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Yourgene Health warns on revenue as pandemic hits orders
StockMarketWire.com
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Molecular diagnostics group Yourgene Health warned that it would fall short of its previous revenue forecasts, citing the Covid-19 pandemic's impact on ordering patterns.
Revenue for the year through March was now expected in the range of £18 million-to-£20 million, lower than previous guidance but still representing year-on-year growth of around 10-20%.
Yourgene Health said sales growth had been driven by its European-focused product lines in testing for cystic fibrosis, prenatal aneuploidies and DPD.
However, that had been offset by a significant pandemic-related impact on international markets for non-invasive prenatal testing outside Europe.
Travel restrictions had also hurt the company's ability to convert new accounts, grow new product sales and commence new initiatives.
Looming further ahead, Yourgene said revenues for next year were now expected to be above £25 million, with 'considerable upside potential' depending on the timing of relaxations to COVID-19 restrictions.
'Whilst achieving double-digit growth during this pandemic is welcome, it is still a disappointment to report delivery below our original expectations,' chief executive Lyn Rees said.
'Our Covid-19 and core business streams have proved more sensitive than expected to the severe mobility restrictions imposed globally since Christmas, particularly in response to the new virus strains.'
'However, we have continued to expand our capabilities and, along with our partners, we expect to capitalise on a number of upcoming opportunities as and when these restrictions are lifted.'
Story provided by StockMarketWire.com
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