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Novacyt Preliminary Full-Year Non-COVID 2023 Revenues up 75 Percent

NEW YORK – Novacyt on Thursday announced preliminary financial results for 2023, reporting that full-year non-COVID-19 statutory revenues rose 75 percent year over year. 

Statutory revenue for the year is expected to be around £11.6 million ($14.8 million), with £600,000 related to COVID-19, compared to full-year 2022 revenues of £21.0 million, of which £14.7 million was related to COVID-19. 

The firm's pro forma revenue was £22.9 million, down 48 percent from £44.3 million in 2022. Excluding COVID-19-related sales, pro forma revenue was £21.8 million, down 5 percent from £22.9 million in 2022. The non-COVID-19 portfolio was weaker in the second half of the year, with primer design business revenues down 11 percent and IT-IS International instrument sales down 32 percent, Novacyt said in a statement. 

In September, Novacyt acquired Yourgene for £16.7 million. Yourgene's non-COVID-19 sales were broadly flat year over year as the genomic technologies business increased by £500,000, driven by growth in reproductive health and its Ranger Technology products. The genomic services business declined by £600,000 due to a reduction in volume from a key customer in the Asia-Pacific business and a key customer in the Europe, Middle East, and Africa region moving to in-house testing with Yourgene's noninvasive prenatal testing system, Novacyt said.

Novacyt has continued to integrate Yourgene and reorganize the business, transferring the development and commercialization of all clinical products to Yourgene. This will allow the primer design segment to focus on developing research-use-only assays, Novacyt said. The business will be split into three segments: clinical, instrumentation, and research use only. 

"The acquisition of Yourgene was a significant milestone for Novacyt, adding scale and diversification to our product portfolio and wider customer offering, as well as our sales and R&D teams," Novacyt acting CEO James McCarthy said in a statement. "The integration process is ahead of schedule with synergies already being realized, and I believe we are well placed to execute our growth strategy."

The firm ended the year with £44.1 million in cash.