3rd Dec 2018 12:01
LONDON (Alliance News) - Yourgene Health PLC on Monday said its loss narrowed in the first half of its current financial year as revenue rose on improved non-invasive prenatal testing products sales.
The molecular diagnostics company said its pretax loss narrowed in the six months to the end of September to GBP3.5 million from GBP4.9 million reported in the first half of 2017, as revenue increased by 45% to GBP3.9 million from GBP2.7 million.
The result was helped by the roll-out of lower cost product variants and increasing sales of products without margin dilutive sequencing reagents.
Non-invasive prenatal testing volumes increased by 73% during the period to 38,000 from 22,000 a year ago.
Looking forward, the company said it plans to sign additional global partnerships for its non-invasive prenatal testing products.
In addition, the company said it considers mergers & acquisitions opportunities with medium-sized entities.
"We will look to broaden our international reach with a refreshed and upskilled commercial structure," said Chief Executive Lyn Rees.
"As well as bringing new customers to the business, we are excited to rapidly expand existing markets such as India, the Middle East, Africa and South East Asia where the foundations for growth have been laid," added Rees.
Yourgene Health shares were trading 5.6% lower on Monday at 8.26 pence a share.
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