Yourgene Health first-half revenue up 5%; says Covid-19 testing expanding rapidly

Mon, 26th Oct 2020

Molecular diagnostics group Yourgene Health said its first-half revenue had risen 5%, as strong growth in Europe offset weakness in the company's international division. Revenue for the six months through September increased to £8.2 million, up from £7.8 million year-on-year. European revenue rose 80% and UK revenue rose 40%, while international revenue fell 25%, a drop the company pinned on the Covid-19 crisis. Looking forward, Yourgene Health said core laboratory customers were now returning to more normal patterns of testing. If the recovery was sustained, the company said it expected to see a restoration of previous growth trends in non-invasive prenatal testing, reproductive health, oncology and research markets. Yourgene also said its UK Covid-19 testing service was expanding rapidly. From the beginning of October, it was operating at its full capacity of 10,000 tests per month. Capacity was being further expanded to 20,000 tests per month, which was due to come on stream in the third quarter. 'This will increase Covid-19 testing revenue potential to approximately £1 million per month and there is potential for further expansion in line with anticipated demand,' the company said. Chief executive Lyn Rees said that with the US and Japan now reopening for business, she expected to see international revenues growing rapidly around the company's core products. 'Our full year outlook remains in line with management expectations and we look forward to updating investors again when we publish our half-year results in December,' Rees said. Story provided by StockMarketWire.com

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