Louis7 schreef op 12 april 2021 13:56:
Company Update: 12 April 2021 Novacyt S.A.
(NCYT.L*): Trading update Market Capitalisation: £297.6m; Share price: 421p; Target Price: under review
• On Friday, diagnostic developer, Novacyt, provided a trading update and an update on its supply contract with the UK Department of Health and Social Care (DHSC).
• The Group announced that the DHSC has not agreed to an extension of a contract (first announced in September 2020) for the supply of Novacyt’s PCR instruments and COVID-19 test kits. • As a result, Novacyt believes that revenue and profit for FY21 may be lower than current market expectations.
• The Group notes it has been supplying the DHSC with PROmate™, the Group’s direct-to-PCR COVID-19 assay, in Q121.
• Novacyt and the DHSC are in dispute regarding the contract, which may have a material impact on Q420 revenue.
• The Group announced that revenue for the three months ended 31 March 2021 (Q121) was €83.0m (£72.6m).
• Approximately half of Q121 revenue was driven by sales to the DHSC with the remainder driven by international sales and the Company’s private sector testing operations. Whilst the lack of a contract extension is expected to impact FY21 revenues, this is mitigated by international sales and private sector testing operations which contributed to half of Q121 trading. The Group is continuing to rollout PROmate™ in hospitals, private sector settings and international markets as well as launching additional products over the year, such as lateral flow tests. The contract dispute is a disappointing outcome for both parties, however, Novacyt has taken legal advice and believes it has strong grounds to assert its contractual rights. Given the uncertainty regarding the DHSC contract and limited visibility over future sales we have withdrawn our forecasts and have put our target price under review.
"Het uitblijven van een contractverlenging zal naar verwachting een impact hebben op de inkomsten van FY21, maar dit wordt gecompenseerd door de internationale verkoop en de testactiviteiten in de privésector, die bijdroegen tot de helft van de omzet van Q121."www.research-tree.com/dashboard/Porta...