Premaitha revenues rise as strategy progresses

International molecular diagnostics group Premaitha Health updated the market on trading for its financial year to 31 March on Tuesday, which included one month of trading from Yourgene Bioscience, since the acquisition on 2 March.

The AIM-traded company said test volumes increased by 40% to over 24,000 during the year, with revenues up 24% at over £3.1m.

Like-for-like revenues from continuing customers - excluding Genoma - grew by 250%, which the board said demonstrated increasing uptake of NIPT in its covered territories.

Its 12 month pro forma revenues, including Yourgene Bioscience, were around £5m.

Premaith’s gross margin was up to 35% from 9% year-on-year, which the board said was due to scale and cost reductions which should continue to improve during 2017 and 2018.

On the operational front, the company said its rapid geographic expansion was continuing, while substantial progress had been made on its strategy to reduce the intellectual property risk, and the Yourgene Bioscience integration was also progressing well.

“We have continued to make rapid progress to establish Premaitha as an internationally recognised, high growth company in the emerging clinical genetics field, despite the challenges presented by Illumina's litigious approach to competition, and Genoma's financial difficulties,” said CEO Stephen Little.

“The underlying Premaitha business is developing well and the acquisition of Yourgene creates some genuinely exciting opportunities for geographic expansion, product innovation and reduction in perceived risk.

“Investors can be assured that we intend to mount the strongest possible legal defence to demonstrate the true motivation behind Illumina's claims whilst building a strong high-growth business which can compete globally,” Dr Little added.