Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. France
  4. Euronext Paris
  5. Novacyt
  6. News
  7. Summary
    ALNOV   FR0010397232

NOVACYT

(ALNOV)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Novacyt : Rapport annuel et comptes Novacyt pour l'exercice clos en décembre 2020

06/29/2021 | 02:13am EDT

2020 December 31 ended year the forGroupAccountsytNovaand Report Annual

Headquarters:

Registered Address:

Novacyt Group (UK)

Novacyt Group (France)

Unit 1, Watchmoor Point, Watchmoor

13 Avenue Morane Saulnier 78140

Road, Camberley, Surrey GU15 3AD

Vélizy-Villacoublay, France

T +44 (0) 1276 600 081

Registered Number: 491 062 527

F +44 (0) 1276 600 151

E investor.relations@novacyt.com

www.novacyt.com

Novacyt Group Annual Report and Accounts for the year ended 31 December 2020

Accelerating

our strategy for long-term value

Business

Strategic

Our

Financial

Company

Overview

Report

Governance

Statements

Information

Novacyt is a diagnostics group, manufacturing diagnostic and pathogen testing kits based on molecular and protein testing technologies sold into human clinical, life science, food and industrial markets.

Financial highlights

Revenue £'000

Gross Margin £'000

(2019: £11,468)

(2019: £7,340)

£277,204

£211,500

£277,204

£211,500

£11,169

£12,140

£11,468

£6,929

£7,613

£7,340

17

18

19

20

17

18

19

20

EBITDA £'000

Net Debt £'000

(2019: £174)

(2019: £5,567)

£176,145

£0

17

18

19

20

£176,145

£3,825

£5,567

£790

£512

£174

(

0

)

£401

17

18

19

20

Read the financial review on pages 26 to 29

Contents

Business Overview

The year that was 2020

02

Group at a Glance

04

Business Model

06

Strategic Report

Chairman's Statement

12

Market Opportunity

14

Our Strategy

18

Q&A with CEO and CFO

20

Chief Executive Officer's report

22

Section 172(1) Statement

25

Financial Review

26

Sustainability

30

Governance

The Board of Directors

38

The Executive team

42

Directors' report

43

An introduction from the Chairman

46

QCA principles

47

Nomination Committee report

57

Directors' Remuneration report

58

Remuneration Committee

59

Audit Committee report

62

Principal Risks and

66

Risk Management

Financial Statements

Statement of Directors'

74

responsibilities in respect of

the annual report and financial

statements

Leading the response to COVID-19

Accelerating our strategy for long-term value

Operational highlights

Acquisition

COVID-19

of IT-IS

response

Statutory auditor's report on the

76

consolidated financial statements

Accounts and notes

Consolidated income statement

78

Consolidated statement of

79

We developed one of the first tests for COVID-19, achieving the CE mark and regulatory approval in February 2020. We created new products for COVID-19 throughout 2020.

Our response to COVID-19 has enabled Novacyt to demonstrate the value of the business foundations that have been developed during the last few years.

We have been able to accelerate our strategy for delivering long-term value to Shareholders. We have identified specific high-value opportunities for growth in the diagnostics market where Novacyt can leverage its innovative position for developing new in vitro diagnostic products. In addition, with new opportunities created by an increased demand for diagnostics and investment in the industry, we expect to further boost revenues and profitability through selective and accretive acquisitions.

Providing a profitable diagnostic instrument development and manufacturing company with a solid reputation in development of mobile and rapid PCR instruments with proven high- quality, performance and reliability.

