RNS - We are now well positioned and very much focused on growth10 Jul 2019 08:18
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/YGEN/14142529.htmlourgene Health plc
("Yourgene" or the "Company" or the "Group")
Results for the Year Ended 31 March 2019,
Business Update and Director Change
Manchester, UK - 10 July 2019: Yourgene Health plc (AIM: YGEN), the international molecular diagnostics group which commercialises genetic products and services, announces its results for the year ended 31 March 2019, and provides a business update.
Full year results summary:
· Comprehensive profit of £3.4m (2018: £9.6m loss), the first since 2014 IPO, due substantially to benefits of debt restructuring gains but also to improved trading
· Revenues grew 45% to £8.9m (2018: £6.1m)
· Gross profit also grew 45% to £4.6m (2018: £3.2m)
· Administrative expenses before separately disclosed items were held level at £9.0m, despite a £0.3m increase in net development expenditure
· Adjusted EBITDA loss reduced by 29% to £3.1m (2018: £4.4m)
· Operating loss reduced by 44% to £4.8m (2018: £8.6m)
· Cash used in operations reduced to £4.0m (2018: £9.6m)
· Net cash (cash less borrowings) at year-end of £1.0m (2018: £11.9m net debt), prior to post period-end fundraise and associated acquisition of Elucigene Diagnostics ("Elucigene")
Business update:
· After the period-end, in April 2019, the Company completed an equity fundraise, raising gross proceeds of £11.8m and the acquisition of Elucigene for an enterprise value of £8.8m represented by £6.3m cash and £2.9m equity
· Elucigene recently filed its calendar 2018 accounts with revenues of £3.6m and EBITDA of £1.0m (FRS102 basis)
· Integration of the UK operations of Yourgene Health and Elucigene is proceeding well and annualised synergy cost savings of over £0.5m have been identified, many of which have already been implemented
· The two commercial teams are now operating as a combined function and seeking opportunities for cross-selling, co-presenting at marketing events, and have since delivered the Group's first £1m+ revenue months
· Penetration of existing markets is increasing, for example in India and France
· New markets focus includes Japan, where early momentum is building, and the United States, where a diverse pipeline is expected to generate its first revenues in the current financial year
· Development is progressing well for the new IONA® test compatible with the Illumina next generation sequencing platform and the test remains on schedule for launch in early 2020
· The Group's first oncology product is in a soft launch phase with a number of UK and European clinical partners
Corporate update:
· After a review of the Board's composition, it has been agreed that Keng Hsu will step down from the Board from today to improve the balance of Non-executive and Executive directors, and to allow greater focus on his business d
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