TIDMNCYT
RNS Number : 1544M
Novacyt S.A.
26 April 2018
NOVACYT FULL YEAR 2017 RESULTS
Record revenue growth of 35%
Significantly narrowed losses
Positive outlook for 2018
Paris, France and Camberley, UK - 26 April 2018 - Novacyt
(EURONEXT GROWTH: ALNOV; AIM: NCYT), an international specialist in
clinical diagnostics, today announces its unaudited financial
results for the year ended 31 December 2017.
In 2017, Novacyt delivered material financial and operational
progress as it focused on integrating the transformational
acquisition of Primerdesign made in May 2016. As a result, Novacyt
delivered record sales growth of 35%, representing an improvement
in gross margin from 55% to 60% and a narrowing of the EBITDA loss
to EUR0.8m (2016 EUR2.3m) for the full year.
Financial highlights
-- Group sales increased by 35% on 2016 (43% at CER) to EUR15.0m
(GBP13.1m) compared with EUR11.1m (GBP9.1m) in 2016
o Sales momentum continued in H2 2017, up 29% (34% at CER)
year-on-year to EUR7.9m
-- Group gross margin increased to 60% in 2017 from 55% in 2016
driven by product mix and sales volume
-- EBITDA loss narrowed to EUR0.8m (GBP0.7m) compared with EUR2.3m (GBP1.9m) in 2016
o H2 EBITDA loss of EUR0.3m (GBP0.3m), demonstrates an
improvement from a EUR0.5m loss in H1 and supports the Group's
continued trajectory towards profitability
-- Successfully completed a dual-listing on the Alternative
Investment Market (AIM) of the London Stock Exchange in November
2017, raising EUR9.7m (GBP8.8m) before expenses of EUR1.8m
(GBP1.7m)
-- Novacyt ended the year with EUR4.3m (GBP3.8m) in cash
following the payment of a deferred Primerdesign milestone, removal
of the convertible debt facility with Yorkville and further
deleveraging of the balance sheet following the AIM listing
EUR'000 2017 2016 2015
Consol Consol Consol
Revenue 14,954 11,076 8,892
Gross profit 8,923 6,080 4,275
Gross margin % 60% 55% 48%
EBITDA * (778) (2,295) (2,928)
Recurring operating
loss ** (1,890) (3,074) (3,235)
Operating loss (4,071) (4,461) (13,185)
Total net loss (5,442) (5,710) (13,908)
---------
* EBITDA is the recurring operating loss adjusted for
amortisation, depreciation and long-term employee incentive plan
(LTIP)
** Recurring operating loss is stated before EUR2.2m of
exceptional charges as follows :
-- AIM listing project costs of EUR1.8m charged to the income statement
-- Restructuring charges comprising EUR0.2m site relocation
costs and EUR0.2m of Group employee restructuring costs
Divisional revenues
-- NOVAprep(R) sales increased 36% to EUR2.2m (GBP1.9m), driven
by 132% sales growth in Asia Pacific, which continues to be the
division's fastest growing region
-- Primerdesign sales increased to EUR6.1m (GBP5.3m), compared
with pro forma sales of EUR5.1m (GBP4.2m) in 2016, representing 27%
growth on a pro forma CER basis
o Revenue growth was partly driven by new sales in China, which
was the fastest growing region, and increased from EUR4,900
(GBP4,000) to EUR0.97m (GBP0.85m)
-- Lab21 revenues were EUR6.7m (GBP5.8m), up 16% on 2016 at CER,
reflecting the division's continued expansion into new territories
and the addition of new products
Operational highlights
-- In November 2017, Novacyt successfully completed a pioneering
dual-listing on AIM, adding to the Company's existing Euronext
Growth Paris listing
-- Increased focus on B2B activities, resulting in significant
contract wins in China for both NOVAprep(R) and Primerdesign
products
-- Post-period, in March 2018, Primerdesign entered into a
clinical assay development contract with GenePOC Inc., which
specialises in the development and manufacture of molecular
diagnostic devices for the detection of infectious diseases closer
to the patient, extending our B2B activities into Canada
-- Continued to invest in senior commercial hires with the key
appointments of Phil Sefton, Ruth Powell and Paul Eros as Managing
Directors of its three business divisions
-- Novacyt recruited a total of 35 additional employees during
the year across the business, in particular adding commercial and
manufacturing capacity to help facilitate accelerated revenue
growth
-- Completed the build and relocation to a new 15,000 square
feet manufacturing site in Camberley, UK on target in September
2017 to support the planned growth of the Group
Graham Mullis, Group CEO of Novacyt, commented:
"We are delighted to report record organic sales growth across
the Group in 2017 in a year where we also successfully completed a
pioneering dual-listing on AIM. The Group made significant
progress, with a strong focus on commercial infrastructure
expansion, manufacturing efficiency and development pipeline. We
have seen the full benefit of the acquisition of Primerdesign,
which is now fully integrated, as well as delivering strong organic
sales growth from NOVAprep(R) and Lab21. We also launched our first
CE-Mark approved molecular assay for the detection of Zika and we
plan to update shareholders on further product launches during
2018.
