(Alliance News) - Yourgene Health PLC on Tuesday posted an improvement in its results for financial 2020 as it expressed confidence in its outlook and excitement in its future prospects.
Shares in the molecular diagnostics firm were trading 0.3% lower at 18.20 pence each on Tuesday afternoon in London.
For its financial year ended March 31, Yourgene posted revenue of GBP16.6 million, climbing 87% from GBP8.9 million. While pretax loss was unchanged at GBP3.4 million, it posted a swing to an adjusted earnings before interest, tax, depreciation, and amortization of GBP1.3 million from a GBP3.4 million loss year-on-year. Operating loss fell to GBP3.2 million from GBP4.8 million.
The Manchester-based company credited the improvement to the increased use of its non-invasive prenatal tests for Down's syndrome and other genetic disorders with sales for the products 29% higher to just over GBP10 million.
Looking ahead, Chief Executive Lyn Rees said: "We are confident in our outlook for the year ahead, even before potential Covid-related product and service revenues, and we are very excited about the prospects for further growth in the coming years. Market forecasts for 2021 and beyond see our growth trajectory continuing and heralds a move towards full profitability in the near term. We remain confident that we can deliver against these forecasts and that both IONA Nx prenatal test and our Clarigene SARS-CoV-2 products will be major contributors to this growth.
As at March 31, Yourgene had cash of GBP2.8 million.
By Ife Taiwo; ifetaiwo@alliancenews.com
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