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Edison Investment Research

Leading International Investment Research

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Equity Bottom-Up

<p>Novacyt reported FY16 results on 27 April. Headline sales announced in January showed that total FY16 sales grew 25% y-o-y to &#8364;11.1m (38% at a constant exchange rate, CER). The acquisition of Primerdesign (consolidated from May 2016) added to total group H216 sales, which grew an impressive 47% (68% at CER) y-o-y. Novacyt&#8217;s earnings showed that sales growth was accompanied by a substantial expansion in gross margin from 48.1% in FY15 to consolidated 54.9% in FY16 or 59.0% pro forma. All this boosted consolidated EBITDA close to break-even at -&#8364;0.7m in H216 versus &#8364;1.6m in H116. We find the combination of a continuing high growth trend and near break-even EBITDA comforting and supportive for the share price. </p>

Novacyt reported FY16 results on 27 April. Headline sales announced in January showed that total FY16 sales grew 25% y-o-y to &#8364;11.1m (38% at a constant exchange rate, CER). The acquisition of Primerdesign (consolidated from May 2016) added to total group H216 sales, which grew an impressive 47% (68% at CER) y-o-y. Novacyt&#8217;s earnings showed that sales growth was accompanied by a substantial expansion in gross margin from 48.1% in FY15 to consolidated 54.9% in FY16 or 59.0% pro forma. All this boosted consolidated EBITDA close to break-even at -&#8364;0.7m in H216 versus &#8364;1.6m in H116. We find the combination of a continuing high growth trend and near break-even EBITDA comforting and supportive for the share price. 

<p>Novacyt is a high growth diagnostics company that has developed innovative technology platforms specifically in liquid-based cytology (LBC) testing and new-generation molecular products based on real-time quantitative polymerase chain reaction (qPCR). Novacyt also has an established manufacturing and global distribution channel, which offers a wide range of profitable infectious disease diagnostic products. 2017 could be a transformative year, as the integration of recent acquisitions helps accelerate sales momentum of its key products NOVAprep (LBC) and Primerdesign&#8217;s genesig (qPCR). By targeting wider markets the company aims to achieve EBITDA break-even in 2017.</p>

Novacyt is a high growth diagnostics company that has developed innovative technology platforms specifically in liquid-based cytology (LBC) testing and new-generation molecular products based on real-time quantitative polymerase chain reaction (qPCR). Novacyt also has an established manufacturing and global distribution channel, which offers a wide range of profitable infectious disease diagnostic products. 2017 could be a transformative year, as the integration of recent acquisitions helps accelerate sales momentum of its key products NOVAprep (LBC) and Primerdesign&#8217;s genesig (qPCR). By targeting wider markets the company aims to achieve EBITDA break-even in 2017.

France

Novacyt SA operates as a specialist in cancer and infectious diseases. The Company sells diagnostic products used in oncology, microbiology, haematology, and serology testing. Novacyt serves hospitals, clinicians, health care providers, and patients worldwide.

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Novacyt (ALNOV FP)

Building momentum toward break-even

Novacyt reported FY16 results on 27 April. Headline sales announced in January showed that total FY16 sales grew 25% y-o-y to €11.1m (38% at a...

Edison Investment Research

Innovative clinical diagnostics

Novacyt is a high growth diagnostics company that has developed innovative technology platforms specifically in liquid-based cytology (LBC) testing...

Edison Investment Research

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