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He explicitly states using covid generated funds for expansion of core business - that’s seems a sensible approach IMO!
Even if covid stopped dead tomorrow, which it won’t, the FY £25m is looking very comfortable!
£9m Q2 revenue (H1 £15m) following from Q1 at £6m
Running 100k PCR a month and capacity at 200k in anticipation …
Happy with that!
Yep, will be good to hear progress on both core and covid business, hopefully with some good numbers and outlook!
Online, yes! I’m not using a tank of liquid gold and taking a day off to drive to Manchester!
Twix, I thought Clarigene sold via MHC / Boots was for the outbound fit to fly only, not the day 2 / 8 on return? The UK changing inbound rules won’t make any difference to that specifically. Obviously this can all change as governments wave their magic wand!
My previous reply also wasn’t assuming we’ll get the whole £34m, just that if given that much work, I would expect the capacity exists!
Subjectively, It feels like I’m hearing of more and more people with covid and having PCR tests for whole families / contacts ..
Let’s see what autumn brings …
That’s a nice problem to have! Since this was under the framework and carried out properly, we have to assume that we wouldn’t have won the contract had we not been able to demonstrate and commit to the capacity and turnaround times required.
We don’t know for sure how much of that is PCR testing and how much is full sequencing, which is presumably much more expensive!
Looking forward to the update soon!
I suspect our revenue per test is more like £25 for test & lab process now that the market has settled somewhat, but at 22k tests per week (the travel rate pre-DHSC), that's still £2.4m / month, a £28.5m PA run rate.
Add expanding core business...
Addthe first DHSC contract ... £x - £34m for the 2.5 months period? Plus extension of up to 12 weeks?
TBH, I can't believe we're still sub 20p and if I wasn't already balls-deep I'd be buying more!
Lion, I expect Lyn, (and the market for that matter) want to see how much work would actually come from the contract before shouting £34m too loudly and perhaps setting unrealistic expectations. We are due an update around the end of the month that should let us know how the travel numbers are looking (22k a week at last update IIRC) in addition to the early uptake on the DHSC contract.
He also hinted that once these numbers are known, he expects the analysts to adjust their FY targets.
... it appears we can confidently look forward to an update!
If we do start pulling in even half of that £34m contract value in 2.5 months (and that's just one contract!) in addition to core business, it's absolutely transformative to YGEN's financials.
Bring it on! :-)
It's been painful at times over the last 5 or so years with many top up opportunities along the way, but after all of that and despite being over-invested (and thinking!), I don't really know where I'd put the money if I sold down here. We're in a growth company in a growth sector and it's coming together nicely.
Holding for gold with 2m+ !
Absolutely good news … We commit to a 24h turnaround on a redacted number of tests and that’s £34m …
Even at half capacity I’d be delighted!
Twix, I suggested the same at 16:24 ...
"This could just be putting a number on the testing contract we got in August ..
.... but £34M in 2.5 months is a mighty fine number if they max us out!"
No wonder Lyn was looking pretty confident in the last update!
Well done YGEN, and keep them coming!
My read on it was up to £34m (based on demand) for the original 2.5 months, and extended on the same terms pro-rata.
All the juicy stuff apart from the headline figure is redacted, but it's nice to see the contract - worth a browse through ..
hTTPs://atamis-1928.cloudforce.com/sfc/p/#0O000000rwim/a/4J000000NRtS/TtGOIZrNehA5h.ioQh0FYgidP51ZUS36tqZD_pZqZfE
Bakky, it's extendable by 4 weeks (if requested within the initial contract period) and by 2 x 4 weeks thereafter - so about 5.5 months in total potentially.
Even if it's a max contract value, it's validation that we are capable of that number if demand is there.
The redacted contract is linked from bidstats too, but they've redacted the guaranteed daily capacity!
This could just be putting a number on the testing contract we got in August ..
.... but £34M in 2.5 months is a mighty fine number if they max us out!
No problem MisterE ...
I've been in YGEN for years and here for about a year too with worst timing ever! Nova should come good with the cash pile and contracts they have once the dispute is sorted. Ygen have quite a few strings to their bow with NIPT, DPYD as well as the current Covid testing - at one point I even wondered if Nova might take them out to diversify!
Mini-competition for the provision of Additional Lab Capacity to the Test and Trace Programme
A Contract Award Notice by DEPARTMENT OF HEALTH AND SOCIAL CARE (T&T)
Source - Contracts Finder
Type - Contract (Services)
Duration - 2.5 month
Value - £34M
Sector - HEALTH
Published - 09 Sep 2021
Delivery - 23 Aug 2021 to 14 Nov 2021
Deadline - 30 Jul 2021 13:00
Concepts - provision of additional lab capacity, medical laboratories, mini-competition, test, additional lab capacity, covid-19 test , trace programme
1 buyer - Department of Health & Social Care T&T - London
1 supplier - Yourgene Health - Manchester
Description
Additional Lab Capacity to the COVID-19 Test and Trace Programme
Award Detail
1 Yourgene Health (Manchester)
Value: £34,100,000