18th Jul 2019 15:58
(Alliance News) - Cellular diagnostics firm Novacyt SA said Thursday it completed the sale of its clinical laboratory business for GBP400,000 to Cambridge Pathology BV.
In December 2018, Novacyt completed a strategic review which deemed the clinical lab business as being a non-core" unit.
In 2018, the lab business had generated a EUR96,000 loss before interest, taxes, depreciation and amortisation from EUR765,000 revenue.
During the same year, Novacyt in total generated EUR579,000 Ebitda from EUR13.7 million revenue. Pretax loss stood at EUR2.1 million.
"I am pleased to announce the completion of the sale of the Clinical Lab, which allows us to further streamline and focus our operations," Novacyt Chief Executive Officer Graham Mullis said.
"Novacyt remains committed to its core strengths of in vitro diagnostics product development, commercialisation and contract manufacturing and we are focused on driving value from Primerdesign and Lab21 products," Mullis added. "We will utilise the funds from the transaction for working capital purposes as we continue to expand our product offering and develop new and existing partnerships with global diagnostics companies."
Shares in Novacyt were untraded at 7.04 pence in London on Thursday.