Manchester, UK - 27 July 2022: Yourgene (AIM: YGEN), the international molecular diagnostics group, announces its final results for the financial year ended 31 March 2022 ("FY22"), and provides an unaudited update on trading for the first quarter of the current financial year ("Q1 FY23").
The Group's performance in FY22 reflects the significant revenue growth delivered from COVID-related products and services, as well as a return to growth in the Company's core business. The strong financial performance has allowed Yourgene to invest further in creating a broader platform or products and services to serve a wider, global customer base, focussed on accelerating growth across Genomic Services, NIPT, Ranger® Technology and PCR testing.
Financial highlights
● Record revenues of £37.6m (FY21: £18.3m), up 105% and ahead of previously upgraded expectations
- Genomic Services up 238% to £21.6m, dominated by COVID-19 testing
- Genomic Technologies up 34% to £16.0m including +9% year-on-year growth in non-COVID sales
● Gross profit up 88% to £21.4m (FY21: £11.4m)
● Adjusted EBITDA* of £3.4m (FY21: loss of £2.0m)
● Reported pre-tax loss of £3.2m (FY21: loss of £12m)
● Reported loss after tax of £1.9m, following £1.3m tax credit (FY21: £12.2m)
● EPS loss of 0.3p (FY21: 1.8p loss)
● £1.3m cash generated from operating activities (FY21: £3.8m used), despite a net working capital outflow of £1.7m (FY21: £0.9m outflow)
● £3.5m of cash used in investing activities (FY21: £7.4m) - reflecting investment in growth strategy
● £5.0m term loan secured in January 2022 from Silicon Valley Bank to support growth strategy
● Cash improved to £8.4m (31 March 2021: £7.0m)
* Adjusted EBITDA is the operating profit/(loss) before interest, tax, depreciation, amortisation, share-based payments and acquisition-related expenses shown separately disclosed on the face of the Income Statement
Operational highlights
● National Microbiology Framework awards for COVID-19 PCR testing and variant sequencing services
● DPYD screening contract for NHS Wales and DPYD screening recommended in Spain
● Opening of new Yourgene Health Canada facilities to support future growth of Ranger® Technology
● US strategic partnership for NIPT with Ambry Genetics and expanded market access to oncology portfolio for Yourgene Genomic Services
● Secured two supply contracts with US diagnostic majors for Ranger® Technology (announced in March and June 2021 respectively) are now validated and using the technology in routine clinical testing)
● Launch of IONA® Care - our NIPT service with expanded clinical menu including sex chromosome aneuploidies
● Expansion of geographical reach with indirect distribution channels strengthened in Middle East, Africa and Eastern Europe and commercial teams strengthened in APAC, Americas and EMEA
● New customers for IONA® Nx NIPT Workflow with strong installed base in the USA, Mexico and Singapore
Post period end developments
● Strategic partnership with Ambry Genetics extended to oncology services portfolio offering in Europe
● Launch of Yourgene's Accelerator Phase for its Microdeletions Plugin, which expands on the clinical menu and capabilities of IONA® Nx NIPT Workflow offering
● Yourgene Genomic Services receive ISO 15189:2012 accreditation for UK laboratory
● Ranger® technology offering expanded with launch of LightBench® Detect - clinical platform for liquid biopsy applications including NIPT with the use of EDTA blood collection tubes
● Business restructuring is now complete, the Group's platform has been reshaped to deliver growth within the core portfolio across Yourgene's operating footprint
● Q1 FY23 trading returns to pre-pandemic growth rates (20% year-on-year) for non-COVID revenue streams
Lyn Rees, Chief Executive Officer of Yourgene, commented:"We are greatly encouraged by the performance of the business over the last 12 months. We have delivered record revenues as a result of high demand for our COVID-related products and services, and we have been able to invest the resultant proceeds towards enhancing the growth drivers for our core markets opportunities. Yourgene has progressed significantly over the last few years, and we remain focused on our long-term growth strategy despite some of the challenges faced over the last two years.
"Looking forward we are now established as a growing force in genomic testing with a team of nearly 200 staff with a strong and increasing presence in key overseas geographies including North America, Europe and Asia. We have diverse revenue streams built on proprietary technologies and growth opportunities across cell-free DNA applications such as NIPT, oncology, reproductive health and infectious disease. Our core business is now back to being a stable platform from which to deliver growth, building on the progress in the first quarter. Yourgene has a unique opportunity to benefit from the more significant growth rates available from the expanded range of market segments in which we operate."
This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement.
Yourgene Health plc
Lyn Rees, Chief Executive Officer
Barry Hextall, Chief Financial Officer
Joanne Cross, Director of Marketing
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Tel: +44 (0)161 669 8122
investors@yourgene-health.com |
Cairn Financial Advisers LLP (NOMAD)
Liam Murray / James Caithie / Ludovico Lazzaretti
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Tel: +44 (0)20 7213 0880
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Singer Capital Markets (Joint Corporate Broker)
Aubrey Powell / Tom Salvesen / George Tzimas
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Tel: +44 (0)20 7496 3000
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Stifel Nicolaus Europe Limited (Joint Corporate Broker)
Nicholas Moore / Matthew Blawat / Ben Maddison
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Walbrook PR Ltd (Media and Investor Relations)
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About Yourgene Health
Yourgene Health is an international molecular diagnostics group which develops integrated genomic technologies and services enabling precision medicine. The group works in partnership with global leaders in DNA technology to advance diagnostic science.
Yourgene primarily develops, manufactures, and commercialises simple and accurate molecular diagnostic solutions, for reproductive health, precision medicine and now infectious diseases. The Group's flagship products include non-invasive prenatal tests (NIPT) for Down's Syndrome and other genetic disorders, Cystic Fibrosis screening tests, invasive rapid aneuploidy tests, and a recent extension into the oncology space with DPYD genotyping.
The Yourgene Genomic Services team works with healthcare professionals, researchers and pharmaceutical organisations to support and accelerate scientific advances in genomic medicine. The division's specialist services guide decisions about abnormalities, hereditary risk and treatment in addition to providing novel insights in research and discovery. Accredited clinical services are provided in Oncology and Reproductive Health within the UK and worldwide. The team of scientific experts offer consultative services to help guide partners in selecting the right technology and approach for their applications.
In August 2020, Yourgene acquired Coastal Genomics, Inc., a sample preparation technology company based in Vancouver, Canada, enabling the Company to extend its offering and IP portfolio in the DNA sample preparation sector. The acquisition increased Yourgene's geographical penetration into the US and Canada, supplementing existing coverage in the UK, Europe, MEA and Asia.
Yourgene Health is headquartered in Manchester, UK with offices in Taipei, Singapore, the US and Canada, 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.
Forward-Looking Statements
Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company cautions security holders and prospective security holders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.
YOURGENE HEALTH 
