(Boursier.com) — Novacyt Group turnover stands at £95.8m in 2021, compared to £277.2m in 2020, excluding £40.9m turnover from related businesses with DHSC in 2021 in connection with a contract dispute, as previously announced, in line with management guidance.
Revenue from COVID-19 products represented 86% of total revenue in 2021, compared to 95% in 2020.
Significant shift in 2021 from large centralized contracts to independent testing, focused on private labs and non-governmental organizations (NGOs):
Private laboratory revenue increased 98% year-on-year, from £28.3m to £55.9m, of which £10.5m was NGO revenue cases.
Private testing accounted for 58% of 2021 revenue at £55.9m, compared to 10% in 2020 at £28.3m.
The UK accounts for 45% of total revenue in 2021 at £42.7m compared to 79% in 2020 at £219.4m.
Cash at December 31, 2021 was £101.7 million, compared to £91.8 million at December 31, 2020, and the Group remains debt free.
Important events after the reference period
Additional product approvals under the UK Health Security Agency Medical Device (Coronavirus Testing Device Approvals) (Amendment) Regulations 2021 (“CTDA”), including the PROmate COVID-19 2G Real- Time PCR in February and PROmate COVID-19 1G ( q32) Real-time PCR test in April. PROmate COVID-19 1G (q16 and q32) remains in the national microbiology framework.
As communicated in January 2022, Novacyt initiated a strategic review of its Lab21 Healthcare and Microgen Bioproducts businesses. Following this review, Novacyt proposes to discontinue these two activities. Closing of these activities is expected to be cash neutral in 2022.
On March 30, 2022, Novacyt was granted a foundational patent related to the ORF1a/b gene, which will result in a corporate tax credit on future profits, going back to the original patent filing date of October of 2020.
On 25 April 2022, the Panel was informed that DHSC had issued a claim against Primerdesign Ltd and Novacyt SA in the amount of £134.6 million in relation to this second supply contract, announced on 29 September 2020. The amount of the claim corresponds broadly to the disputed revenue for the fourth quarter of 2020, as previously announced by the Group.
Main elements of the strategy.