Share Prices & Company Research

Market News

29 Jan 2021 | 09:43

Novacyt FY revenues surge on demand for Covid-19 products

(Sharecast News) - 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. 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.
Get in touch today
Join Redmayne Bentley
Talk to us now about opening a new account or transferring your account from another provider
0113 243 6941
Get in touch today
Contact your local office
Contact your local office to find out more
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
Continuing our Personal Service: View our Latest COVID-19 Update: 30th April 2021
We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.