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Yourgene Health Q1 Preliminary Revenues Rise 80 Percent

NEW YORK – Yourgene Health on Wednesday morning reported an 80 percent jump in preliminary year-over-year revenues for the first quarter of fiscal year 2022, which ended June 30.

Unaudited Q1 2022 revenues increased to more than £6 million, driven by COVID-related services and product sales. In a statement, Yourgene said that "the new financial year has started more strongly, with significant growth in Q1 against a COVID-impacted comparable period but performing in line with our growth plans."

In addition, the Manchester, UK-based firm announced a 10 percent increase in fiscal year 2021 revenues, in line with unaudited results reported this spring. As reported in April, revenues for the fiscal year, which ended March 31, totaled £18.3 million ($25.4 million), up from £16.6 million the previous fiscal year.

Of total revenues for fiscal year 2021, 65 percent came from genomic technologies, including £5.9 million, or 32 percent, from noninvasive prenatal testing; £3.6 million, or 20 percent, from reproductive health; £1.4 million, or 8 percent, from COVID-19 related products; and £1.0 million, or 5 percent, from other technologies.

The remaining 35 percent of revenues, or £6.4 million, came from services through the Yourgene Genomic Services unit, including £1.8 million, or 10 percent, from NIPT services; £1.7 million, or 10 percent, from COVID-19 services; and £2.8 million, or 15 percent, from other services.

In September 2020, the company launched Yourgene Genomic Services as a separate business segment covering NIPT testing services in the UK and Taiwan, oncology and contract research organization, or CRO, testing service in Taiwan, and new UK-based COVID-19 and CRO-focused testing services.

By geographical area, 40 percent of fiscal 2021 revenues derived from international markets, 30 percent from Europe, and 30 percent from the UK.

During the fiscal year, Yourgene acquired sample prep technology company Coastal Genomics for up to $13.5 million after a £15 million stock offering. It also expanded its genomic services laboratory facilities and invested in NIPT instrumentation for clients transitioning to its Iona Nx tests.

The company in addition launched its Iona Nx NIPT Workflow and transitioned its key European NIPT accounts during the fiscal year. 

Yourgene also invested £1.6 million in an inventory build primarily for COVID-19 testing products during the year. It is currently capable of performing approximately 100,000 tests per month. The Clarigene SARS-CoV-2 IVD kit received CE marking last August.

The company's net loss for the fiscal year totaled £12.2 million, or 1.8 pence per share, compared to a net loss of £2.3 million, or 0.4 pence per share, in fiscal year 2020. The loss reflected a goodwill impairment charge from pandemic-related challenges in Asian markets, the company said.

As of March 31, Yourgene had £6.8 million in cash and cash equivalents.

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