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Prices & Quotes - UK Markets - Novacyt S.A. (CDI) (NCYT)

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Share Price:
Down 366.60p
Change Today:
-47.80p
Market Cap:
258.92m
Sector:
Health Care Equipment & Services

Novacyt FY revenues potentially 'materially affected' by outcome of DHSC dispute

By Iain Gilbert

Date: Tuesday 26 Oct 2021

LONDON (ShareCast) - (Sharecast News) - Biotechnology company Novacyt warned on first-half revenues on Thursday as a result of its ongoing dispute with the US Department of Health and Social Care.
Novacyt reiterated revenue guidance, excluding the 40.8m in disputed DHSC revenues, of approximately 100.0m and underlying earnings margins of roughly 40%, but stated that full-year group underlying earnings margins could be "materially affected" by the outcome of the dispute.

As a result, the firm has opted to take "a conservative approach" and decided that while the dispute with the DHSC remained unresolved, it would not recognise the revenue in question but highlighted that the remaining first-half revenues of 54.0m from non-DHSC sales remained unchanged.

Novacyt also "prudently decided" to recognise manufacturing costs of 6.9m related to the disputed sales and take an exceptional one-off cost of 28.9m to write down inventory that it had built in anticipation of further DHSC demand and to terminate supply commitments with third parties that were no longer required.

As of 1145 BST, Novacyt shares were down 5.13% at 324.94p.

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NCYT Market Data

Currency UK Pounds
Price 366.60p
Change Today -47.80p
52 Week High 1,190.00p
52 Week Low 220.00p
Volume 3,627,235
Shares Issued 70.63m
Market Cap 258.92m

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What The Brokers Say

Strong Buy 1
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 1
strong_buy
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NCYT Dividends

No dividends found

Trades for 01-Dec-2021

Time Volume / Share Price
16:13 398 @ 374.46p
16:13 2,719 @ 368.00p
16:11 254 @ 365.07p
16:11 6,969 @ 366.60p
16:11 830 @ 365.10p

NCYT Key Personnel

CFO James McCarthy
CEO David Allmond