Novacyt (ALNOV) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was £9.8m, down slightly from £10.0m in H1 2024, but up 2% year-over-year excluding the Taiwan divestment.

• EBITDA loss before exceptional items improved to £4.1m from £5.0m loss in H1 2024, reflecting cost-saving initiatives and restructuring.

• Loss after tax from continuing operations was £6.8m, a significant improvement from £17.0m in H1 2024.

• Cash position at 30 June 2025 was £23.7m, with the group remaining debt free and supporting future growth plans.

• Strong demand in reproductive health, especially NIPT technologies, with 10% year-over-year growth to £2.4m.

Financial highlights

• Gross margin remained robust at 66% (H1 2024: 67%).

• Operating loss reduced to £7.1m from £16.4m in H1 2024.

• Group operating costs decreased by £20.8m to £10.6m, mainly due to a prior year bad debt write-off.

• Net cash used in operating activities was £5.5m, down from £9.1m in H1 2024.

• Loss per share improved to £0.09 from £0.25 in H1 2024.

Outlook and guidance

• Confident in sufficient cash to reach EBITDA profitability under the organic growth plan.

• Cost-saving programs completed, with focus shifting to business growth, global product deployment, and new product delivery.

• Forward-looking strategy and guidance for full year 2025 to be provided by year-end.