nieuws Novacyt

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Half Year Update
Investor meeting at 13:00 BST / 14:00 CEST

Paris, France and Camberley, UK – 18 August 2021 – Novacyt (EURONEXT GROWTH: ALNOV; AIM: NCYT), an international specialist in clinical diagnostics, announces a half year update in advance of its investor meeting today.

Unaudited revenue for the first half of 2021 increased over 50% to £94.7 million, compared to £63.3 million for the first half of 2020. Of this total revenue, £54 million came from a mixture of overseas sales and a growing UK private testing market, leading to nonDHSC revenue growing 20% year-on-year.

As announced on 21 May 2021, the DHSC sales of £40.8 million are in dispute.

Business update
Contract award with DHSC under PHE framework
Primerdesign, a wholly owned subsidiary of Novacyt, has been awarded a new contract under the PHE National Microbiology Framework, effective immediately, for the supply of PROmate® COVID-19 tests to the NHS. The PROmate® COVID-19 tests have been developed to run on the Company’s q16 and q32 PCR instrument platforms. The q16 and
q32 near patient PCR instrument platforms using the PROmate® COVID-19 test have been validated and can be used at select NHS hospitals. The contract is valued at up to £4.7m and will last until 31 March 2022. There are no minimum purchase levels as part of this contract.

Separately, there is no further update to the announcement on 22 June 2021 in relation
to the Company’s second supply contract with the DHSC which is in dispute.

Non-governmental organisation long-term agreements
Novacyt has entered into a two-year Long-Term Agreement (LTA) with the World Health Organization (WHO) for the supply of its genesig® COVID-19 tests. In addition, the Company has received confirmation from UNICEF that its existing LTA with the organisation has been extended by 12 months to July 2022. To date, Novacyt has shipped orders to a total of eight countries under the UNICEF LTA since September 2020.

Private sector testing
Overall, UK private market sales, which currently includes COVID-19 testing in film, media, travel and corporate industries, increased significantly in Q2 2021 compared to Q1 2021.
The Company believes it is well placed to continue to support this growth during the second half of the year.
As part of its expansion in private testing, the Company has also signed a supply contract initially for genesig® COVID-19 products with Excalibur Healthcare Services, who have invested in new laboratory services in Cambridge, UK, to support COVID-19 testing of private clients.

A key product expected to support second half growth in private testing will be the Company’s PROmate® COVID-19 2G (2 gene) test. As announced on 23 April 2021, the Company’s CE-IVD PROmate® COVID-19 (1 gene) test identifies the SARS-CoV-2 ORF1ab gene. Due to an emerging need in some countries, the Company launched a second CEIVD PROmate® COVID-19 test to identify both the SARS-CoV-2 ORF1ab gene and nsp16 gene.

Outlook
The Company expects continued strong growth in private testing as markets and travel re-open and, as the Northern Hemisphere heads into winter, the potential for higher infection rates will increase the need for COVID-19 testing. Since the start of 2020, the Company has launched 16 new CE-IVD products, and expects to launch a further 10 by the end of 2022.

The Company therefore reiterates revenue guidance of £100 million for the full year, excluding DHSC revenues, as announced on 22 June 2021.

Investor meeting
As announced on 5 August 2021, certain members of the Executive Management Team will present the Company’s strategy alongside an operational update, followed by a live Q&A at 13:00 BST / 14:00 CEST today. This is being hosted through the digital online platform, Investor Meet Company, with dial-in details also available for attendees once registered.

Investors already registered to the platform and added to meet the Company will automatically be invited. If new to the platform, investors and analysts can sign up to Investor Meet Company for free and add to meet Novacyt via the following link:
www.investormeetcompany.com/novacyt-s...

Graham Mullis, Group CEO of Novacyt, commented:
“Novacyt is continuing to address COVID-19 testing for both current and future demand.
We continue to ensure that innovation is at the centre of our strategy and that our growing
portfolio of COVID-19 tests are available to customers in both private and public health
settings to expand existing, and support new, partnerships. Throughout the pandemic,
NHS testing demand has remained a key priority for the Company and the contract award
under the PHE National Microbiology Framework is a testament to our continued
commitment.

