Yourgene Health plc
(“Yourgene” or the “Group” 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. Yourgene’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 £37m, significantly above current market expectations of £29m. Adjusted EBITDA margins are expected to be at least 10% which will deliver a substantial positive swing of over £5.5m 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
Lyn Rees, Chief Executive Officer
Tel: +44 (0)161 669 8122
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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.
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.