September 27, 2021

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NOVACYT: The English conflict weighs its visibility

(AOF) – Significantly higher when opening, Novosite is preparing to close at 3.8% to 3,998 euros. The Franco-British champion of PCR trials released exceptional annual results this morning and recalled finishing his 2020 fiscal year without debt. Investors are worried about the outlook. Inevitably, with the decline in test sales, the group has been in conflict since April with its main customer (50% of sales), the second contract initially signed with British Health and Social Affairs (DHSC). September.

Novasite supplied goods to the UK, but the UK was not satisfied. At the announcement of this conflict, the title lost one-third of its value in one session. And because the action does not stop retreating. For investors who voted for the title, the cold showers are expected to grow to more than 50 a year, bringing in nearly 14 euros.

This morning, the group recalled a controversy involving fourth-quarter 2020 revenue of 12 129.1 million for a particular product. He sought independent legal assistance and an arrangement was made in the financial statement based on the current assessments of the Board of Directors regarding this claim to the DHSC.

Novasite, however, agreed that DHSC’s request for a refund under a limited insurance guarantee would be successful, but not possible. The impact of its cash flow depends on the success of the claim and the negotiating conditions for repayment.

In addition, the turnover for the fourth quarter of 2020, தயாரிப்பு 24 million related to the product issued to the DHSC, is pending the date of signing of the invoice financial statements and the recovery of this amount will depend on the outcome of the conflict.

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In addition, at the end of the year, another £ 49 million product was delivered and the invoice has not been paid to the DHSC in 2021, which is now part of the controversy. The unpaid invoice includes a total of மில்லியன் 73 million and VAT.

The group’s business performance for the five months ending May 31, 2021 proves the significance of this conflict.

Novaset sold 88.4 million pounds during the same period, compared to 40.8 million in 2020 over the same period. This 88.4 million DHSC covers 40.7 million related to sales, which are now part of the controversy.

By 2021, the group expects annual sales of around மில்லியன் 100 million, excluding sales to the DHSC, which is half by 2020.

Last year, in fact, its net profit was 2 132.4 million, up from a loss of 7 5.7 million in 2019. EBITDA increased to 176.1 million, up from 0.2 million in 2019, the EBITDA margin rose to 64% in 2020 and 2% in 2019. Turnover increased by over 20 to 277.2 million.

Recognizing the need to prepare for the post-crisis period, the team has continued to strengthen its capabilities and expand its product offering in recent months.

Novasite wants to continue to play a key role in the Covit-19 test and, in particular, expects strong revenue growth in the private test as markets and international travels reopen.