REG - Novacyt S.A. - Full Year 2022 Trading Update

Novacyt SAAnnouncement

26/01/2023 07:00

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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 £21.0m, in line with guidance,
compared to £92.6m(1) for FY2021, due to the expected decline in COVID-19
related sales.

·     Revenue from COVID-19 products in 2022 totalled £14.7m (2021:
£84.0m1).

·     Revenue for the non-COVID-19 portfolio in 2022 totalled £6.3m
(2021: £8.6m1). 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 £13.5m
before exceptional items (2021: £3.1m(1) profit) as a result of the expected
decline in revenue and in line with guidance.

·     Cash position at 31 December 2022 was £87.0m (2021: £101.7m) 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 (mailto:r.durgetto@allegrafinance.com) ;
y.petit@allegrafinance.com (mailto:y.petit@allegrafinance.com)

 

FTI Consulting (International)

Victoria Foster Mitchell / Alex Shaw

+44 (0)20 3727 1000

victoria.fostermitchell@fticonsulting.com
(mailto:victoria.fostermitchell@fticonsulting.com) /
Alex.Shaw@fticonsulting.com (mailto:Alex.Shaw@fticonsulting.com)

 

FTI Consulting (France)

Arnaud de Cheffontaines

+33 (0)147 03 69 48

arnaud.decheffontaines@fticonsulting.com
(mailto: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
(http://www.novacyt.com)

 

 

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