REG - Yourgene Health PLC - Current year trading update

Yourgene HealthAnnouncement

17/01/2022 07:05

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RNS Number : 5613Y  Yourgene Health PLC  17 January 2022

 

Yourgene Health plc

("Yourgene" or the "Company")

 

Current year trading update

 

Further upgrade to full year revenue guidance following strong trading
performance

 

Manchester, UK - 17 January 2022: Yourgene (AIM: YGEN), the international
molecular diagnostics group, provides an update on trading for the current
financial year ending 31 March 2022.

 

The strong trading performance seen in the first half of the year has
continued into the second half. Yourgene's high throughput COVID-19 testing
laboratory in Citylabs 1.0, Manchester, has been deployed heavily over the
winter season to assist in the UK's response to the new wave of infections
caused by the omicron variant.

 

In addition, the Company's new COVID sequencing service has launched and was
awarded a contract by the UK Health Security Agency. This service has made a
strong contribution and Yourgene is now scaling up this service for additional
volume.

 

Having upgraded guidance in October 2021 and again in December 2021, the Board
believes that full year revenues and adjusted EBITDA will exceed already
upgraded market expectations.  The Company has already recorded year to date
revenues sufficient to meet existing market expectations for the full year and
expects, with a further strong contribution in the final quarter, to report
full year revenues of at least £37m, significantly above current market
expectations of £29m. Adjusted EBITDA margins are expected to be at least 10%
which will deliver a substantial positive swing of over £5.5m from the
previous year's position.

 

Lyn Rees, Chief Executive Officer, commented: "The continued strong
performance in COVID-19 testing is a testament to our team's ability to
mobilise our core lab services quickly and scale resources to meet this urgent
need. Whilst we are seeing substantial growth in COVID-19 testing, our
long-term strategy remains focused on building a diverse offering across both
Genomic Technologies and Genomic Services that apply our core competencies and
capacity into other areas where molecular diagnostics can positively impact
people's lives."

 

The Company intends to update shareholders on further progress following the
year end.

 

 

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 (mailto: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 Broker)    Tel: +44 (0)20 7496 3000
 Aubrey Powell / Tom Salvesen / George Tzimas

 Stifel Nicolaus Europe Limited (Joint Corporate Broker)                                 Tel: +44 (0)20 7710 7600
 Nicholas Moore / Matthew Blawat / Ben Maddison

 Walbrook PR Ltd (Media and Investor Relations)     Tel: +44 (0)20 7933 8780 or yourgene@walbrookpr.com
 Paul McManus / Lianne Applegarth / Alice Woodings  Mob: 07980 541 893 / 07584 391 303 / 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 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 (http://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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