Novacyt (ALNOV) Q2 2024 TU earnings summary

Executive summary

• H1 2024 revenue reached approximately £10.3 million, up from £3.3 million in H1 2023, with £7.8 million contributed by Yourgene Health.

• Strong growth in Reproductive Health (34% YoY) and NIPT (5% YoY) on a proforma basis.

• Integration of Yourgene progressing, with focus on cost reduction and business growth.

Financial highlights

• Cash position at 30 June 2024 was £32.9 million, down from £44.1 million at 31 December 2023.

• Group remains debt free.

• £5.0 million settlement fee paid to the Department of Health and Social Care in July.

• Request submitted to reclaim £12.2 million VAT related to DHSC invoices; outcome and timing uncertain.

Outlook and guidance

• On track to deliver £5.0 million in annual cost synergies from the Yourgene acquisition by year-end 2024.

• R&D pipeline expected to bring new products to market over the next 36 months.

• Strategic investment planned to expand into new technologies and applications.