"The Group is therefore well positioned in each of its core
markets and the management team is focused on delivering the three
strategic pillars of organic, acquisition and R&D-led
growth.
"During 2018, the Group will continue to build on the organic
sales progress made in 2017 and is evaluating the potential for
further acquisitions. Ultimately, we are aiming to move into EBITDA
profitable trading during the year in order to become cash flow
positive at the operating level."
Notice that the Company's Annual General Meeting will be held on
11(th) June 2018 at 2:00pm CET at the offices of Stance Advocats
office, 37/39 Avenue Friedland, 75008 Paris. The information
included in this announcement is extracted from the Annual Report.
Defined terms used in the announcement refer to terms as defined in
the Annual Report unless the context otherwise requires. This
announcement should be read in conjunction with, and is not a
substitute for, the full Annual Report. The information contained
within this announcement is deemed to constitute inside information
as stipulated under the Market Abuse Regulations (EU) No. 596/2014.
Upon the publication of this announcement, this inside information
is now considered to be in the public domain
- End -
Contacts
Novacyt SA
Graham Mullis, Chief Executive Officer
Anthony Dyer, Chief Financial Officer
+44 (0)1223 395472
Stifel Nicolaus Europe Limited (Nominated Advisor and Joint
Broker)
Jonathan Senior / Fred Walsh / Ben Maddison
+44 (0)20 7610 7600
WG Partners (Joint Broker)
Nigel Birks / Chris Lee / Claes Spång
+44 (0)203 705 9330
FTI Consulting (International)
Brett Pollard / Victoria Foster Mitchell
+44 (0)20 3727 1000
brett.pollard@fticonsulting.com /
victoria.fostermitchell@fticonsulting.com
FTI Consulting (France)
Arnaud de Cheffontaines / Astrid Villette
+33 (0)147 03 69 47 / +33 (0)147 03 69 51
arnaud.decheffontaines@fticonsulting.com /
astrid.villette@fticonsulting.com
About Novacyt Group
The Novacyt Group is a rapidly growing, international
diagnostics group with a growing portfolio of cancer and infectious
disease products and services. Through its proprietary technology
platform, NOVAprep(R), and molecular platform, genesig(R), Novacyt
is able to provide an extensive range of oncology and infectious
disease diagnostic products across an extensive international
distributor network. The Group has diversified sales from
diagnostic reagents used in oncology, microbiology, haematology and
serology markets, and its global customers and partners include
major corporates.
For more information please refer to the website:
www.novacyt.com
CHIEF EXECUTIVE OFFICER'S REVIEW
UK IPO to further accelerate the growth trajectory
The financial year ended 31 December 2017 has been an exciting
and transformational year for Novacyt and marks an important
milestone year on our journey to become a profitable and leading
clinical diagnostics company. During the period, the Company
continued to make considerable progress in terms of its growth
strategy and successfully dual listed on the London Stock
Exchange's Alternative Investment Market ("AIM") in November 2017,
where we raised EUR9.7m (GBP8.8m) (before expenses) with the
support of new UK institutional investors and both new and current
French institutional investors.