The Company experienced unprecedented sales demand for its COVID-19 products during 2020, which transformed our financial position, resulting in us significantly exceeding our full year 2020 budget and surpassing any previous performance.

comprehensive income

Statement of financial position

80

Statement of changes in equity

81

Statement of cash flows

82

Notes to the annual accounts

83

Glossary of terms

136

Company Information

IBC

Read more on our COVID-19response on page 3

Read more on accelerating our strategy on pages 18 and 19

Read more on the acquisition

Read more on our response

on page 23

on pages 22 to 24

Novacyt Group Annual Report and Accounts for the year ended 31 December 2020

Novacyt Group Annual Report and Accounts for the year ended 31 December 2020

01

The year that was 2020

Business

Strategic

Our

Financial

Company

Overview

Report

Governance

Statements

Information

For many, the year 2020 will always be remembered as the year that everything changed. From the way we greeted one another, to the way we held meetings, it was truly the year of radical transformation for many businesses.

For Novacyt, we too had a transformational year. From a mid- sized company of 110 people to a group of 237 people by the end of 2020. We have the capability to rapidly innovate new solutions and now supply our Gold standard kits to over 130 countries worldwide.

The Novacyt ethos has shone through, with everyone demonstrating a continued drive and positivity to innovate new products rapidly.

As a pioneer in clinical diagnostics, we have a proven history of responding quickly to changing global health needs, which includes providing testing solutions for Zika, Swine flu, and Ebola viruses. Solidifying this position, we were among the first to respond to the COVID-19 pandemic in 2020, providing a rapid and reliable CE-IVD marked SARS-CoV-2 testing kit.

SEPT

SARS-CoV-2 IgG EIA

Product launches

CE-mark approved serology (antibody) 96-well plate ELISA (enzyme-linked immunosorbent assay) test for the detection of IgG antibodies to SARS- CoV-2 derived from plasma and serum samples.

Our contribution to the COVID-19 testing solutions has proven that we can respond quickly to any changing global health needs.

Breakthrough innovations in 2020 by Novacyt Group

AUG

Market need

Our teams in Marketing and R&D aimed to pioneer innovations

JAN/FEB

RUO

Product launches

RUO novel Coronavirus test.

genesig®

Product launches

genesig® real-time PCR (polymerase chain reaction) COVID-19 (CE), the first CE-mark approved test for clinical diagnosis of the 2019 strain of the novel coronavirus.

Market need

In late 2019, researchers in China

MAR

JUL

EUA FROM THE

AWARDED LTA

FDA FOR FIRST

WITH UNICEF

COVID-19 TEST

APR

EUL FROM WHO

FOR FIRST COVID-

19-CE IVD TEST

Winterplex®

Product launches

Winterplex® CE-mark approved PCR respiratory test panel.

Market need

With the anticipation of Winter in the northern hemisphere, Influenza A, B and RSV were expected to add complexity to the COVID-19 pandemic.

Since the onset of the COVID-19 pandemic, patients and population groups have been extensively tested for an antibody response to COVID-19. Although there is much ongoing debate about how the immune system responds to different variants, the impact of vaccinations and even the type of antibody used in the test, our serology tests offer additional information on

a patient profile, supporting ongoing population management.

as a strategic priority. We are committed to delivering high-quality diagnostic products that will make a meaningful difference to our customers and their patients.

Our state-of-the-art innovations and technologies enabled us to be the first company globally to respond to the threat of the global COVID-19 pandemic by developing a CE IVD molecular test for the virus. Fast forward a year: we have developed a suite of solutions for COVID-19 to better manage the pandemic. These innovations enable us to deploy our expertise in other areas of diagnostics, paving the way

identified a new virus that had infected dozens of people in Asia. As the COVID-19 pandemic began to spread beyond China, the need for testing increased exponentially worldwide.

SEPT

NOV

PROmate®

Product launches

PROmate®, a new product to

for us to be a truly global clinical diagnostics company.

JUN

exsig® DIRECT, exsig® and COVID-HT

Product launches

Two new products to support laboratories testing for COVID-19. These were exsig® Direct and exsig® Mag, both RNA extraction kits for use prior to running a PCR test for COVID-19, and COVID-HT, a high- throughput test for COVID-19.

