Novacyt publishes its unaudited half-yearly activity report

Novacyt SA, a molecular diagnostics company listed on Euronext Growth and AIM, has unveiled its half-year activity report for the financial year ending June 30, 2024. Unaudited revenue for the first half of 2024 is estimated at approximately 10.3 million, compared to 3.3 million for the same period in 2023, including 7.8 million generated by Yourgene Health.

The reproductive health sector and non-invasive prenatal testing recorded growth of 34% and 5%, respectively, on a pro forma basis. The group's cash position at June 30, 2024 was £32.9 million, down from £44.1 million at the end of 2023, but the company remains debt-free.

On the regulatory and R&D side, Novacyt has submitted several products for evaluation by regulators and obtained a license from the Human Tissue Authority. The group is also preparing to sell its Taiwanese laboratories, an operation approved by the local government.

The recent agreement with the UK Department of Health and Social Care allows Novacyt to focus on its integration and post-acquisition growth of Yourgene. The company is targeting a £5 million reduction in its annual cost base by the end of 2024.