Admission to AIM represents a significant achievement and
corporate milestone for the Company, and I am grateful for the
dedicated support of my fellow directors and executive management
in making this possible. The Admission also marked the first
company with a dual-listing on Euronext Growth Paris and AIM, which
it is anticipated will enable Novacyt to raise its international
profile further and to accelerate our ambitious growth plans across
key markets.
As previously stated at the time of Admission, the Company
intends to use the money raised to accelerate its organic growth
strategy, predominately including:
-- investment in additional manufacturing capacity;
-- expansion of the Group's commercial infrastructure; and
-- investment in R&D to obtain CE-IVD approval for selected
Primerdesign's research-use-only (RUO) assays.
In November 2017, the Company announced that it had made a
payment of EUR0.4m (GBP0.4m) in full and final repayment of the
pending convertible bonds under a facility agreement entered into
with Yorkville in July 2015, further details of which may be found
in the financial statements. The Company has no intention to use
the Yorkville facility in the future.
The successful fundraising of EUR3.0m (GBP2.6m) earlier in the
year (full details of which may be found in the Financial Review)
also enabled the commencement of construction of our new
state-of-the-art manufacturing facility in Camberley, UK, which was
completed in late 2017. In addition, it allowed the Company to
increase the international reach of NOVAprep(R) and also to expand
the regulatory approvals on NOVAprep(R).
Our strategy for achieving sustainable growth is based on three
strategic pillars:
1. Organic growth
During the year, the Company delivered record sales growth of
35% across the entire business, with a specific focus on organic
growth following the acquisition of Primerdesign in May 2016 and
its subsequent integration into the Group.
As part of the strategic rationale to acquire Primerdesign,
Novacyt identified future growth synergies within the business,
which have been delivered during the period, in particular within
the Asia Pacific region. Utilising Novacyt's existing sales
channels, the Group has been able to increase the installed base of
instruments in Asia Pacific of both NOVAprep(R) and Primerdesign's
genesig(R) q16. Each installed genesig(R) q16 instrument works
exclusively with Primerdesign's menu of approximately 550
genesig(R) reagents and, therefore, will also generate recurring
revenues from genesig(R) reagents sales in the future. In 2017, the
Group shipped a record number of its instruments to China in both
molecular and cytology products and whilst our sales base is
relatively small in the region we remain encouraged by the pipeline
that continues to build.
This investment in Asia Pacific has led to an increase in sales
of NOVAprep(R) by 132% to EUR0.8m (GBP0.7m) compared to EUR0.3m
(GBP0.3m) in 2016, representing the Group's fastest growing region.
The appointment of our sales channel partner, MDL Asia, in 2016,
coupled with our additional investment in China has driven this
growth. There is significant opportunity for further growth in the
region, with the emergence of many cancer screening markets
including China, Indonesia, Vietnam and Thailand, representing a
total estimated market of approximately two billion people.
NOVAprep(R)'s continued strong sales and growing sales pipeline
have resulted in the Company's decision to accelerate investment
into further commercial infrastructure, particularly in China, and
in the supply chain, including increasing stock levels of
instruments. We look forward to building on our partnerships and
remain focused on continuing to expand our geographical reach by
targeting our investments across the Asia Pacific region in line
with our strategy.
2. R&D
Novacyt intends to exploit its core strength of developing and
successfully commercialising new products, particularly in the
clinical molecular diagnostics market. Specifically, it intends to
develop some of Primerdesign's RUO molecular diagnostic assays into
clinical products. Significant progress was made during 2017 with
the launch of our first clinical, CE-IVD approved product - Zika
assay. Ultimately, the Group expects to identify up to 40 products
from Primerdesign's current catalogue of approximately 550
non-clinical assays to develop for the clinical market during the
next five years. We expect to launch five new CE Mark assays in
2018 focused on providing diagnostic tests used in patients post
transplantation.
