RE: The Times - Shout Out26 Jun 2021 11:52
Times article
Novacyt
The pandemic pushed the Paris-based clinical diagnostic group Novacyt into stratospheric territory last year.
It was one of the first companies in the world to develop an accurate Covid test and clinched a deal to supply the NHS with Covid testing kits. Its share price rose 5,453 per cent in 2020.
In February it introduced new kit that could detect the South African, Brazilian and Kent strains of the virus. But in April it emerged that it had failed to win an extension of the NHS contract and so far this year its shares have fallen 61 per cent.
The company is expanding its portfolio of testing kits to detect new strains for the virus, including the Delta variant. Its growth plans have been thwarted by the many biotech companies that have launched rival versions, but experts are still upbeat about its prospects.
Streeter said: “Despite the NHS setback, the company has now been included in a Public Health England framework agreement, which means that health providers could buy its clinical products, including tests, without needing to strike fresh contracts.
“Although revenues are not expected to be anywhere near as strong as forecast this year, sales internationally are growing. With high levels of testing required before key industries, such as the travel sector, are able to fully open up, demand should grow for its new range of testing kits, once brought to market.
“Bumper sales over the past six months have enabled it to build up significant cash reserves to see it through any turbulence.”