Market need

The number of known Coronavirus cases across the globe grew rapidly, with more than 100,000 new infections a day, causing demand for higher throughput COVID-19 tests. The onset of mass testing globally brought about many challenges. One of the most profound was a sudden shortage of pre-analytical solutions required for sample preparation prior to PCR testing for COVID-19.

genesig® COVID-19 2G

Product launches

CE-mark approved PCR two-gene target test for COVID-19.

Market need

To support the adoption of our products in jurisdictions mandating the approach of utilising PCR testing, Novacyt's first generation product was improved further with the addition of a secondary target to the initial Gold standard product.

improve the workflow efficiency of Novacyt's closer to patient system for COVID-19 testing.

Market need

The global death toll from coronavirus surpassed 800,000 in August. The tally continued to rise as new infections flared across Europe with high numbers of deaths recorded in the United States, India, South Africa and most of Latin America, prompting mass testing programmes to

be operated out of centralised laboratories.

See page 136 for a

glossary of terms

02

Novacyt Group Annual Report and Accounts for the year ended 31 December 2020

Novacyt Group Annual Report and Accounts for the year ended 31 December 2020

03

Group at a

Glance

The Novacyt Group is an international specialist diagnostic solutions provider, with a comprehensive product portfolio in advanced molecular and protein detection technologies.

Business

Strategic

Our

Financial

Company

Overview

Report

Governance

Statements

Information

We passionately believe in providing patient-led focus and high-quality innovations, which advance the science behind diagnostics in microbiology, haematology and serology testing.

a specialist in the development and

focused on design, manufacture,

manufacture of molecular diagnostic

validation and supply of Gold standard

instrumentation.

real-time PCR kits, reagents and

instruments.

a product range of diagnostic

manufacturer and supplier of Plasmatec and

products in the fields of microbiology,

Biotec branded products, plus a range of

serology, haematology, bacteriology

reagents and tests for IVD application and

and virology.

blood grouping.

IT-IS International

Acquired by Novacyt in October 2020, a specialist in the development and manufacture of molecular diagnostic instrumentation, delivers high performing technology for real- time PCR. With comprehensive capabilities ranging from molecular biology to software engineering, IT- IS provides products from bespoke system development to off the shelf real-time PCR machines.

Our capabilities

High quality analysis techniques to both real-time PCR amplification quantification, and PCR melt analysis. Our unique techniques identify PCR features such as dye response, baseline offset and drift, efficiency to yield accurate, reproducible results, and to recognise potential problem samples.

Our products

Agile, portable and high-performingreal-time PCR instruments:

  • genesig® q16 and q32: Novacyt's exclusive real-time PCR machines that work with solutions like VersaLab™ to provide rapid closer-to-patients testing.
  • MyGo PCR Systems: real-time PCR machines that provide rapid, precise, quantitative PCR and melting point analysis.

Primerdesign

Focused on the design, manufacture, validation, and supply of Gold Standard real-time PCR kits and reagents. Provides the best custom qPCR assay development service in the world. Solidifying this position, we were among the first to respond to the COVID-19 pandemic in 2020, providing a rapid and reliable CE-IVD marked SARS- CoV-2 test kit.

Our capabilities

Bespoke and commercialisation of real-time PCR with an agile team that can deliver to market in the shortest possible time.

Our products

Proud producers of Gold Standard real-time PCR kits with world-class innovations:

  • genesig®: for Pathogen detection,food and water testing, veterinary and agricultural testing, and more recently the COVID-19 pandemic.
  • PROmate®: total workflow solution that is nearer to patients, inclusive of sample preparation, qPCR amplification, and analysis on the genesig® q16 and q32 instruments, specifically for the detection of SARS-CoV-2.
  • SNPsig®: detect SARS-CoV-2 variants of concern under 2 hours, designed to run on central laboratory systems and the genesig® q16 and q32 rapid PCR systems.

Microgen Bioproducts

Clinical product range that supports healthcare providers in improving patient health with a comprehensive food diagnostic range that helps manufacturers ensure consumer safety.

