TIDMYGEN
RNS Number : 2776J
Yourgene Health PLC
26 April 2022
Yourgene Health plc
("Yourgene", the "Company" or the "Group")
Full year trading update
Manchester, UK - 26 April 2022: Yourgene (AIM: YGEN), a leading
international molecular diagnostics group, provides the following
unaudited trading update for the year ended 31 March 2022 ("FY22")
.
FY22 performance in line with upgraded guidance
Revenues for FY22 were GBP37.6m, up 105% on the previous year
and in line with recently upgraded guidance.
-- Genomic Services ("GS") revenues up 239% to GBP21.6m (FY21: GBP6.4m)
- Revenues dominated by COVID PCR testing and variant sequencing
- Testing capacity continues to be repurposed towards non-COVID
testing, with increased capacity available following UK Government
policy shift in late February to endemic status
- Private COVID-19 testing continues albeit at more modest levels
- NIPT and research testing services have stabilised in recent
months after a challenging first half of the financial year, and
now bolstered by the broader oncology testing range from Ambry
(announced yesterday)
-- Genomic Technologies ("GT") revenues up 34% to GBP16.0m (FY21: GBP11.8m)
- NIPT delivered 11% year-on-year growth in the second half of
the financial year demonstrating a rebound after pandemic headwinds
affected H1 performance (up 19% vs H1 FY21)
- Precision Medicine revenues more than doubled year-on-year and
now represent 15% of non-COVID-19 Group revenues
-- Two Ranger(R) Technology strategic partners (announced in
March and June 2021 respectively) are now validated and using the
technology in routine clinical testing. Significant pipeline of
additional opportunities at various stages of feasibility and
validation
-- DPYD chemotoxicity revenues GBP1.2m for the financial year
(FY21: GBP0.7m)
- Clarigene(R) COVID-19 PCR assay revenues of GBP4.5m (FY21:
GBP1.4m). Sales are continuing into the new financial year through
private testing channels
-- EBITDA margin expected to be broadly in line with previous
10% guidance level on a constant currency basis and before
restructuring costs
FY23 outlook: restructuring to focus on post-pandemic growth
drivers
The UK Government's reduction in COVID-19 testing has been more
rapid than anticipated across the sector, but in turn this is
enabling Yourgene to focus on accelerating the growth within the
Group's core offerings of Genomic Services, NIPT, Ranger(R)
Technology and PCR tests.
-- Genomic Services focus areas :
- NIPT and research services recovering as pregnancies rise and research programmes resume
- New partnership with Ambry Genetics, announced 25 April 2022,
delivers an oncology range of services which broaden the GS
offering significantly
- Strategic review initiated for Taiwanese laboratory given ongoing external constraints
-- Genomic Technologies focus areas :
- Accelerating push into North and Latin American markets with
expanded commercial team and complementary third-party products
- Promoting Ranger(R) Technology as an enabler for third party
NIPT workflows as well as in proprietary Yourgene workflows
- Partnering to demonstrate Ranger(R) size selection advantages
in adjacent markets of liquid biopsy, RNA and gene synthesis
- Launching enhancements to the Group's IONA(R) Nx range of NIPT
solutions, including microdeletions and related differentiators
- Continuing to expand global coverage for the Company's DPYD
chemotoxicity test and developing complementary precision medicine
content
-- Operational restructure :
- Variable cost base is naturally reducing as COVID surge activities recede
- Yourgene has started consolidating its UK activities through a
programme of co-location and sharing support services between GS
and GT, where the pace of change during the pandemic originally
required separation
- As a result, the Group's annual operating cost base will
reduce significantly, by c. GBP5m pa on a like-for-like
post-restructure basis
- Restructure commenced in the final quarter of FY22 and will be
largely complete by the end of the first quarter of FY23. One-off
restructuring costs are anticipated to be in the range of
GBP0.5m-GBP0.7m
Capital Markets Day
As previously announced, the Company is hosting a Capital
Markets Day in the City of London today with a morning session for
institutional investors, followed by a networking lunch. Investors
who have not already registered for this session may do so by
contacting Singer Capital Markets via
investor.relations@singercm.com.
The event is being repeated at 4pm for non-institutional
investors and will be followed by light refreshments and an
opportunity to talk to the senior management further. T o register
your interest in this, please contact Walbrook PR on 020 7933 8780
or email yourgene@walbrookpr.com .
For those who wish to dial in online to the afternoon session,
please register here:
https://www.investormeetcompany.com/yourgene-health-plc/register-investor
Lyn Rees, Chief Executive Officer of Yourgene, commented: "We
are pleased that the Company's performance in the last financial
year has achieved the significantly upgraded guidance. The ongoing
restructure will ensure that Yourgene is very well placed to meet
the evolving needs of its customers by supplying an adaptable
mixture of technologies and services, with our fast-growing Genomic
Services offering expected to be a strong growth engine.
"As COVID surge testing recedes, we are creating a more focused
growth platform to reap the benefit of previous investments. Our
business has evolved significantly over the last 12 months and we
have a broader platform, service offering and customer
relationships globally from which to grow. As we reshape the
business to deliver improved profitable growth through and beyond
the post-pandemic period, we are already leveraging our
technologies and our teams' capabilities to good effect, capturing
new opportunities and building on our existing partnerships. We
thank our people for their support of the Group's continuing
evolution. The consolidation of our operations will result in a
more unified and efficient Group.
"We are committed to creating long term shareholder value and,
with further expansion into the Americas markets, FY23 and beyond
will be an exciting time for Yourgene. I look forward to engaging
with shareholders at our Capital Markets Day later today and
sharing further detail around Yourgene's positioning and growth
drivers of Genomic Services, Americas NIPT markets and Ranger(R)
Technology."
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation.
The Directors of the Company take responsibility for this
announcement.
Yourgene Health plc Tel: +44 (0)161 669 8122
Lyn Rees, Chief Executive Officer investors@yourgene-health.com
Barry Hextall, Chief Financial Officer
Joanne Cross, Director of Marketing
Cairn Financial Advisers LLP (NOMAD) Tel: +44 (0)20 7213 0880
Liam Murray / James Caithie / Ludovico
Lazzaretti
Singer Capital Markets (Joint Corporate Tel: +44 (0)20 7496 3000
Broker)
Aubrey Powell / Tom Salvesen / George
Tzimas
Stifel Nicolaus Europe Limited (Joint Tel: +44 (0)20 7710 7600
Corporate Broker)
Nicholas Moore / Matthew Blawat / Ben
Maddison
Walbrook PR Ltd (Media and Investor Tel: +44 (0)20 7933 8780 or yourgene@walbrookpr.com
Relations)
Paul McManus / Lianne Applegarth Mob: 07980 541 893 / 07584 391 303
/ Alice Woodings / 07407 804 654
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 launch of Yourgene Genomic Services has enabled Yourgene to
offer a global laboratory service network equipped to be a full
life-cycle partner for clinical, research and pharmaceutical
organisations to support partners at the preclinical, clinical, and
post-market stages to develop, manufacture, obtain regulatory
approval and commercialise new products and services. In addition,
Yourgene Genomic Services offers an NIPT and high throughput
COVID-19 testing service.
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.
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