test contributed GBP3.2m to
the reporting period, acting as a robust hedge against pandemic
impacts elsewhere. The most recent extended UK lockdown undoubtedly
dampened the potential contribution from this area, however
Yourgene is well placed to exploit a number of opportunities in
this space. In the last two months the Group has entered into
partnerships to supply COVID-19 PCR testing services alongside
Newcastle Premier Health Limited to Leeds Bradford Airport, and
with MyHealthChecked plc to support their consumer partnership with
Boots UK Limited. Most recently the Company announced successful
tenders for the UK's National Microbiology Framework, one of only
three companies to have been successful in all four lots of the
Framework. These wins demonstrate the high quality and credibility
of Yourgene's accredited lab-based COVID testing services and
SARS-CoV-2 assay, which are a product of the investment made over
the last 12 months to establish this as a growth element within the
Group.
Revenues by region Unaudited data, GBPm
12 months ended 31 March
2021 2020 Change
-------------------- ------------------- -------
UK 5.4 2.0 +174%
Europe 5.5 4.1 +33%
International 7.4 10.5 -30%
Total 18.3 16.6 +10%
==================== =================== =======
Revenues by product
NIPT 7.8 10.0 -22%
Reproductive Health 3.6 3.6 -2%
Molecular Genetics 3.7 3.0 +26%
COVID-related revenues 3.2 - n/a
----- ----- -----
Total 18.3 16.6 +10%
===== ===== =====
M&A Update
The Group's 2020 acquisitions of its French distribution
business and of Coastal Genomics in Canada have all integrated well
and met their post-completion earn-out targets to date. In line
with our strategy, they are all contributing to a broader-based,
more resilient business with strong potential growth drivers.
Outlook
Recent senior hires in the US and in Europe and a more locally
aligned commercial organization mean that the Group is well set up
to drive further growth in the core business, even with continuing
travel restrictions until full international mobility restarts.
Yourgene's Clarigene(R) SARS-CoV-2 test continues to meet stringent
PHE quality criteria and the Group's testing services and product
sales remain focused on the UK market. We continue to assess
suitable opportunities to expand these services selectively outside
the UK, given the greater price sensitivity in other markets.
Guidance for the new financial year remains unchanged at this time,
with revenues expected to be in excess of GBP25m.
Lyn Rees, Chief Executive Officer of Yourgene, commented: "The
business has performed well in delivering double digit growth in
the most challenging set of market dynamics. It is pleasing to see
NIPT growth in Europe and the continued acceptance and growth of
DPYD testing across our customer base. Whilst recruiting and
onboarding new customers continues to be a longer process than in
pre-pandemic times, our more localised sales organisation is well
placed to convert a strong pipeline of opportunities for the year
ahead."
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation.
The Directors of the Company take responsibility for this
announcement.
Yourgene Health plc Tel: +44 (0)161 669 8122
Lyn Rees, Chief Executive Officer investors@yourgene-health.com
Barry Hextall, Chief Financial Officer
Joanne Cross, Director of Marketing
Cairn Financial Advisers LLP (NOMAD) Tel: +44 (0)20 7213 0880
Liam Murray / James Caithie / Ludovico
Lazzaretti
N+1 Singer (Joint Corporate Broker) Tel: +44 (0)20 7496 3000
Aubrey Powell / Tom Salvesen / George
Tzimas
Stifel Nicolaus Europe Limited (Joint Tel: +44 (0)20 7710 7600
Corporate Broker)
Nicholas Moore / Matthew Blawat / Ben
Maddison
Walbrook PR Ltd (Media and Investor Tel: +44 (0)20 7933 8780 or yourgene@walbrookpr.com
Relations)
Paul McManus / Lianne Cawthorne Mob: 07980 541 893 / Mob: 07584 391
303
About Yourgene Health
Yourgene Health is an international molecular diagnostics group
which develops and commercialises genetic products and services.
The group works in partnership with global leaders in DNA
technology to advance diagnostic science.
Yourgene primarily develops, manufactures, and commercialises
simple and accurate molecular diagnostic solutions, for
reproductive health, precision medicine and now infectious
diseases. The Group's flagship products include non-invasive
prenatal tests (NIPT) for Down's Syndrome and other genetic
disorders, Cystic Fibrosis screening tests, invasive rapid
aneuploidy tests, and a recent extension into the oncology space
with DPYD genotyping.
The launch of Yourgene Genomic Services has enabled Yourgene to
offer a global laboratory service network equipped to be a full
life-cycle partner for clinical, research and pharmaceutical
organisations to support partners at the preclinical, clinical, and
post-market stages to develop, manufacture, obtain regulatory
approval and commercialise new products and services. In addition,
Yourgene Genomic Services offers an NIPT and high throughput COVID
testing service.
In August 2020, Yourgene acquired Coastal Genomics , Inc., a
sample preparation technology company based in Vancouver, Canada,
enabling the Company to extend its offering and IP portfolio in the
DNA sample preparation sector. The acquisition increased Yourgene's
geographical penetration into the US and Canada, supplementing
existing coverage in the UK, Europe, MEA and Asia.
Yourgene Health is headquartered in Manchester, UK with offices
in Taipei, Singapore, the US and Canada, and is listed on the
London Stock Exchange's AIM market under the ticker "YGEN". For
more information visit www.yourgene-health.com and follow us on
twitter @Yourgene_Health.
Forward-Looking Statements
Certain statements made in this announcement are forward-looking
statements. These forward-looking statements are not historical
facts but rather are based on the Company's current expectations,
estimates, and projections about its industry; its beliefs; and
assumptions. Words such as 'anticipates,' 'expects,' 'intends,'
'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions
are intended to identify forward-looking statements. These
statements are not guarantees of future performance and are subject
to known and unknown risks, uncertainties, and other factors, some
of which are beyond the Company's control, are difficult to
predict, and could cause actual results to differ materially from
those expressed or forecasted in the forward-looking statements.
The Company cautions security holders and prospective security
holders not to place undue reliance on these forward-looking
statements, which reflect the view of the Company only as of the
date of this announcement. The forward-looking statements made in
this announcement relate only to events as of the date on which the
statements are made. The Company will not undertake any obligation
to release publicly any revisions or updates to these
forward-looking statements to reflect events, circumstances, or
unanticipated events occurring after the date of this announcement
except as required by law or by any appropriate regulatory
authority.
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END
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