We are also developing the genesig(R) q24, our next generation
qPCR instrument, which is expected to be initially launched in the
RUO and Life Science Research markets during H2 2018. Based around
independent PCR "cores", with each core capable of being controlled
independently, the q24 instrument is designed to process 24 samples
within 30 minutes. This ultra-rapid processing and increased
capacity allows Primerdesign assays to be developed and optimised
to provide results in a fraction of the time currently required by
other qPCR instruments and will provide greater speed and
flexibility than the q16 instrument.
The Group will subsequently seek to launch a regulated CE-IVD
version of the q24 instrument expected in 2019. This, combined with
purpose designed CE-IVD assays, will provide Primerdesign with
another unique instrument platform to add to the q16 to meet the
growing needs and demands of the molecular diagnostics market
place. Additional patent protection is currently being pursued in
the development of this equipment platform which we expect to
report on in due course.
Within the PCR market, the demand for ready-to-use reagent
mixtures, called master mixes, is rapidly increasing and already a
multi-million USD market. We have therefore recently developed our
custom and off-the-shelf products in this specific PCR market
segment. In Q2 2018, we expect to launch the world's first
pick-and-mix master mix product which we have branded MYPlex(TM).
The proprietary MYPlex(TM) master mixes allow customers to choose
their own multiplex assays from a larger selection of targets to
run on an open qPCR platform. This pick-and-mix product is the
first of its kind in the diagnostics molecular market today. As
well as providing unique opportunities for Primerdesign to develop
a leadership position in this market, the development of a unique
portfolio of PCR master mixes also provides further opportunities
for licensing and business-to-business (B2B) partnerships.
3. Acquisitions
Novacyt operates in a large and fragmented diagnostics market
with a significant number of small businesses successfully
operating in their local, niche markets and territories. To
accelerate growth and profitability, the Group intends to build on
its existing and successful track record of sourcing and
undertaking value enhancing acquisitions.
In particular, Novacyt is seeking acquisition targets that are
already revenue generating, profitable and offer geographic
expansion of its sales and distribution channels with a focus on
infectious disease or oncology diagnostics. A number of acquisition
targets are already under evaluation in Europe and Asia, which
might provide the opportunity for the Group to increase its direct
sales presence to drive greater penetration of key markets with its
proven products
We believe that attractive buying multiples are possible in the
current M&A market which, in combination with the Group's
demonstrated ability to integrate assets successfully, is expected
to be significantly accretive to sales growth, gross margins and,
critically, earnings.
Key Performance Indicators ("KPIs")
The Group uses a range of measures to monitor performance. The
Directors remain committed to Novacyt's growth strategy and, in
2017, continued to deliver against its three strategic pillars of
organic, acquisition and R&D-led growth.
The Group continues to focus on its medium-term financial target
KPIs of:
-- Strong double-digit organic revenue growth per annum;
-- maintenance of a high gross margin, above 60 per cent.; and
-- becoming profitable and free cash flow generative.
People
The Group recruited a total of 35 additional employees across
the business during the year, in particular adding commercial and
manufacturing capacity to help facilitate accelerated revenue
growth. There was also continued investment in senior commercial
hires, with the key appointments of Phil Sefton, Ruth Powell and
Paul Eros as Managing Directors of the three business divisions,
providing the foundations and the leadership to drive performance
further.
I would like to personally thank all our employees for their
dedication and commitment in driving our business forward.
Current trading and outlook
The Group made significant progress during the year, with a
strong focus on commercial infrastructure expansion, manufacturing
efficiency and development pipeline.
This momentum has continued into 2018, in January 2018, with
Primerdesign entering into a clinical assay development contract
with GenePOC Inc., a Canada-based company and member of the Swiss
based biopharmaceutical Debiopharm Group(TM), which specialises in
the development and manufacture of molecular diagnostic devices for
the detection of infectious diseases closer to the patient. Under
the terms of the services agreement, Primerdesign will develop a
triplex molecular diagnostic assay to identify influenza A,
influenza B and respiratory syncytial virus A and B (RSV A and B),
which will subsequently be run on GenePOC's revogene(TM)
instrument. GenePOC will also seek regulatory clearance for the
triplex assay in the US through the US Food and Drug Administration
(FDA) and CE-IVD marking in Europe under the In Vitro Diagnostic
Directive.
