TIDMNCYT
RNS Number : 3129H
Novacyt S.A.
27 July 2023
Novacyt S.A.
("Novacyt", the "Company" or the "Group")
Half Year Trading Update
Non-COVID sales growing quarter-on-quarter, significant progress
in product development and non-organic growth strategy
Paris, France and Eastleigh, UK - 27 July 2023 - Novacyt
(EURONEXT GROWTH: ALNOV; AIM: NCYT), an international specialist in
clinical diagnostics, announces its unaudited trading update for
the six months ended 30 June 2023.
Financial highlights
-- Group revenue for H1 2023 expected to be GBP3.3m of which
GBP0.5m relates to COVID-19 (H1 2022: GBP16.5m of which GBP13.0m
relates to COVID-19).
-- Revenue for non-COVID-19 portfolio of GBP2.8m representing
85% of total revenues (H1 2022: GBP3.5m). As previously signalled,
H1 2022 is a high comparator particularly in instrumentation sales
linked to COVID sales.
-- Non-COVID revenue continues to build with Q2 showing 3%
growth over Q1 and 10% growth over Q4 2022.
-- Opex in H1 2023 is expected to be in the region of GBP7.1m, a
reduction of c.13% vs H2 2022, reflecting restructuring plans
implemented in Q4 2022.
-- Cash position at 30 June 2023 was GBP81.7m (H2 2022:
GBP87.0m) and the Group remains debt free.
Well positioned for diversified organic and non-organic
growth
Instrument sales have increased by over 65% in Q2 2023 compared
with Q1 2023, showing signs of market improvement following the
saturation that was seen during the COVID-19 pandemic, and
non-COVID sales have increased incrementally over the last three
quarters. The Company remains focused on building on the strength
of its core business to deliver long-term sustainable growth, by
expanding its product portfolio, driving international Research Use
Only (RUO) sales and pursuing strategic business development
opportunities. In line with this strategy, the Company announced on
3 July 2023 that it had made a recommended cash offer for Yourgene
Health plc, an international integrated technologies and services
business, enabling the delivery of genomic medicine. This is a key
strategic milestone for Novacyt, which, upon anticipated completion
by end of Q3 2023, will add scale and diversification to accelerate
revenue growth and build long term value for the enlarged
Group.
Strong R&D progress
During the period, the Company completed the development of six
new multiplex RUO assays in the target therapeutic areas of
gastrointestinal, respiratory, meningitis and other high-growth
disease areas to meet the growing global demand for multiplex
products that can detect multiple diseases in a single test.
Management expects these products to begin commercialisation in the
second half of 2023.
On 29 June, the Company received its seventh UK Coronavirus Test
Device Approval (CTDA) for its PathFlow(R) COVID-19 Rapid Antigen
Self-Test.
Focus on UKCA marking for UK clinical market
Given the importance of the UK market for Novacyt's clinical
diagnostics products, the Company will prioritise UK Conformity
Assessed (UKCA) marking for a selection of its new multiplex tests.
The UKCA mark is replacing the CE mark for all in vitro diagnostic
(IVD) products sold in the UK. Under UKCA, IVD manufacturers can
continue to self-certify their products, which typically takes six
to nine months compared to 18 to 24 months to achieve a CE mark
under the new European In Vitro Diagnostic Regulation (IVDR). The
Company is planning to self-certify two of its new multiplex
products for respiratory and insect-borne diseases during H2 2023,
with a further four expected in 2024.
In parallel, Novacyt is also progressing IVDR registration for
its winter respiratory panel, genesig(TM) Real-time PCR SARS-CoV-2
Winterplex, which is expected to be completed by the end of
2024.
James McCarthy, Acting Group CEO of Novacyt, commented : "We
have remained focused on delivering our strategy during the first
half and have made strong progress in expanding our internal
product portfolio and diversifying our business away from COVID, as
demonstrated by the Group's highly complementary proposed
acquisition of Yourgene. The launch of six new multiplex tests for
the RUO market has significantly broadened our IVD portfolio and
gives us access to additional near term revenues. With the UKCA
offering a more favourable regulatory pathway, we expect to start
the self-certification process for two of these news tests during
the second half of 2023 and expect them to be available for
clinical use in the UK in H1 2024."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
Contacts
Novacyt SA +44 (0)23 8074 8830
James Wakefield, Non-Executive
Chairman
James McCarthy, Acting Chief Executive
Officer
SP Angel Corporate Finance LLP (Nominated
Adviser and Broker) +44 (0)20 3470 0470
Matthew Johnson / Charlie Bouverat (Corporate
Finance)
Vadim Alexandre / Rob Rees (Corporate Broking)
Numis (Joint Broker) +44 (0)20 7260 1000
Freddie Barnfield / Duncan Monteith / Jack
McLaren
Allegra Finance (French Listing Sponsor) +33 (1) 42 22 10 10
Rémi Durgetto / Yannick Petit r.durgetto@allegrafinance.com
/ y.petit@allegrafinance.com
Walbrook PR (Financial PR & IR) +44 (0)20 7933 8780
Stephanie Cuthbert / Anna Dunphy novacyt@walbrookpr.com
/ Phillip Marriage
About Novacyt Group
Novacyt is an international diagnostics business delivering a
broad portfolio of in vitro and molecular diagnostic tests for a
wide range of infectious diseases, enabling faster, more accurate,
accessible testing to improve healthcare outcomes. The Company
provides customers with a seamless sample-to-result workflow using
its integrated and scalable instrumentation/solutions. The Company
specialises in the design, manufacture, and supply of real-time PCR
kits, reagents and a full range of laboratory and qPCR
instrumentation for molecular biology research and clinical use.
Novacyt offers one of the world's most varied and comprehensive
range of qPCR assays, covering human, veterinary, biodefence,
environmental, agriculture and food testing.
Novacyt is headquartered in Vélizy in France with offices in
Stokesley and Eastleigh, UK, and is listed on the London Stock
Exchange's AIM market ("NCYT") and on the Paris Stock Exchange
Euronext Growth ("ALNOV").
For more information, please refer to the website:
www.novacyt.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTBLGDRGBDDGXL
(END) Dow Jones Newswires
July 27, 2023 02:00 ET (06:00 GMT)
Novacyt (LSE:NCYT)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Novacyt (LSE:NCYT)
Gráfica de Acción Histórica
De May 2023 a May 2024
