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a little confusing there. year ended dec 2020 its listed as £68k and year ended dec 2021 its listed as £157k
There is however a DHSC contract dispute costs listed year ended dec 2021 £802k
"DHSC contract dispute costs relate to legal and professional fees incurred in the ongoing commercial dispute"
I thought the receiver of the payment had to be employed at the time of receiving the payment.
other liabilities is £11.2m
"The other liabilities balance relates to the second and third tranches of the 2017 to 2020 LTIP scheme, which are forecast to be paid during 2022"
thats what i'm saying. its suggestive that there were issues with the q16. reading between the lines so I may be wrong but I haven't seen that text before. Could the issues have stopped the roll out which in turn led to performance obligations not being met. if we throw enough guesses at it we might get a few of them right ;-)
omicron was a pretty big wave. we were expecting a 50% reduction in covid revenues however Q1 22 is showing 67% decline. we are now expected full year revenue between £35m and £45m and thats dependent on the success of the non covid products.
Tomorrow should see the David Allmond presentation revealing to investors what the new strategy will be.
https://www.lse.co.uk/rns/NCYT/strategy-and-full-year-2021-trading-update-qgoeql7ul3x7i26.html
"Since joining on 18 October 2021, David Allmond has conducted an initial strategic review of the business during his first 100 days as Chief Executive Officer and provides the following key findings. Novacyt has already begun implementing several of the findings from this initial review and intends to expand further on the strategy at the time of its 2021 full year results."
After all that time it's going to be some set of slides ;-)
Lets hope we have lots of positives after seeing it
I would expect £6.9m manufacturing costs along with the £28.9m write down on inventory in relation to anticipated DHSC demand to be included in the response on top of the outstanding invoices.
The Times have an article
https://www.thetimes.co.uk/article/health-chiefs-sue-novacyt-for-134m-366pxjt38
Quote from novacyt
Novacyt said it “continues to believe it has strong grounds to defend the claim and assert its contractual rights, including in relation to recovering outstanding sums due from the DHSC”
I doubt we will get anymore out of Novacyt
No need to apologise poidster. No offence was taken :-) Without knowing the basis of the dispute and claim we are all at a loss to explain. I think we will just get the usual responses on Thursday of strong grounds to exert contractual rights and can't say anything for legal reasons. It's extremely frustrating
I'm not suggesting that text indicates swapping just that if a different product was available it would be the same price or less than the previous one. If you read that text outside of a dispute its easier to read :-)
For what it's worth my interpretation of the dispute and recent claim from dhsc is that they want reimbursed for the non promate product. Exsig direct. Not sure under what grounds they are claiming as it was approved delivered and at least partially used.
We have been told Exsig direct is still waiting ctda approval and the ifu has been recently updated. We know promate has either been approved or on the temporary control list.
GDWK,
Yes thats part of 5.2 variations to goods.
5.2 Due to rapidly evolving nature of the COVID-19 response, updated and improved versions of the Goods may be developed/launched in the future which the Authority may wish to purchase. The parties agree that where such new products are made available by the supplier, they may be ordered by the Authority under the terms of this agreement at the same price per reaction as (or less than) the price listed for the original good"
Depends on interpretation really however I read that as buying a developed/launched product at the same price as the previous product or less if the developed/launched product is less than the previous.
According to DA we are waiting on an update this month regarding the strategy of the company. Will be interesting to see which products we are looking to launch before the end of this year. Hopefully some non covid products aligned with the increased workflows that PROmate provide. I'm also hopeful of understanding what R&D they have been working on.
Wilson,
Honest answer is nobody outside of the process knows. It was however good to see in table format the current status of all tests submitted from Novacyt to CTDA for review.
Exmex,
Very well spotted! I hadn't noticed that and yes that is the big question!
I have links to the IFUs from issue 6 - 11. unable to find earlier issues at the moment.
https://www.primerdesign.co.uk/assets/files/path_promate_covid_19_ce_sted_ifu_issue_600.pdf
http://www.primerdesign.co.uk/assets/files/path_promate_covid_19_ce_sted_ifu_issue_7_00.pdf?timestamp=1619262149
http://www.primerdesign.co.uk/assets/files/path_promate_covid_19_ce_sted_ifu_issue_8_00.pdf?timestamp=1624187376
http://www.primerdesign.co.uk/assets/files/path_promate_covid_19_ce_sted_ifu_issue_9_00.pdf?timestamp=1625059922
https://www.primerdesign.co.uk/assets/files/path_promate_covid_19_ce_sted_ifu_issue_10_00_2.pdf?timestamp=1649690642
https://www.primerdesign.co.uk/assets/files/path_promate_covid_19_ce_sted_ifu_issue_11_00.pdf?timestamp=1649387360
The software for the Q32 remains the same from IFU 6 - 10 but changes in IFU 11. Goes from 1.2.2 to 1.5 or later (giving scope for further releases). I'm perhaps adding 2 + 2 and not getting 4 here but I'm wondering if there have been software revision changes to support greater workflow and provide better lab support?