Our capabilities

Expertise in the development, manufacturing, distribution, and marketing of products used by clinical laboratories to detect and diagnose infectious disease, and by food laboratories to detect and identify pathogenic organisms. Our product range comprises a comprehensive list of quality diagnostic solutions in the fields of microbiology, serology, haematology, bacteriology,

and virology.

Our products

Recognised leaders in diagnostics solutions for infectious diseases as well as for food and industrial microbiology:

  • PathFlow® Rapid Tests: complete solution for the rapid diagnosis of infectious diseases including for the detection of SARS-CoV-2 antibodies.
  • Path-ChekHygiene Tests: detection of a range of bacteria from work surfaces and the processing environment.
  • Latex Agglutination Kits: simple one-step identification and confirmation of a range of pathogenic bacteria.

Lab 21 Healthcare

Cost-effective solutions in the production and distribution of reagents and test kits for both IVD and blood grouping application.

Our capabilities

Constantly improving production efficiency in our attempts to offer our end users the most cost- effective solutions with scale-up capabilities. Product improvement and enhancement to meet the needs of developing markets to broaden our geographical market coverage.

Our products

Well known for Plasmatec and Biotec branded products:

  • Plasmatec: Core products are in the areas of latex microbiology and serology, blood grouping antisera, syphilis serology, and pregnancy testing.
  • Biotec: Comprehensive range of diagnostic reagents, test kits, and blood grouping reagents.

04

Novacyt Group Annual Report and Accounts for the year ended 31 December 2020

Novacyt Group Annual Report and Accounts for the year ended 31 December 2020

05

Business

Model

Key resources

Business

Strategic

Our

Financial

Company

Overview

Report

Governance

Statements

Information

Key activities

Speed to develop products

As one of the first diagnostic companies to have a launched CE-markCOVID-19 tests approved by both the FDA and the WHO under the Emergency Use Listing ("EUL"), Novacyt put itself on the map. This product has now received regulatory approval from 57 countries. As the pandemic has evolved, Novacyt has continued to be at the forefront of new product development, improving workflow with PROmate® for near patient testing and tackling new Variants of Concern ("VOC") with SNPsig®. Our

This was further compounded by the introduction of new products with almost 60% of our revenue coming from products launched after the original COVID genesig® product. Novacyt has managed a network of sub-contractors to access additional capacity, which has accelerated the scale-up, ensuring we can flex capacity upwards and downwards in line with very unpredictable demand patterns.

Rapid commercialisation

Novacyt has used its extensive network of distributors to bring products to market consistently and more quickly

Can-do culture

The DNA of Novacyt is an agile entrepreneurial business where speed to market and indeed speed to patient is paramount. The success of 2020 is testimony to this can-do culture

in action where significant scientific, regulatory and supply chain challenges were conquered. As we scale-up the organisation, we are preserving our core values to ensure we continue

to respond in a rapidly changing environment.

Innovation

s

C

t

u

n

s

e

t

o

i

t

m

a

e

P

r

s

e

M

r

a

u

n

t

u

l

u

s

f

a

c

c

c

o

a

t

l

d

e

u

-

- r

n

u

i

a

n

p

g

C

S

INNOVATION

s

h

e

a

c

r

o

s

e

e

m

y

h

mR

t

t

o

u

c

o

a

o

e

rp

d

d

l

l

c i

o

p

i d

e

d

e

a

r

m

p

p

l

S

e

i

p

s

a

o

E

l

r

t

e

i

o

n

v

s

e

d

E

t

n

n

v

e

ironm

technology covers a range of PCR, ELISA, lateral flow antibody and antigen tests for near patient, central labs and high throughput settings that can run on many laboratory systems, as well as our own q16 and q32 rapid-PCR systems. Novacyt launched 14 new COVID-19 related products during 2020.

