Novacyt FY revenues surge on demand for Covid-19 products
Novacyt S.A. (CDI)
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12:09 19/04/24
Clinical diagnostics firm Novacyt said on Friday that full-year revenues had surged in 2020, driven by the continued successful global commercialisation of its Covid-19 product portfolio.
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Novacyt stated full-year revenues had grown more than 20 times from €13.1m to €311.6m, with fourth-quarter revenue hitting €239.2m.
Underlying earnings were projected to be above €210.0m as gross margins for the full-year exceeded 80%.
Novacyt also highlighted that its cash position on 31 December was €101.0m, a marked improvement on the €1.8m reported a year earlier.
While the AIM-listed group stated it had experienced a "strong start" to 2021, with demand for its Covid-19 product portfolio remaining strong, it also cautioned that it was "difficult" to provide a clear forecast on the financial performance for the full year.
Chief executive Graham Mullis said: "2020 has been transformational for Novacyt. We have cemented our early mover advantage of developing one of the first tests for Covid-19 into an established position within Covid-19 testing and the broader diagnostics market.
"We have signed significant contracts with national governments, supplied our products to over 130 countries globally and continue d to develop innovative testing capabilities to support laboratories and clinicians during these challenging times."
As of 0940 GMT, Novacyt shares were down 6.54% at 998.46p.