RE: AGM Transcription31 Oct 2023 23:06
33.16 James McCarthy resumes :
So coming back to Yourgene, - What is Yourgene? -
Yourgene is a business started ten years ago, - started life as a single product UK based company in the area of NIPT (Non-Invasive Parental Testing). Over those ten years it has grown significantly and now it's a global manufacturer and commercialises molecular diagnostics. It's headquartered in Manchester, also has offices in Singapore USA and Canada. In 2022 it reported revenues of £37.6 million, that was for the year ending March 2022, and had quite a bit of Covid in it. The unaudited revenue is around £19 million for the end of March this year, and there's probably a couple of million in Covid in that, just to give you an order of magnitude of what the business is, on an underlying basis. It employs around 150 staff, so similar in employee size to Novacyt with around 100 products and customers in 65 countries. So a really nice geographic footprint, a nice product portfolio and complementary to Novacyt. If you go to the next slide, If you look at the chart on the right of the screen, you can think of the business in two segments - a product business with Genomic Technologies, and a service business. And it's roughly 90 / 10 products to service. If you think of the Covid business for Yourgene was very much on the service side, Novacyt was on the product side, Yourgene had a service pickup during Covid. So if I look at the technologies, and you look at the product areas, there are three or four key product areas, and if you take it from the start you will have heard of Ranger technology. So Ranger technology realy starts at the supply chain or as a diagnostics chain, and that's realy about sample direction. Ranger technology was the Coastal acquisition, which Yourgene made in August 2020. That's a really interesting piece of technology which we are realy excited about, and is growing realy rapidly. And that had application across a whole load of different areas. We are also excited about some complementary technologies with our own instrumentation business, (IT-IS) bought in October 2020. There's quite an interesting symetry between those two businesses. The NIPT which is the core of the business, and that's effectively doing feotal testing from mothers blood for a whole range of outcomes. I think why that is an exciting market is that NIPT testing is growing, and it's growing in many national environments where it's becoming a standard national test, so governments are offering this as part of standard of pregnancy care. So I think its a very interesting very high growth market.
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