NEW YORK — British molecular diagnostics firm Yourgene Health reported a doubling in revenues for the first half of 2019 on growing international demand for its noninvasive prenatal testing (NIPT) products and services.
For the first six months of 2019, Yourgene's revenues climbed to £7.8 million ($9.8 million) from £3.9 million in the same period last year. NIPT revenues were up 33 percent to £4.8 million from £3.6 million, which the company attributed in part to the impact of recently acquired Elucigene Diagnostics and its first sales in the US.
Yourgene noted that the increased NIPT revenue came despite the ongoing transition of its Iona noninvasive prenatal test to a format compatible with Illumina's sequencing platform, which is expected to be rolled out to European markets next year.
As of Sept. 30, Yourgene had cash and cash equivalents totaling £4.1 million.
"We are executing on our strategy to broaden our product portfolio and to drive growth across wider international markets," Yourgene CEO Lyn Rees said in a statement. "We remain on track to hit our ambitious growth targets for the enlarged group and to meet market expectations for the full year."
Yourgene has been expanding its international presence recently, establishing operations in the US and working to enter new markets including China and Japan. The company also launched its first oncology product last month, the Elucigene DPYD genotyping assay for chemotoxicity.