TIDMYGEN
RNS Number : 5613Y
Yourgene Health PLC
17 January 2022
Yourgene Health plc
("Yourgene" or the "Company")
Current year trading update
Further upgrade to full year revenue guidance following strong
trading performance
Manchester, UK - 17 January 2022: Yourgene (AIM: YGEN), the
international molecular diagnostics group, provides an update on
trading for the current financial year ending 31 March 2022.
The strong trading performance seen in the first half of the
year has continued into the second half. Y ourgene's high
throughput COVID-19 testing laboratory in Citylabs 1.0, Manchester,
has been deployed heavily over the winter season to assist in the
UK's response to the new wave of infections caused by the omicron
variant.
In addition, the Company's new COVID sequencing service has
launched and was awarded a contract by the UK Health Security
Agency. This service has made a strong contribution and Yourgene is
now scaling up this service for additional volume.
Having upgraded guidance in October 2021 and again in December
2021, the Board believes that full year revenues and adjusted
EBITDA will exceed already upgraded market expectations. The
Company has already recorded year to date revenues sufficient to
meet existing market expectations for the full year and expects,
with a further strong contribution in the final quarter, to report
full year revenues of at least GBP37m, significantly above current
market expectations of GBP29m. Adjusted EBITDA margins are expected
to be at least 10% which will deliver a substantial positive swing
of over GBP5.5m from the previous year's position.
Lyn Rees, Chief Executive Officer, commented: " The continued
strong performance in COVID-19 testing is a testament to our team's
ability to mobilise our core lab services quickly and scale
resources to meet this urgent need. Whilst we are seeing
substantial growth in COVID-19 testing, our long-term strategy
remains focused on building a diverse offering across both Genomic
Technologies and Genomic Services that apply our core competencies
and capacity into other areas where molecular diagnostics can
positively impact people's lives."
The Company intends to update shareholders on further progress
following the year end.
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
Singer Capital Markets (Joint Corporate Tel: +44 (0)20 7496 3000
Broker)
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 Applegarth Mob: 07980 541 893 / 07584 391 303
/ Alice Woodings / 07407 804 654
About Yourgene Health
Yourgene Health is an international molecular diagnostics group
which develops integrated genomic technologies and services
enabling precision medicine. 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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