NEW YORK – Molecular diagnostics company Yourgene reported on Tuesday that its revenues for the first half of fiscal year 2022 more than doubled year over year, thanks largely to a significant increase in its genomic services revenues.
For the six months ended Sept. 30, the company reported total revenues of £17.5 million ($24.2 million), more than double the £8.2 million the company recorded for H1 FY21 and ahead of its previous guidance of at least £15 million.
The firm's genomic services revenues rose 260 percent to £10.5 million from £2.9 million in H1 FY21, driven by increases in COVID-19 testing in the UK, which were the major driver of growth. The company recorded £9.1 million in revenues in the first half from COVID-19 testing.
Yourgene's genomic technologies revenues rose 32 percent to £6.9 million from £5.3 million. Sales of the company's Clarigene SARS-CoV-2 PCR test to third-party testing providers contributed revenues of £1.4 million in the period compared to £200,000 in the year-ago period, and non-COVID product sales grew 7 percent to £5.5 million from £5.1 million.
The company noted that the growth rates in non-COVID product sales reflect the slow post-pandemic normalization of international NIPT and other reproductive health markets, and showed that Yourgene's Illumina-based NIPT platform is becoming more established in antenatal screening workflows after a transitional year in FY21.
The company said that unaudited revenues in FY22 to date already represent 96 percent of total FY21 revenues of £18.3 million.
"Performing a significant role in the response to the COVID-19 pandemic has enabled us to expand our capabilities rapidly, not just to capture the current opportunity, but with a very clear focus on our longer-term progress," Yourgene CEO Lyn Rees said in a statement. "The growth in non-COVID services demonstrates the advantage of having multiple capabilities to deploy flexibly according to our clients' needs and in rapidly changing market conditions. Having invested significantly in our capabilities and business development last year, we look forward with confidence for the rest of this year and at the broader growth prospects ahead."