Novacyt 1Q Covid-19-Related Revenue Fell; Sees 2023 Revenue Fall if Trend Continues
April 28 2022 - 4:25AM
Dow Jones News
By Anthony O. Goriainoff
Novacyt S.A. said Thursday that Covid-19-related revenue in the
first quarter fell 67% and that if this sales decline continued for
the rest of the year it expects to report a fall in revenue in the
range of 35 million pounds ($43.9 million) to 45 million
pounds.
The Anglo-French biotechnology group said that revenue in the
quarter was GBP13.1 million--with GBP10.1 million of this being
Covid-19-related--compared with GBP34.4 million for the first
quarter of 2021, when GBP31.0 million was Covid-19-related.
The company said it was working to accelerate the expansion of
non-Covid-19 revenue in 2022 through both internal research and
development and external partnerships.
Novacyt also said that it swung to a pretax loss for 2021 as
revenue fell due to a continuing dispute with the U.K. Department
of Health and Social Care.
The company said that pretax loss was GBP9.8 million compared
with a pretax profit of GBP165.2 million for 2020. The company said
that due to the dispute, it incurred GBP35.8 million in
exceptional, one-off costs.
Revenue fell to GBP95.8 million from GBP277.2 million the year
prior. The company said this excluded GBP40.9 million of revenue
under dispute.
Shares at 0740 GMT were down 5.70 pence, or 3.6%, at 154.60
pence.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
April 28, 2022 04:10 ET (08:10 GMT)
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