Yourgene Health Plc (LON:YGEN) have released their half year update today, and look on track to reach ambitious growth targets.
In a recent update, revenue had doubled in the first half of its financial year keeping in lines with management expectations.
“Yourgene Health is an international molecular diagnostics group which develops and commercialises genetic products and services. The group works in partnership with global leaders in DNA technology to advance diagnostic science.”
For the six months, leading up to September revenue tallied at £7.8 million, an increase by 98% from £3.9 million before.
The international molecular diagnostics group stated ambitions to diversify their markets, expanding internationally and increasing market presence.
This has been a successful target, where revenue growth came from Yourgene’s International Operations, which increased by over 200% rising to £5.1 million.
With this success, the acquisition of Elucigene Diagnostics in April was agreed for an £8.8 million fee.
Lyn Rees, Chief Executive Officer said “”I am delighted with the performance in the first half, both in terms of the organic growth delivered but also the contribution from the Elucigene acquisition and the launch of our American business.”
Rees added, “We are executing on our strategy to broaden our product portfolio and to drive growth across wider international markets. We remain on track to hit our ambitious growth targets for the enlarged group and to meet market expectations for the full year”
Shares in Yourgene Health Plc have increased by 5.22% during Monday trading.
Revenues show positive trends with greater diversity with 20% revenues coming from reproductive health products sold by Elucigene Diagnostics. Another 17% was derived from research and oncology services situated in Asia.
Non-Invasive Prenatal Testing (NIPT) products expanded significantly at 34% despite tense EU-UK relations, plans for new products are expected to reach the markets in 2020.
Figures continue to impress for shareholders of Yourgene, if they sustain strong revenues and growth, shareholders could have found a company with ambitious targets, and strong business models to meet them.
In the health sector, there have been updates on Ra Pharmaceuticals Inc (NASDAQ: RARX), OptiBiotix Health Plc (LON: OPTI) and NMC Health (LON: NMC).
