NOVACYT REVENUES FULL YEAR 2018
Paris, France and Camberley, UK - 22 January 2019 - Novacyt (EURONEXT GROWTH: ALNOV; AIM: NCYT), an international specialist in clinical diagnostics, announces its unaudited revenues for the full year ended 31 December 2018.
Following the trading update on 24 December 2018, Novacyt confirms that year end revenues from continuing operations will be approximately €13.7m, giving growth of 9% CER on a consolidated basis compared to 2017. Continuing operations include the Primerdesign and Lab21 business units as well as €1.0m of Omega Infectious Disease product sales ("Omega ID") since the asset acquisition on 28 June 2018. The Company's year-end cash balance was approximately €1.1m. The figures discussed herein are on a continuing basis unless otherwise stated.
Excluding the acquisition of Omega ID, core business growth for the year was 1% CER, which reflects approximately €1.0m of confirmed tender orders which are now expected to be completed in 2019. Consequently, Novacyt starts 2019 with an encouraging order book, including additional demand from China for q16 instruments, subject to the availability of supply.
Operationally, the Company is progressing well, with strong new product sales from the Omega ID unit being won and the manufacturing integration plan is on target to being completed this year. Additional manufacturing space has also been secured at the Southampton site, which the Company expects to provide sufficient capacity for the planned molecular sales growth over the next few years. The current launch of the new molecular CE Mark assays BKV and EBV are also expected to drive incremental growth in 2019.
In addition, progress continues to be made with the potential sale of the NOVAprep® business unit with multiple expressions of interest already received. The NOVAprep® business unit is excluded from continuing operations and consequently the reported revenue and operating results. The sale of the Clinical Lab business is making positive progress too and the Company continues to expect to update shareholders on this sale process during the first quarter of 2019.
Graham Mullis, Group CEO of Novacyt, commented:
"Overall, I am pleased with the operational progress that the Company is making, with a strong order book, the integration progress of the Omega ID business and the new CE Mark molecular assays launched at the end of last year with new molecular CE Mark products planned for 2019. We are confident that the financial performance will significantly improve during 2019, with the completion of the sales of the NOVAprep® and the Clinical Lab businesses. We expect that, on a continuing operations basis, the Company will achieve increased EBITDA profitability in 2019. We remain committed to our three strategic pillars of organic, acquisitive and R&D based growth."
Inside Information
This announcement contains inside information. The person responsible for arranging for the release of this announcement on behalf of the Company is Anthony Dyer.
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Contacts
Novacyt SA
Graham Mullis, Chief Executive Officer
Anthony Dyer, Chief Financial Officer
+44 (0)1223 395472
Stifel Nicolaus Europe Limited (Nominated Advisor and Joint Broker)
Jonathan Senior / Fred Walsh / Ben Maddison
+44 (0)20 7610 7600
WG Partners (Joint Broker)
Nigel Birks / Chris Lee / Claes Spång
+44 (0) 203 705 9330
FTI Consulting (International)
Brett Pollard / Victoria Foster Mitchell/ Mary Whittow
+44 (0)20 3727 1000
[email protected]/[email protected]/ [email protected]
FTI Consulting (France)
Arnaud de Cheffontaines / Astrid Villette
+33 (0)147 03 69 47 / +33 (0)147 03 69 51
[email protected] / [email protected]
About Novacyt Group
The Novacyt Group is a rapidly growing, international diagnostics group with a growing portfolio of cancer and infectious disease products and services. Through its proprietary technology platform, NOVAPrep®, and molecular platform, genesig®, Novacyt is able to provide an extensive range of oncology and infectious disease diagnostic products across an extensive international distributor network. The Group has diversified sales from diagnostic reagents used in oncology, microbiology, haematology and serology markets, and its global customers and partners include major corporates.
For more information please refer to the website: www.novacyt.com
