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Diagnostics group Yourgene Health again upgraded its annual earnings guidance citing strong demand for services related to Covid-19.
Yourgene said its Covid-19 testing laboratory in Manchester had been deployed 'heavily' over the winter season to assist in the UK's response to the new wave of infections caused by the omicron variant.
In addition, the company's new Covid sequencing service had launched and was awarded a contract by the UK Health Security Agency.
'Having upgraded guidance in October 2021 and again in December 2021, the board believes that full-year revenues and adjusted EBITDA will exceed already upgraded market expectations,' Yourgene said.
'The company has already recorded year-to-date revenues sufficient to meet existing market expectations for the full year and expects, with a further strong contribution in the final quarter, to report full year revenues of at least £37 million, significantly above current market expectations of £29 million.'
'Adjusted EBITDA margins are expected to be at least 10%, which will deliver a substantial positive swing of over £5.5 million from the previous year's position.'