We have an active pipeline of potential new B2B partners and I
look forward to updating the markets with further progress in this
area of our business. Novacyt is also planning to increase its
direct sales, particularly in the UK, Europe and Scandinavia, with
a target of four additional sales reps to be recruited during
2018.
During the first half of 2018, we have taken the strategic
decision to focus NOVAprep(R) resources on the further optimisation
of the platform in order to provide an enhanced product offering.
As a result of the ongoing development, we do not anticipate the
same level of sales growth to be achieved in the first half as
previous periods. This does not affect our KPIs, in particular our
plans for continued strong double-digit revenue growth for the
Group as a whole.
During 2018, the Group intends to continue to build on the
organic sales progress made in 2017 and will continue to evaluate
the potential for further acquisitions. Currently the business is
in line with its forecast for 2018 and, ultimately, we are aiming
to move into EBITDA profitable trading during the year in order to
become cash generative at the operating level.
Graham Mullis
Chief Executive Officer
Novacyt S.A.
FINANCIAL REVIEW
Overview
During the year, Novacyt showed significant and continued
revenue growth and gross margin improvements, while maintaining the
momentum and trajectory towards near-term profitability at the
EBITDA level. It has been an important year in which the Group
achieved a dual-listing on AIM to prepare for the future capital
requirements of M&A and also delivered revenue growth of 35%
and a EUR1.5m improvement in EBITDA to a loss of EUR0.8m. We have
set ourselves an objective of delivering high sales growth,
continuing to improve the gross margin and to achieve near-term
EBITDA profitability. We have successfully balanced the investment
required to achieve this growth, while managing costs to a level
where EBITDA continues to improve every year since 2015. We have
also consistently delivered on these objectives each half-year
since 2015.
Financial performance
Revenue growth was underpinned by improvements in each of the
three operating divisions, all of which achieved growth of at least
16% compared to 2016 on a constant exchange rate (CER) basis:
-- Primerdesign FY17: EUR6.1m (GBP5.3m), FY16 proforma: EUR5.1m (GBP4.2m), +27% at CER
-- NOVAprep(R) FY17: EUR2.2m (GBP1.9m), FY16: EUR1.6m (GBP1.3m), +36%
-- Lab21 Group FY17: EUR6.7m (GBP5.8m), FY16: EUR6.2m (GBP5.0m), +16%
In the first full year since the acquisition of Primerdesign,
sales of molecular products increased by 27% (CER) due to the
growth in sales of genesig(R) q16 instruments and tests, driven by
the EUR0.9m sale to a new customer in China in the fourth quarter.
As sales have increased, the impact of high margin genesig(R)
testing kits has ensured the divisional gross margin remains above
80%.
NOVAprep sales grew by 36% to EUR2.2m in 2017 from EUR1.6m in
2016. The key driver for the growth is the increase in sales to the
Asia Pacific region. NOVAprep saw the largest revenue growth of the
three business units in 2017 on a proforma basis. The 2017 gross
margin is 46%, which is a slight decline from 49% in the prior year
driven by higher instrument sales. Improving the margin in this
business unit is a key management focus in 2018.
Lab21 Group sales grew by 16% (CER) for the full year and saw
year-on-year double digit sales growth in both the first and second
halves at CER compared with 2016 due to strong core product growth.
The double digit revenue growth was achieved without impacting the
gross margin, which increased to 45% in 2017 compared to 42% in
2016.
Group operating costs have increased year-on-year to support the
continued growth of the business. Significant infrastructure
investment has occurred during 2017, with a key investment being
made in our new Head Office site in Camberley. A number of new
staff have been hired across the Group in 2017 to ensure the
business is structured in such a way as to build on the established
growth trajectory.
The Group's underlying EBITDA loss has improved by EUR1.5m to
EUR0.8m (2016: EUR2.3m loss) and continues a trend of a gradual
reduction in losses as the Company works towards its objective of
EBITDA profitability in 2018. The Company has now delivered four
consecutive half-year EBITDA improvements since the end of 2015 and
aims to continue this trend in 2018.
