TIDMNCYT
RNS Number : 8962N
Novacyt S.A.
26 January 2023
Novacyt S.A.
("Novacyt", the "Company" or the "Group")
Full Year 2022 Trading Update
Full year revenue and EBITDA in line with guidance
Remain focused on post-COVID-19 growth strategy to become a
leading global clinical diagnostics company in infectious
diseases
Paris, France and Eastleigh, UK - 26 January 2023 - Novacyt
(EURONEXT GROWTH: ALNOV; AIM: NCYT), an international specialist in
clinical diagnostics, announces an unaudited trading update for the
year ended 31 December 2022. Reported revenues and EBITDA for the
period are both expected to be in line with guidance.
Financial highlights(1)
-- Group revenue for FY2022 was GBP21.0m, in line with guidance,
compared to GBP92.6m(1) for FY2021, due to the expected decline in
COVID-19 related sales.
-- Revenue from COVID-19 products in 2022 totalled GBP14.7m (2021: GBP84.0m1).
-- Revenue for the non-COVID-19 portfolio in 2022 totalled
GBP6.3m (2021: GBP8.6m1). As previously announced, this decline was
predominantly driven by lower instrument sales compared to 2021
which benefited from COVID-19 demand.
-- Group EBITDA loss in FY2022 is anticipated to be circa
GBP13.5m before exceptional items (2021: GBP3.1m(1) profit) as a
result of the expected decline in revenue and in line with
guidance.
-- Cash position at 31 December 2022 was GBP87.0m (2021:
GBP101.7m) and the Company remains debt free.
[1] In accordance with IFRS 5, the net result of the Lab21
Products business will be reported on a separate line "loss from
discontinued operations" in the consolidated income statement for
2021 and 2022.
Strategic progress
During 2022, the Company made good progress transitioning away
from COVID-19 revenue and beginning to deliver against its growth
strategy, as outlined at the full year 2021 results. This included
diversification of its diagnostic portfolio through internal
R&D, such as the enhancement of its integrated and scalable
molecular workflow capability and a focus on high growth target
infectious disease areas, as well as through strategic
partnerships, such as the distribution agreement signed with Clonit
srl, which provided Novacyt with immediate access to over 40 CE
marked assays. At the same time, the Company relaunched its
extensive research-use-only portfolio and has continued to be a
global first responder in infectious diseases.
In addition, following a strategic review of the business in
2022, the Company completed the closure of the Lab21 Healthcare and
Microgen Bioproducts businesses to focus on core capabilities and
operations. As a result, Novacyt remains well positioned for future
growth and to become a leading global clinical diagnostics company
focused on unmet needs in infectious diseases.
2023 outlook
The Company intends to announce its 2022 audited full year
results in the week commencing 24 April 2023 and will provide an
update on the full year 2023 outlook at this time.
The information contained within this Announcement is deemed by
the Company to constitute inside information as stipulated under
Article 7 of the Market Abuse Regulation (EU) No. 596/2014 (as
amended) as it forms part of the domestic law of the United Kingdom
by virtue of the European Union (Withdrawal) Act 2018 (as amended).
Upon the publication of this Announcement via the Regulatory
Information Service, this inside information is now considered to
be in the public domain.
Contacts
Novacyt SA
James Wakefield, Non-Executive Chairman
James McCarthy, Acting Chief Executive Officer
+44 (0)1276 600081
SP Angel Corporate Finance LLP (Nominated Adviser and
Broker)
Matthew Johnson / Charlie Bouverat (Corporate Finance)
Vadim Alexandre / Rob Rees (Corporate Broking)
+44 (0)20 3470 0470
Numis (Joint Broker)
James Black / Freddie Barnfield / Duncan Monteith
+44 (0)20 7260 1000
Allegra Finance (French Listing Sponsor)
Rémi Durgetto / Yannick Petit
+33 (1) 42 22 10 10
r.durgetto@allegrafinance.com ; y.petit@allegrafinance.com
FTI Consulting (International)
Victoria Foster Mitchell / Alex Shaw
+44 (0)20 3727 1000
victoria.fostermitchell@fticonsulting.com /
Alex.Shaw@fticonsulting.com
FTI Consulting (France)
Arnaud de Cheffontaines
+33 (0)147 03 69 48
arnaud.decheffontaines@fticonsulting.com
About Novacyt Group
The Novacyt Group is an international diagnostics business
generating an increasing portfolio of in vitro and molecular
diagnostic tests. Its core strengths lie in diagnostics product
development, commercialisation, contract design and manufacturing.
The Company supplies an extensive range of high-quality assays and
reagents worldwide. The Group directly serves microbiology,
haematology and serology markets as do its global partners, which
include major corporates.
For more information, please refer to the website:
www.novacyt.com
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