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Yourgene Health Records £2.3M Net Loss for Fiscal Year 2020

NEW YORK – Yourgene Health on Tuesday morning reported a 87-percent jump in year-over-year revenues for the fiscal year ended March 31,2020, driven in part by contributions from a business acquired in 2019.

As reported in April, revenues for the fiscal year totaled £16.6 million ($21.4 million), up from £8.9 million the previous fiscal year.

Revenues included contributions from Elucigene Diagnostics, which the company acquired in April 2019 for £9.3 million, and from AGX-DPNI, the firm's French NIPT distribution channel that Yourgene acquired for up to £3.5 million in March 2020.

"I am absolutely delighted with the positive progress that we’ve made in the last 12 months, and I am equally excited about the opportunities we have ahead of us in the new financial year which will allow us to continue our strong commercial momentum despite the challenges caused by the global pandemic," CEO Lyn Rees said in a statement.

Of total revenues, £10.1 million, or 61 percent, came from noninvasive prenatal testing; £3.7 million, or 22 percent, from reproductive health; and £2.8 million, or 17 percent, from molecular genetics/precision medicine products.

By geographical area, 63 percent of revenues derived from international markets, 25 percent from Europe, and 12 percent from the UK.

In June, the company received the CE-IVD mark for its Iona Nx NIPT test, which runs on the Illumina NextSeq 550Dx sequencer. The test will soon go online at Yourgene's own laboratory in Manchester, UK before it will be rolled out to customer labs. Existing Iona customers in Europe are expected to transition to the Iona Nx test and the company plans to introduce the test in new territories, such as Asia-Pacific and North America.

In addition, on July 3, Yourgene acquired Ex5 Genomics, a small UK-based research services company, for £275,000 in initial cash and up to an additional £275,000 in potential cash earn-out.

The company will consider additional M&A opportunities going forward, Rees said, including those that would increase earnings and those that would complement its molecular diagnostic technologies.

Yourgene also expects to obtain the CE mark for its Clarigene SARS-CoV-2 test before the end of July. The firm has collaborations in place to provide the test to corporate partners and healthcare facilities.

The company's net loss for the fiscal year totaled £2.3 million, or 0.4 pence per share, compared to a net profit of £3.4 million, or 0.9 pence per share.

As of March 31, Yourgene had £2.8 million in cash and cash equivalents.