NEW YORK – Yourgene Health reported Tuesday that its fiscal year 2022 revenues were up more than twofold compared to fiscal year 2021.
The Manchester, UK-based molecular diagnostics firm reported £37.6 million ($47.7 million) in revenues for the fiscal year ended March 31, 2022, up from £18.3 million in 2021.
Revenues for its genomic services business were £21.6 million, up more than threefold from £6.4 million in 2021. Revenues from the company's genomic technologies business were £16.0 million, up 34 percent from £11.8 million in 2021.
Yourgene said in a statement that the rise in revenues was driven by molecular COVID-19 testing and variant sequencing and added that it was in the process of repurposing its molecular testing capacity toward non-COVID-19 testing following the UK government policy shift in February to reduce funding for COVID-19 testing.
The company added that its NIPT and research testing services have stabilized in recent months and noted that NIPT testing grew 11 percent year over year in the second half of fiscal year 2022.
Yourgene said that it aims in fiscal year 2023 to respond to the reduction in COVID-19 testing by shifting focus to its "core offerings" including its NIPT business and its recently extended partnership with Ambry Genetics around oncology services.
"As COVID surge testing recedes, we are creating a more focused growth platform to reap the benefit of previous investments," Yourgene CEO Lyn Rees said in a statement. "Our business has evolved significantly over the last 12 months and we have a broader platform, service offering, and customer relationships globally from which to grow. As we reshape the business to deliver improved profitable growth through and beyond the post-pandemic period, we are already leveraging our technologies and our teams' capabilities to good effect, capturing new opportunities and building on our existing partnerships."