Healthcare firm sees huge revenues and staffing growth due to COVID testing shift
A Nantwich-based healthcare company specialising in genetic testing has reported strong revenue growth after it applied its genetic screening expertise to develop a COVID testing service.
Everything Genetic achieved a turnover of £35m, compared with £2.3m the previous year, and a growth in staff numbers from nine to 69, for the year ending December 31, 2021.
It also announced it is recruiting for more roles across the business.
It declined to reveal its pre-tax profit/loss figures, saying the firm is in an “investment phase of growth”.
Demonstrating the central role played by the life sciences industry throughout the COVID-19 pandemic, the business – founded in 2016 offering genetic testing for common cancers and heart disease – expanded its remit to produce rapid antigen lateral flow and PCR tests.
It has since sold more than one million test kits across its COVID and genetic testing capabilities over the past 18 months, allowing it to re-invest profits into an expanded workforce, boost local jobs, and make an additional £1m of investments and acquisitions.
Everything Genetic’s CEO, James Price, says the company’s growth and investments reflect the essential role played by the sector: “From pioneering vaccines to the roll-out of public health interventions, the UK is emerging from the pandemic as a life science powerhouse.
“We feel privileged to have played a part, helping individuals and businesses navigate the complexities and ever changing landscape of COVID testing. Our tests and services have enabled people to travel abroad, do business and see loved ones.”
A recent report from Savills found £19.9bn of life science-related capital was raised by companies headquartered in the UK over the past year – a 23% increase on 2019.
Everything Genetic’s recent investments and acquisitions include a shareholding in novel genetics testing business Antegenes, reflecting the company’s continued commitment to its pre-COVID mission of improving patient outcome through pioneering testing methods. The Antegenes tests improve patient outcomes for those more genetically predisposed to certain cancers.
The business also acquired a local IT firm, Value Stream Impact, which brought vital resource in-house to improve its IT provision and the servicing of business clients.
In addition, early last year, it also announced financial backing for diagnostics technology start-up, éclateral, which is set to create the ‘next generation of lateral flow tests’. Everything Genetic says the technology is set to ‘hack and digitise’ the $7bn global lateral flow diagnostics market upon release.
Reflecting on the fact COVID testing has become a “ubiquitous part of life”, Price anticipates public interest will grow in other available tests which can provide actionable health and insight data.
He added: “Whether screening for COVID, cancer or heart disease, our aim is to democratise the provision of testing for all, ensuring we can all benefit from the skills learnt during the pandemic. The life sciences sector is in an ideal position for the nation to capitalise on that current infrastructure, using it as a launchpad.
“We don’t want to lose that appetite and all of that expertise learnt by the industry once the pandemic is over. Our growth over the last year or so will allow our business to go forward with renewed confidence in additional investments.”