Group P&L Summary Consol Consol Consol Consol Consol
EUR'000 H2 17 H1 17 H2 16 H1 16 H2 15
EBITDA * (309) (469) (684) (1,611) (1,623)
* EBITDA is the recurring operating loss adjusted for
amortisation, depreciation and long term employee incentive plan
(LTIP).
The recurring operating loss has fallen during 2017 to EUR1.9m
from EUR3.1m. The improvement was not as pronounced as that of
EBITDA due to the full year effect of amortisation of intangible
fixed assets generated on the acquisition of Primerdesign, namely
Customer Relationships and Trademarks. During the year,
amortisation of such intangibles amounted to EUR482k (2016:
EUR301k). Total depreciation charges of EUR396k (2016: EUR307k) and
amortisation charges of EUR698k (2016: EUR472k) were broadly in
line with the previous year excluding the impact of Primerdesign.
During the year, an LTIP was put in place for senior management and
resulted in a cost of EUR18k for the two months it was in
operation.
The operating loss in 2017 was EUR4.1m down from EUR4.5m in 2016
and is stated after non-recurring charges amounting to EUR2.2m. The
2017 charges comprise EUR1.8m of AIM listing project costs and
EUR0.4m of restructuring charges consisting of EUR0.2m Lab21 Group
site relocation costs and EUR0.2m of Group employee restructuring
costs.
The total net loss in 2017 is EUR5.4m, reduced from EUR5.7m in
2016, and is stated after EUR1.2m of gross borrowing costs (2016:
EUR1.0m - includes EUR0.4m non-cash IFRS charges e.g. in respect of
amortising loan set up costs over the loan term) and other
financial expenses of EUR0.2m (2016: EUR0.2m). The 2017 other
financial expenses comprises items such as exchange gains/losses,
change in fair value of the Primerdesign warrants and the
Primerdesign contingent consideration.
Loss per share significantly improved during 2017 to -EUR0.24
(2016: -EUR0.47) due to increased revenue and reduced net loss.
Financial position
Goodwill remained unchanged at EUR16.5m as management believe
that no impairment was necessary following a year of strong revenue
growth in both Primerdesign and Lab21 Products.
Trade and other receivables have increased significantly
year-on-year by in excess of 60% or EUR1.4m. The key driver for
this increase is the large Primerdesign sale to China in late 2017
for EUR0.9m. Removing this single sale, the increase is broadly in
line with revenue growth.
Inventory has increased by EUR0.3m (20%) year-on-year in order
to meet the greater sales demand of the growing business.
Borrowings have fallen from EUR6.3m to EUR3.9m during the year
despite taking on a new three year EUR1.5m convertible bond. This
has helped the company move from a net debt position of EUR3.4m at
the end of 2016 to a net cash position of EUR0.5m at the balance
sheet date. Total borrowings in 2017 include two main items: Kreos
bonds totalling EUR2.6m (two bonds originally valued at EUR3.5m and
EUR3.0m amortising monthly until July 2018 and May 2019,
respectively) and the new Vatel convertible bond of EUR1.2m,
amortising monthly until March 2020.
The first Primerdesign earn out milestone for GBP1.5m was
achieved and paid in 2017 and this has resulted in the balance
reducing from EUR2.6m to EUR1.1m in 2017. The final earn out
milestone of GBP1.0m (disclosed under Contingent Considerations in
the financial statements) is expected to be paid out in 2018.
Cash increased by EUR1.5m to EUR4.3m during 2017. Net cash used
in operating activities increased from EUR2.6m to EUR4.6m due to
the costs associated with dual listing on AIM and restructuring
costs that outweighed the cash savings made from the EUR1.5m EBITDA
improvement.
Net cash outflow from investing activities fell sharply to
EUR2.8m in 2017 from EUR7.4m in 2016. However, after adjusting for
the impact of EUR6.7m of acquisition costs in 2016 and the EUR1.7m
earn out payment in 2017, there was an increase in the outflows
associated with investing activities due to an additional EUR0.5m
spent on leasehold improvements as part of the move to new and
upgraded headquarters in Camberley during 2017.
