14 Oct 2019 07:00
Yourgene Health plc
("Yourgene" or the "Group")
Half year trading update
Manchester, UK - 14 October 2019: Yourgene (AIM: YGEN), a leading international molecular diagnostics group, provides a positive trading update for the six months to 30 September 2019.
Revenues for the six months to 30 September 2019 were £7.8m, up 98% on the equivalent prior year period (six months to 30 September 2018: £3.9m), and in line with management expectations. International revenues continue to show very strong momentum, with the Elucigene Diagnostics business, acquired on 26 April 2019, contributing primarily to UK and European sales growth. International revenues include the Group's first US sales as reported in our AGM statement. Organic growth, excluding contributions from the Elucigene acquisition, was 56%.
Regional segments | 6 months to 30 Sept 2019 £m | 6 months to 30 Sept 2018 £m | |
UK | 1.1 | 0.8 | +35% |
Europe ex-UK | 1.6 | 0.8 | +90% |
International | 5.1 | 2.3 | +122% |
Total | 7.8 | 3.9 | +98% |
Revenues from non-invasive prenatal testing (NIPT) products and services grew globally at 34% despite the UK and Europe being in a period of transition to a product format which is compatible with Illumina's next-generation sequencing technology. This new product will be rolled out in European markets during 2020.
Revenues are showing greater diversity with 20% derived from reproductive health products generated by the acquired Elucigene Diagnostics, and 17% derived from the Group's rapidly growing oncology and research services activities in Asia.
Product segments | 6 months to 30 Sept 2019 £m | 6 months to 30 Sept 2018 £m | |
NIPT | 4.8 | 3.6 | +34% |
Reproductive Health | 1.6 | 0.0 | n/a |
Oncology & research | 1.4 | 0.3 | +290% |
Total | 7.8 | 3.9 | +98% |
Cash and cash equivalents as at 30 September 2019 were £4.1m.
Lyn Rees, Chief Executive Officer of Yourgene, commented:
"I am delighted with the performance in the first half, both in terms of the organic growth delivered but also the contribution from the Elucigene acquisition and the launch of our American business. We are executing on our strategy to broaden our product portfolio and to drive growth across wider international markets. We remain on track to hit our ambitious growth targets for the enlarged Group and to meet market expectations for the full year."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Yourgene Health plc Lyn Rees, Chief Executive Officer Barry Hextall, Chief Financial Officer Joanne Cross, Director of Marketing
| Tel: +44 (0)161 667 1053 investors@yourgene-health.com
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Cairn Financial Advisers LLP (NOMAD) Liam Murray / James Caithie / Ludovico Lazzaretti
| Tel: +44 (0)20 7213 0880 | |
Stifel Nicolaus Europe Limited (Sole Corporate Broker) Nicholas Moore / Matthew Blawat / Ben Maddison
| Tel: +44 (0)20 7710 7600 | |
Walbrook PR Ltd (Media and Investor Relations) Paul McManus / Lianne Cawthorne / Anna Dunphy
| Tel: +44 (0)20 7933 8780 or yourgene@walbrookpr.com Mob: 07980 541 893 / 07584 391 303 / 07876 741 001
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About Yourgene Health
Yourgene Health is an international molecular diagnostics group which develops and commercialises genetic products and services. The group works in partnership with global leaders in DNA technology to advance diagnostic science.
Yourgene develops and commercialises simple and accurate molecular diagnostic solutions, primarily for reproductive health. The Group's products include non-invasive prenatal tests (NIPT) for Down's Syndrome and other genetic disorders, Cystic Fibrosis screening tests, invasive rapid aneuploidy tests, male infertility tests and genetic disease tests. Yourgene's commercial footprint is already established in the UK, Europe, the Middle East, Africa and Asia.
Our product development, research service and commercial capabilities extend across the lifecycle of genetic test development including regulatory submissions. Through our technical expertise and partnerships, Yourgene Health is also extending its genetic testing offering into oncology.
Yourgene Health is headquartered in Manchester, UK with offices in Taipei and Singapore, 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.