(AOF) – Novacyt has announced its unaudited business report for the year ending December 31, 2021, along with a strategy update following new chief executive David Allmond’s first 100 days with the group . Reported revenue and EBITDA for the period are both in line with expectations. The group intends to announce its audited annual results for 2021 in the week beginning April 25, 2022.
Revenue for FY2021 was £95.8m, compared to FY2020 of £277.2m, excluding the £40.8m revenue revenue related to the contract with the UK Department of Health and Social Care (DHSC) subject to contractual dispute, as previously announced, in line with management’s estimate of approximately £100 million.
Revenue related to Covid-19 products represents 86% of the 2021 financial year, compared to 95% of the 2020 financial year.
The UK accounted for 45% of total FY2021 revenue, or £42.7m, compared to 79% for FY20, or £219.4m.
The group’s gross margin before exceptional items should be around 70%.
FY2021 Ebitda before exceptional items is expected to be above £36m (FY20: £176.1m), a margin above 37%, in line with management’s guidance of about 40%.
The company’s cash at December 31, 2021 was £101.8 million, compared to £91.8 million at December 31, 2020 and £77.2 million at June 30, 2021.
As observed over the past two years, and demonstrated over the past two months, the course of this pandemic is unpredictable and therefore the predictability of demand for testing is also unpredictable. reminded the group.
Currently, the board expects reported Covid-19 sales to be reduced by approximately 50% in 2022, compared to 2021, which will be partially offset by new non-Covid-19 products that will begin to be marketed in the fourth quarter of 2022.
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Boost for French pharmacy
At the end of a recent CSIS, the French authorities announced an amount of credits (7 billion euros) never reached: 1.5 billion for hospital-university research, 2 billion for investment in health via bpi france , 1.5 billion in aid for the relocation of industrial projects, and 2 billion to strengthen investment in three sectors of the future (bioproduction, digital medicine, and pandemic preparedness). In addition, the annual growth in drug expenditure reimbursed by Medicare will be 2.4%, which should generate growth of at least 0.5% in the turnover of laboratories,
Above all, the normal drug marketing procedure will be accelerated (up to 500 days saved) if the medical benefit rendered is sufficient.