There were two significant share capital increases in 2017: a
EUR3.0m raise in June and a EUR9.7m (EUR7.9m net of fees) raise in
November as a result of listing on AIM. Year-on-year cash inflows
from financing activities have reduced between 2016 and 2017 by
EUR2.2m as Novacyt moves towards being cash self-sustaining.
Novacyt took out a EUR1.5m three year convertible bond in the first
half of 2017. Repayments of principal for all debt have increased
in 2017 by EUR2.4m to EUR3.3m, consisting of repayments on two
Kreos loans totalling EUR2.6m, Vatel repayments totalling EUR0.3m
and OCABSA repayments totalling EUR0.3m. The 2016 repayments
predominantly relate to Kreos bonds. Interest repayments have
increased year-on-year by EUR0.9m driven by the new 2017 Vatel bond
and additional Kreos repayments compared to 2016 (due to the second
Kreos loan being issued in May 2016).
In November 2017 the Company successfully listed on AIM, raising
EUR9.7m cash before expenses (EUR7.9m net of expenses) and ended
the year with EUR4.3m of cash. This reduction in cash was driven
largely by the GBP1.5m (EUR1.8m) payment for the first Primerdesign
earn out milestone in November 2017, EUR1.8m of AIM listing project
costs, EUR0.9m of debt servicing, a repayment of EUR0.4m in
November 2017 in full and final repayment of the pending
convertible bonds under a facility agreement entered into with YA
Global Master SPV Ltd in July 2015, and the remainder was used for
working capital requirements
Audited financial statements will be released on 30 April 2018.
The Auditor has confirmed that their audit procedures are
substantially completed and no material changes to the figures
contained in this press release are anticipated.
Anthony Dyer
Chief Financial Officer
Novacyt S.A.
Consolidated statement of comprehensive income
Figures in EUR'000 Year ended Year ended
31 December 31 December
2017 2016
Revenue 14,954 11,076
Cost of sales -6,030 -4,996
Gross profit 8,923 6,080
Sales, marketing and distribution
expenses -3,249 -3,170
Research and development
expenses -819 -794
General and administrative
expenses -7,114 -5,616
Government subsidies 368 427
Operating loss before exceptional
items -1,890 -3,074
Costs related to acquisitions - -508
Other operating income 16 20
Other operating expenses -2,197 -900
Operating loss after exceptional
items -4,071 -4,461
Financial income 452 736
Financial expense -1,825 -1,983
Loss before tax -5,444 -5,708
Tax income/(expense) 2 -2
Loss after tax attributable to owners
of the company -5,442 -5,710
---------------------------------------- ------------ ------------
Loss per share (EUR) -0.24 -0.47
Diluted loss per share -0.24 -0.47
Statement of financial position
Figures in EUR'000 Year ended Year ended
31 December 31 December
2017 2016
Goodwill 16,466 16,466
Other intanible assets 4,840 5,333
Property, plant and equipment 1,573 1,096
Non-current financial assets 238 138
Other long-term assets - 48
--------------------------------------------------- ------------ ------------
Non-current assets 23,116 23,082
Inventories and work-in-progress 1,942 1,614
Trade and other receivables 3,804 2,356
Tax receivables 271 211
Prepayments 537 313
Short-term investments 10 10
Cash & Cash equivalents 4,345 2,856
--------------------------------------------------- ------------ ------------
Current assets 10,908 7,360
Total assets 34,024 30,442
Bank overdrafts and current portion of long-term
borrowings 2,778 3,499
Contingent consideration (current
portion) 1,126 1,647
Short-term provisions 50 66
Trade and other liabilities 3,692 3,504
Tax liabilities - 77
Other current liabilities 137 24
--------------------------------------------------- ------------ ------------
Total current liabilities 7,783 8,817
Net current assets/(liabilities) 3,125 -1,457
--------------------------------------------------- ------------ ------------
Borrowings and convertible bond
notes 1,115 2,756
Contingent consideration (non-current
portion) - 946
Retirement benefit obligations 14 14
