26th Sep 2018 13:04
LONDON (Alliance News) - Novacyt SA on Wednesday reported a widened loss in the first half of 2018 as revenue was hurt by the re-optimisation of its NOVAprep product.
The clinical diagnostic products company's pretax loss widened to EUR1.8 million in the six months ended June 30 compared to EUR1.7 million reported for the same period a year earlier. Revenue remained broadly flat at EUR7.0 million.
Moreover, sales, marketing & distribution expenses came in higher year-on-year at EUR1.8 million versus EUR1.6 million, while general & administrative costs rose to EUR3.8 million from EUR3.4 million.
At the end of June, the company completed the purchase of Omega Diagnostics ID business, an infectious disease business unit, for EUR2.5 million. Integration is progressing well, Novacyt said, with technical transfer of production underway alongside product re-registration and initiation of direct commercial activities.
The company also highlighted that its revenue took a hit from NOVAprep product re-optimisation and supply chain. Revenue, excluding NOVAprep, advanced by 8% or 11% at constant exchange rates.
"The first half of 2018 has seen strong progress being made across the group in terms of sales growth, the development of new clinical products and the accretive acquisition of the Omega Diagnostics ID business," said Chief Executive Officer Graham Mullis.
"We remain committed to becoming earnings before interest, taxes, depreciation, and amortization profitable in 2018," added Mullis.
The stock was untraded on Wednesday, last quoted at 45.13 pence per share.
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