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Yourgene Health Fiscal 2020 Revenues Up 86 Percent

NEW YORK – Yourgene Health said on Monday that revenues for its fiscal year ended March 31, 2020 were up 86 percent year over year.

"I am delighted with the performance of our business over the year, both in terms of the organic growth and through contributions from acquisitions," said CEO Lyn Rees in a statement. "Despite the COVID-19 crisis we continue to execute on our strategy of broadening our product mix and international reach, and we are proud to be supporting the global manufacturing efforts for COVID-19 diagnostic tests from our state-of-the-art facilities in Manchester."

Revenues for the fiscal year totaled £16.6 million ($20.7 million), up from £8.9 million during FY 2019. They included contributions from Elucigene Diagnostics, which Yourgene acquired in April 2019, and from Yourgene's French noninvasive prenatal testing (NIPT) distribution business, which it acquired last month.

By product, revenues from Yourgene's NIPT testing products and services increased 29 percent to £10.1 million from £7.9 million, and revenues from oncology and research services almost tripled to £2.8 million from £1 million. Reproductive health products, which the company did not have yet in FY 2018, contributed £3.7 million to revenues.

Yourgene said customers in the UK and Europe will transition to its Illumina-based Iona NIPT test after the test receives regulatory approval, which it expects during the first quarter of the current fiscal year, and as soon as COVID-19 restrictions permit.

By region, revenues in the UK increased 67 percent to £2 million from £1.2 million, revenues in Europe more than doubled to £4.1 million from £1.8 million, and other international revenues rose 77 percent to £10.4 million from £5.9 million.

Yourgene said its core Southeast Asian markets have been successful in containing the coronavirus, which would otherwise have affected its business there. In the US, a key market, the firm is recording ist first revenues but its US launch has been impacted by coronavirus-related travel disruptions.

The impact of COVID-19 in the final quarter of its fiscal year was "a major challenge," the firm said, but it "still delivered a strong end to the year."

Also, Yourgene and Novacyt signed a contract manufacturing agreement last month to support the production of COVID-19 diagnostic tests developed by Primerdesign, and first shipments have now been completed.

Rees said the Manchester, UK-based company remains well funded to achieve its objectives. "In our view the challenging global situation has put into focus more than ever the need for reliable and accurate diagnostic testing and Yourgene is well positioned to make a significant contribution," he said.