Manufacturing scale-up

Novacyt revenue increased by over 20 times from 2019 to 2020. This increase in revenue did not occur evenly throughout 2020, which meant that manufacturing had to scale-up even more than the revenue increase.

than our competition. We have strengthened the commercial leadership both internationally and in the UK, to drive more direct customer sales and build an installed instrument base. In the first half of 2021, we have seen a shift from Government testing to private testing as parts of the economy reopen, and we have worked closely with several leading private test companies in this space including the launch of our own mobile trailer solution under the VersaLab™ brand.

In Novacyt, innovation is about delivering effective solutions ahead of our competitors. Innovation is where all our attributes of speed to develop products, manufacturing scale-up and rapid commercialisation come together, propelled forward by our can-do culture. Innovation is only successful when all our capabilities combine and complement each other. In a market with unprecedented opportunities developing at pace, Novacyt is in a great position to build a sustainable long-term business.

Evidencing our outcomes

The financial outcomes for 2020

• Sales growth of >20 times; EBITDA

show a highly profitable business that

margin of 64%; cash position of

experienced extraordinary growth

£92 million; debt free

throughout the year. Beneath the

• 14 new products launched;

headline numbers, we focus on specific

over 20 patents filed

metrics for our stakeholders:

• Integration of IT-IS acquisition

  • Employee increase from 110 to 237. 11% staff turnover and no reported injuries
  • Implementing systems to track customer satisfaction

06

Novacyt Group Annual Report and Accounts for the year ended 31 December 2020

Novacyt Group Annual Report and Accounts for the year ended 31 December 2020

07

Pour lire la suite de ce noodl, vous pouvez consulter la version originale ici.

Disclaimer

Novacyt SA published this content on 29 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 June 2021 06:12:46 UTC.


© Publicnow 2021
All news about NOVACYT
09/16FTSE 100 Rises on Speculation over UK's Travel Restrictions Removal
DJ
09/16GLOBAL MARKETS LIVE : Thales, Nestlé, Evergrande, AMC, Walmart...
09/16FTSE Rises, THG Shares Fall After 1st Half Loss as Shake-Up Looms
DJ
09/16NOVACYT : Dispute With UK Health Department Threatens To Wipe Out H1 Profit
MT
09/16FTSE Rises, Ashtead Gains After 1Q Profit Boost, Guidance Increase
DJ
09/16Novacyt Says Covid-19 Contract Dispute with UK Health Department Continues
DJ
09/16Novacyt to Revise Down 1st Half Revenue Due to UK Covid-19 Contract Dispute -..
DJ
09/16NOVACYT : Proposed accounting treatment of ongoing DHSC dispute in 2021 interim ..
PU
09/13NOVACYT : AGM voting
PU
09/08NOVACYT : Company's activity during FY20
PU
More news
Financials
Sales 2021 112 M 131 M 131 M
Net income 2021 70,0 M 82,1 M 82,1 M
Net cash 2021 90,4 M 106 M 106 M
P/E ratio 2021 4,18x
Yield 2021 -
Capitalization 257 M 302 M 301 M
EV / Sales 2021 1,49x
EV / Sales 2022 0,77x
Nbr of Employees 174
Free-Float 99,3%
Chart NOVACYT
Duration : Period :
Novacyt Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends NOVACYT
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 2
Last Close Price 3,64 €
Average target price 8,88 €
Spread / Average Target 144%
EPS Revisions
Managers and Directors
Graham David Mullis Chief Executive Officer & Executive Director
James Martin Mccarthy Chief Financial Officer & Director
James Christopher Wakefield Chairman
Reginald A. Trevor Chief Technology Officer
Lisa Henriet Director-Group Operations
Sector and Competitors
1st jan.Capi. (M$)
NOVACYT-61.17%316
MODERNA, INC.321.80%177 867
BIONTECH SE357.13%90 003
GILEAD SCIENCES, INC.22.43%89 434
REGENERON PHARMACEUTICALS35.20%67 910
WUXI APPTEC CO., LTD.35.75%65 728