European sales boost biotech firm Yourgene as revenues rise
A strong performance from Europe has seen biotech company Yourgene report a 10 per cent increase in revenues.
The Manchester-headquartered company said revenues had grown to £18.3m for the financial year ending 31 March 2021.
That was up from £16.6m in the previous year, and reflects strong performances for European core revenues and for COVID-related testing products and services focused on the UK.
During the year, Yourgene’s non-invasive prenatal testing (NIPT) performed strongly in Europe (+38% year-on-year) reflecting a full year’s benefit from the acquisition of the company’s French distribution business in March 2020.
International NIPT revenues continue to be affected by pandemic-related travel and supply restrictions, delays in US market penetration and diversion of health budgets in some countries.
Yourgene said it was ‘hopeful’ of a return to more normalised trading patterns in the most affected international NIPT markets as the timing of pandemic recovery ‘is very different from country to country.’
Molecular Genetics revenues grew 26% year-on-year and revenues from COVID-19 testing services in the UK and the company’s Clarigene SARS-CoV-2 PCR test contributed £3.2m to the reporting period.
Yourgene said it was well placed ‘to exploit a number of opportunities in this space.’
Lyn Rees, CEO of Yourgene, said: “The business has performed well in delivering double digit growth in the most challenging set of market dynamics.
“It is pleasing to see NIPT growth in Europe and the continued acceptance and growth of DPYD testing across our customer base.
“Whilst recruiting and onboarding new customers continues to be a longer process than in pre-pandemic times, our more localised sales organisation is well placed to convert a strong pipeline of opportunities for the year ahead.”
