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Yourgene Posts 45 Percent Increase in Preliminary Fiscal 2018 Revenues

NEW YORK (GenomeWeb) — UK molecular diagnostics firm Yourgene Health said today that it expects to report a 45 percent jump in revenues for fiscal 2018 on strong test volume growth.

For the 12-month period ended March 31, Yourgene's unaudited revenues climbed to £8.9 million ($11.6 million) from £6.1 million in fiscal 2017 as test volumes increased by 67 percent year over year to 82,000 from 50,000.

The company — formerly known as Premaitha Health — saw international revenues rise 51 percent to £5.9 million from £3.9 million, which it said reflects continued penetration of Middle Eastern and Asian markets, along with growth in noninvasive prenatal testing (NIPT) and oncology research services provided through its Taiwanese operations. UK revenues were up 20 percent to £1.2 million from £1.0 million, with revenues from other European markets increasing 47 percent to £1.8 million from £1.2 million. 

At the end of March, Yourgene said it had roughly £1.3 million in cash. It expects to report full fiscal year 2018 financials in July.

"Since ... July 2018, we've made significant commercial progress in our existing markets, as well as expanding our footprint to further new territories," Yourgene CEO Lyn Rees said in a statement. "We are also continuing to develop additional products and recently launched our Sage 32 plex test, a new higher-throughput NIPT and analysis solution for clinical labs."

Yourgene said that it remains on track to release a version of its Iona NIPT designed for use on Illumina sequencers early next year. In late 2018, the company signed an NIPT technology licensing and supply agreement with Illumina in conjunction with the settlement of patent infringement litigation between the companies.