TIDMYGEN
RNS Number : 2138Q
Yourgene Health PLC
26 October 2021
Yourgene Health plc
("Yourgene" or the "Company")
Half-year Trading update
Improved H1 and year-to-date performance supporting higher
full-year expectations
Manchester, UK - 26 October 2021: Yourgene (AIM: YGEN), a
leading international molecular diagnostics group, provides the
following update on performance for the six months ended 30
September 2021 ("H1 FY22"), on year-to-date trading and
expectations for the full year .
First half performance (unaudited)
-- Revenues for the half grew strongly to GBP17.5m, more than
double the GBP8.2m recorded for H1 FY21 and ahead of previous
guidance of at least GBP15.0m
- Genomic Services revenues up 260% to GBP10.5m (H1 FY21: GBP2.9m), driven by COVID-19 testing
- Genomic Technologies revenues up 32% to GBP6.9m (H1 FY21: GBP5.3m)
-- Positive adjusted EBITDA* of approximately GBP2m expected to
be reported when unaudited half year results are published around
mid-December 2021 (H1 FY21: loss of GBP0.2m)
-- Unaudited revenues in FY22 to date already represent 96% of
total FY21 revenues of GBP18.3m, with full year top line
performance now expected to exceed consensus expectations
* Adjusted EBITDA is the operating profit/(loss) before
interest, tax, depreciation, amortisation and expenses
In line with stated strategy, management and employees have
worked hard, supported by focused investment, to establish a
broader operating platform from which to sell a growing range of
products and services. There has recently been a shift in the
balance between genomics services and genomic technologies with the
focus on the integration of these unique portfolios being an
enabler for precision medicine.
Genomic Services (unaudited H1 FY22 revenues: up 260% to
GBP10.5m)
Launched as Yourgene Genomic Services (YGS) in September 2020,
the Company has established an international laboratory network
capable of processing human samples as a full life-cycle partner
for clinical, research and pharmaceutical organisations. YGS now
offers non-invasive prenatal testing (NIPT), high throughput
COVID-19 testing services and a range of services to clinical
research organisations.
COVID-19 testing services in the UK were the major driver of
growth, recording unaudited revenues of GBP9.1m in the first half.
Testing volumes have steadily increased over the period, with
record volumes processed in September 2021. Whilst travel PCR
testing was an early contributor to growth, market channels have
been expanded into non-travel related testing, particularly through
our previously announced surge testing contract with the Department
of Health and Social Care and other third-party channels. Other
non-COVID-19 services offered from Yourgene's UK laboratory also
delivered double digit growth and the YGS laboratory in Taiwan
continues to rebound from a challenging FY21.
Genomic Technologies (unaudited H1 FY22 revenues: up 32% to
GBP6.9m)
The Genomic Technologies business stream provides an integrated
portfolio of instruments, reagents, consumables and software, all
aimed at supporting laboratory customers around the world. Flagship
screening and diagnostic products include NIPT, Cystic Fibrosis,
DPYD genotyping and Clarigene(TM) SARS-CoV-2. DNA handling
platforms include the LightBench with Ranger(R) Technology,
acquired as part of Coastal Genomics acquisition, for size
selection in cell-free DNA applications such as NIPT, oncology and
liquid biopsy. This capability supports longer sequencing reads and
is a key attraction to customers seeking efficiency and accuracy
gains.
Sales of the Company's Clarigene(R) SARS-CoV-2 PCR test to
third-party testing providers contributed revenues of GBP1.4m in
the period (H1 FY21: GBP0.2m), and non-COVID product sales
delivered growth of 7% to GBP5.5m (H1 FY21: GBP5.1m). The growth
rates in non-COVID product sales reflect the slow, but now evident,
post pandemic normalisation of international NIPT and other
reproductive health markets, as well as the Company's
Illumina-based NIPT platform becoming more established in antenatal
screening workflows after a transitional year in FY21. Revenues
from Ranger(R) Technology have exceeded US$1m for the first time in
the six-month period, more than double the equivalent period prior
to its acquisition in August 2020 and before further anticipated
inflection points when recent new contract wins start to go live in
the coming months.
FY22 Outlook
Due to the strong performance in H1 FY22, and despite the
inherent unpredictability of COVID-related revenue streams, the
Board is confident that trading for the full year will remain
robust and that full year revenues are therefore likely to exceed
current market expectations. However, the exact scale of
out-performance remains difficult to judge at this stage in the
financial year. The Company expects to report positive adjusted
EBITDA of approximately GBP2m for the first half (H1 FY21: loss of
GBP0.2m), when it publishes its unaudited half year financial
results in mid-December 2021. With travel corridors now open for
business travel we remain confident in the continued recovery of
non-COVID revenue streams to underpin previously stated longer-term
forecasts.
Lyn Rees, Chief Executive Officer of Yourgene, commented: "These
results demonstrate the breadth and depth of the integrated service
offering that Yourgene has created to support its increasingly
global customer base. I am very proud of the hard work that has
driven a strong improvement in performance and created a more
diverse platform for future growth. Yourgene is now a truly global
genomic services and technologies business working in partnership
with world leaders in DNA technology to develop and commercialise
high quality diagnostic solutions.
"Performing a significant role in the response to the COVID-19
pandemic has also enabled us to expand our capabilities rapidly,
not just to capture the current opportunity, but with a very clear
focus on our longer-term progress. The growth in non-COVID services
demonstrates the advantage of having multiple capabilities to
deploy flexibly according to our clients' needs and in rapidly
changing market conditions. Having invested significantly in our
capabilities and business development last year, we look forward
with confidence for the rest of this year and at the broader growth
prospects 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
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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