Long-term provisions 158 89
Deferred tax liabilities 41 53
--------------------------------------------------- ------------ ------------
Total non-current liabilities 1,327 3,857
Total liabilities 9,111 12,674
--------------------------------------------------- ------------ ------------
Net assets 24,914 17,768
--------------------------------------------------- ------------ ------------
Share capital 2,511 1,161
Share premium account 58,281 47,120
Own shares -176 -165
Other reserves -2,815 -2,826
Equity reserve 422 345
Retained losses -33,309 -27,867
Total equity 24,914 17,768
--------------------------------------------------- ------------ ------------
Statement of changes in equity
Other group reserves
======= ======= ====== ------------ ---------------------------------- ========
Acquisition Other
of the comprehensive
Amounts in shares income
'000 Share Share Own Equity of Translation on retirement Retained Total
EUR capital premium shares reserves Primerdesign reserve benefits Total loss equity
======= ======= ====== ======== ============ =========== ============= ====== ======== ======
Balance at 1
January
2016 479 32,382 -98 - - -69 -12 -81 -22,157 10,525
=============== ======= ======= ====== ======== ============ =========== ============= ====== ======== ======
Actuarial gains
on retirement
benefits - - - - - - -1 -1 - -1
Translation
differences - - - - - 204 - 204 - 204
Loss for the
period - - - - - - - - -5,710 -5,710
Total
comprehensive
income / loss
for
the period - - - - - 204 -1 203 -5,710 -5,507
Issue of share
capital 439 14,738 - - - - - - - 15,177
Own shares
acquired/sold
in the period - - -67 - - - - - - -67
Other changes 243 - - 345 -2,948 - - -2,948 - -2,360
Balance at 31
December
2016 1,161 47,120 -165 345 -2,948 135 -13 -2,826 -27,867 17,768
=============== ======= ======= ====== ======== ============ =========== ============= ====== ======== ======
Actuarial gains
on retirement
benefits - - - - - - 2 2 - 2
Translation
differences - - - - - 8 - 8 - 8
Loss for the
period - - - - - - - - -5,442 -5,442
Total
comprehensive
income / loss
for
the period - - - - - 8 2 10 -5,442 -5,432
Issue of share
capital 1,218 9,685 - - - - - - - 10,903
Own shares
acquired/sold
in the period - - -11 - - - - - - -11
Other changes 132 1,476 - 77 - - - - - 1,685
Balance at 31
December
2017
(unaudited) 2,511 58,281 -176 422 -2,948 143 -11 -2,816 -33,309 24,914
=============== ======= ======= ====== ======== ============ =========== ============= ====== ======== ======
Statement of cash flows
Figures in EUR'000 Year ended Year ended
31 December 31 December
2017 2016
Net cash used in operating activities -4,646 -2,559
Investing activities
Purchases of patents and trademarks -64 -212
Purchases of property, plant and
equipment -914 -336
Purchases of trading investments -101 -75
Acquisition of subsidiary net
of cash acquired -1,747 -6,741
----------------------------------------- ------------ ------------
Net cash generated from investing
activities -2,826 -7,364
Repayment of borrowings -3,296 -915
Proceeds on issue of borrowings
and bond notes 2,722 4,887
Proceeds on issue of shares 11,080 7,856
Purchase of own shares -11 -
Paid interest expenses -1,506 -633
----------------------------------------- ------------ ------------
Net cash generated from financing
activities 8,989 11,195
Net current assets/(liabilities) 1,517 1,271
----------------------------------------- ------------ ------------
Cash and cash equivalents at beginning
of year 2,856 1,681
Effect of foreign exchange rate
changes -27 -96
Cash and cash equivalents at end
of year 4,345 2,856
----------------------------------------- ------------ ------------
Anthony Dyer
Chief Financial Officer
Novacyt S.A.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SEMFUIFASEFL
(END) Dow Jones Newswires
April 26, 2018 02:00 ET (06:00 GMT)
Novacyt (LSE:NCYT)
Historical Stock Chart
From Apr 2024 to May 2024
Novacyt (LSE:NCYT)
Historical Stock Chart
From May 2023 to May 2024