RE: Next Weeks - Investor Event11 Aug 2021 12:57
Interesting to see how undervalued Novacyt are when you look at similar companies.
Yourgene annual report today up to March 2021
Mcap £92m
Financial headlines
· As previously reported, revenues increased 10% to £18.3m from £16.6m, with Covid-related revenues and strong European NIPT growth offsetting international pandemic headwinds
· Gross profit up 11% to £11.4m from £10.2m
· Adjusted EBITDA* decreased to a negative £2.0m (FY20: £1.3m positive adjusted EBITDA) after investing £2.4m of additional expenditure in future growth projects, from which we are already seeing substantial benefits in the new financial year
· Total comprehensive loss increased to £12.2m reflecting a goodwill impairment charge arising from pandemic-related challenges in Asian markets (2020: loss of £2.3m)
· Cash used by operations increased to £3.8m from £2.1m, including a £1.6m inventory build primarily for Covid testing products which have bolstered revenues in Q1 of FY22
· £7.4m cash invested mainly in the acquisition of Coastal Genomics, Inc., in the expansion of Genomic Services laboratory facilities, in NIPT instrumentation for key clients transitioning to IONA NX® and in internally generated intangible assets from research and development activities (FY20: £9.0m invested, mainly on acquisitions)
· £15.5m generated from financing activities, principally an equity raise in August 2020 to facilitate the acquisition of Coastal Genomics and generate additional working capital (FY20: generated £12.6m for acquisitions)
· Net cash improved to £6.8m at 31 March 2021 from £2.4m at 31 March 2020
Current trading: Q1 business update (unaudited)
· Q1 revenues over £6m, up 80% vs. Q1 FY20, driven by Covid-related services and product sales as the UK reopens
· Estimated Q1 adjusted EBITDA profit of c.£0.7m, to be enhanced through a further £1.0m of identified, annualised operating expense savings already being implemented via a business refocus programme
· Covid-19 testing routes to market strengthened in the travel sector and expanded into consumer-facing partnerships
· Secured entry into the UK's National Microbiology Framework in all four framework areas within which we are now pursuing multiple opportunities
· US market penetration continues with a multi-year licence and supply agreement for NGS-based reproductive health screening
· Second strategic partnership for Coastal Genomics, again US-focused mainly in the field of non-Covid-19 infectious diseases demonstrating the versatility of the acquired technology
· International distribution network being reinforced
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