Yourgene Health plc
(“Yourgene”, the “Company” or the “Group”)
Manchester, UK – 3 December 2018: Yourgene Health plc (AIM: YGEN), the international molecular diagnostics group which commercialises genetic products and services, announces its unaudited half-year results for the six months ended 30 September 2018.
• Revenues increased by 45% to £3.9m (H1 2017-18: £2.7m)
• Gross profit up 49% to £2.0m (H1 2017-18: £1.3m)
• General administrative expenses down 4% to £4.4m (H1 2017-18: £4.5m)
o Expenses excluding depreciation and amortisation down to £3.8m (H1 2017-18: £4.1m)
o Further £1m annualised cost reduction being implemented
• Operating loss reduced by 46% to £2.5m (H1 2017-18: £4.7m)
• Loss before tax reduced by 30% to £3.5m (H1 2017-18: £4.9m)
• Cash used by operations reduced by 25% to £3.2m (H1 2017-18: £4.3m)
• Cash and cash equivalents at 30 September 2018 of £0.2m (31 March 2018: £0.3m)
• Post period-end, in October 2018, completed a £3.1m equity raise
• Test volumes increased by 73% to 38,000 (H1 2017-18: 22,000)
• Entered into a legal settlement and licence agreement with Illumina, ending all patent litigation
o Development of the Illumina-based IONA® test progressing well and on schedule
• Appointment of Mr Lyn Rees as Chief Executive Officer
• Appointment of Mr Hayden Jeffreys as Group Commercial Director
• Significant commercial progress achieved, including:
o Continued to expand international footprint in both existing and new territories with laboratories added in Africa and Asia
o A 3-year agreement signed with one of India’s leading diagnostics groups to offer mass-population non-invasive prenatal testing (“NIPT”) screening
o Secured an agreement with Coastal Genomics to develop advanced technologies for clinical DNA sequencing tests
o Entered into a partnership with Abnova to collaborate on the development of next generation sequencing (“NGS”) capabilities for single cell analysis
• Post period-end
o Announced a $1m collaboration agreement between Yourgene Bioscience and a leading clinical research organisation in Taiwan to deliver NGS testing in oncology
o Changed the Group’s name to Yourgene Health plc, to reflect the Group's broadened product development ambitions and research service capabilities
Lyn Rees, Chief Executive Officer of Yourgene, commented:
“We are making excellent commercial progress, with revenues and test volumes up by 45% and 73% respectively in the first half, with costs and cash consumption reducing rapidly.
“We continued to grow our customer base successfully outside of the IP-restricted markets for NIPT in the period, and now have product and service sales in over 20 global territories. With market access now clear post the settlement with Illumina, we will look to broaden our international reach with a refreshed and upskilled commercial structure. 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.
We are also implementing a rapid reorientation of the business towards strategic growth drivers in line with my initial goals for the business, and I believe we now have a very significant opportunity ahead of us. I look forward to providing further updates as we leverage our redefined structure and industry leading technical capabilities to offer contract development services, develop our product portfolio and accelerate growth and geographic expansion.”
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For more information, please contact:
Yourgene Health plc
Lyn Rees, Chief Executive Officer
Barry Hextall, Chief Financial Officer
Joanne Cross, Head of Marketing
Tel: +44 (0)161 667 1053
Cairn Financial Advisers LLP (NOMAD)
Liam Murray / James Caithie
Tel: +44 (0)20 7213 0880
Geoff Nash / Matthew Radley (Corporate Finance)
Tim Redfern (Corporate Broking)
Tel: +44 (0)20 7220 0500
Ben Simons / Fiona Henson / Antonia Pollock
Tel: +44 (0)20 7390 0238
About Yourgene Health
Yourgene Health is an international molecular diagnostics group which develops and commercialises genetic products and services. The group works in partnership with global leaders in DNA technology to advance diagnostic science.
Our product development, research service and commercial capabilities extend across the lifecycle of genetic test development including regulatory submissions.
Yourgene Health’s first commercialised products are non-invasive prenatal tests (NIPT) for Down’s syndrome and other genetic disorders, targeting a share of an emerging billion-dollar global market.
Prenatal screening is an established clinical practice, but accuracy challenges with traditional methods are driving the need for NIPT and other DNA-based reproductive health testing solutions. Yourgene Health’s customer-focused products and services support all types of customer, irrespective of size, geography and market maturity. Our commercial footprint is already established in the UK, Europe, the Middle East, Africa and Asia.
Through our technical expertise and partnerships, Yourgene Health is aiming to extend its genetic testing offering into complementary areas of reproductive health and oncology.