8th Apr 2019 09:13
LONDON (Alliance News) - Yourgene Health PLC on Monday said its annual revenue was ahead of market expectations, with international revenue particularly strong.
Shares in molecular diagnostics company Yourgene were down 4.2% at 12.45 pence on Monday morning.
Revenue for its financial year that ended March 31 was up at least 46% to more than GBP8.9 million from GBP6.1 million the year before.
Within this, International revenue was up 51% to GBP5.9 million from GBP3.9 million, which Yourgene attributed to "continued penetration of Middle Eastern and Asian markets" as well as increased prenatal testing and oncology research services from Yourgene's facility in Taipei.
In the UK, revenue rose 20% to GBP1.2 million from GBP1.0 million, and other European revenue was up 47% to GBP1.8 million from GBP1.2 million, resulting from a broadening of Yourgene's network customers.
As at March 31, Yourgene's cash stood at GBP1.3 million, more than quadrupled from GBP280,000 the year prior.
Yourgene expects to launch a new version of its IONA non-invasive pre-natal test for Down's syndrome in early 2020. This test will be foreuse on Illumina Inc's gene sequencing technology.
In September, Yourgene agreed an approximately GBP1 million legal settlement and licence and supply partnership agreement with Illumina to resolve patent infringement litigation. Yourgene will pay Illumina a royalty for every sample tested using the IONA test which is based on Illumina's sequencing technology.
Yourgene Chair Adam Reynolds said: "Yourgene's business has been transformed over the past financial year, and I am delighted to see this being reflected in the group's trading performance. Our strengthened leadership team is now fully focused on driving the business into its next phase of growth."
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