“We believe our long-term strategy also supports the growth of Novacyt post-COVID-19.
In particular, our progress and growth potential in the private sector will not only help us
maximize the COVID-19 testing opportunity but also ensure we are well placed, with both
technologies and partners, for sustainable growth beyond COVID-19. We therefore believe
Novacyt is well positioned to continue to build on its business transformation.”


This announcement contains inside information for the purposes of Article 7 of Regulation
(EU) 596/2014.
Bijlage:
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Proposed accounting treatment of ongoing DHSC
dispute in 2021 interim results

Paris, France and Camberley, UK – 16 September 2021 – Novacyt (EURONEXT
GROWTH: ALNOV; AIM: NCYT), an international specialist in clinical diagnostics,
announces the proposed accounting treatment of the ongoing DHSC dispute on its
unaudited H1 2021 interim results for the six months ended 30 June 2021. The interim
results are expected to be announced on 27 September 2021.

There has been no further update to the announcement made at the time of the Company’s
full year results on 22 June 2021, and subsequent half year update on 18 August 2021, in
relation to the DHSC dispute. The accounting treatment of the DHSC revenue and costs in
H1 2021, detailed below, does not change the Company’s legal position or rights in relation
to the dispute. The Company continues to work with its legal advisers to progress the
dispute and believes it has strong grounds to assert its contractual rights.

The Company reiterates revenue guidance, excluding the disputed DHSC revenue, for the
full year of approximately £100 million and underlying EBITDA margin of approximately
40%, as announced on 22 June 2021. However, the full year Group EBITDA margin could
be materially affected by the outcome of the ongoing dispute with the DHSC and the write
down of inventory as detailed below.

At the time of the Company’s half year update on 18 August 2021, it was noted that £40.8
million of revenue in H1 2021 was in dispute with the DHSC. For the purposes of the
interim results, the Company is required to apply the applicable accounting standards to
the disputed revenues. The Board has therefore taken a conservative approach and
decided that while the dispute with the DHSC remains unresolved the Company will not
recognise the H1 2021 revenue of £40.8 million from the DHSC, in line with IFRS 15
accounting standard on revenue from contracts with customers. The remaining H1 2021
revenue of £54.0 million from non-DHSC sales remains unchanged.

In addition to not recognising the £40.8 million of DHSC sales in its interim results, the
Company has prudently decided to recognise manufacturing costs of £6.9 million relating
to these disputed sales.

The Company is also taking an exceptional one-off cost of £28.9m to write down inventory
that the Company had built in anticipation of further DHSC demand and to terminate
supply commitments with third parties in respect of this supply that are no longer required.
This inventory build was Novacyt’s direct response to support the UK Government’s call
for UK manufacturers to build manufacturing capacity and supply chain flexibility in
response to the COVID-19 pandemic and was based on likely demand indicated by DHSC.
The Company will continue to look for ways to use this inventory.

As announced on 18 August 2021, Novacyt continues to supply PROmate® COVID-19 tests
to the NHS under the terms of a new contract awarded by the DHSC under the Public
Health England National Microbiology Framework.

£'000 H1 2021
Underlying
H1 2021
DHSC
dispute
impact
H1 2021
Total Group

Total Group Revenue 53,950 53,950

Gross Profit 38,044 (35,770) 2,274
GP % 71% 4%

EBITDA
EBITDA %

23,169
43%

(35,770)

(12,601) -23%

Consistent with the announcement on 22 June 2021, the underlying business will generate
gross profit of approximately 71% of sales and EBITDA of approximately 43% of sales for
the half year, excluding the impact of the DHSC dispute. The Company’s cash position as
at 30 June 2021 was £77.2 million.

This announcement contains inside information for the purposes of Article 7 of Regulation

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