Novacyt S.A.
Novacyt S.A. is an international molecular diagnostics company headquartered in the UK (parent registered in France) providing integrated technologies and services centred on genomic medicine. It operates through two reporting segments: Yourgene Health (clinical in vitro diagnostics across reproductive health, precision medicine and infectious disease, plus Ranger DNA-sample-prep instrumentation) and Primer Design (qPCR research reagents/assays for life sciences, food/water/agriculture and animal health). FY2025 revenue was £20.0m with a £7.8m EBITDA loss and £19.1m year-end cash.
6 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Company website (6)
FY2026Next report expected 6 May 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
Novacyt S.A. is a UK-based company that makes tests and equipment for genetic and diagnostic laboratories. In the year to 31 December 2025 its revenue rose slightly to £20.0m, from £19.6m. It still made a loss, of £22.9m after tax, though that was smaller than the £41.8m loss the year before. Higher sales came mainly from prenatal blood tests and a new laboratory instrument, partly offset by lower sales of research products. The loss included a £14,446k write-down in the value of its Yourgene Health business, plus restructuring costs from closing sites. The previous year's figures were flattered by a one-off £19.8m gain from releasing money set aside for a dispute with the UK health department. Cash fell to £19.1m from £30.5m. Apart from property leases, the company has no borrowings. It raised no money from shareholders during the year, though a small share issue followed in March 2026 to help pay for buying an Australian distributor. No dividend was paid. Management expects double-digit revenue growth and continued progress towards profit before one-off costs. The auditors gave a clean opinion, and the directors forecast enough cash to last into April 2027.
From the reportevery line sits on the page it namesWhat drove revenueNIPT (non-invasive prenatal testing) workflows under the IONA/Yourgene Nx brands
NIPT technologies delivered double-digit growth in 2025 following new contract wins including NHS St George's and a 4-year Iceland national tender
page 11AndLightBench Discover instrument launch (Ranger technology)
Launched July 2025; 10 units placed across North America, UK, Europe, Turkey and Indonesia in 5 months; key driver of H2 2025 revenue increase and Instrumentation segment growth of >25%
page 15What moved the margintailwindGross margin held at ~63% underlying (2024 underlying also 63% once DHSC one-off removed)
Gross profit £12.6m (63%) vs 2024 £32.1m (163%, inflated by £19.8m one-off provision release); underlying 2024 gross profit £12.3m (63%)
page 15AndtailwindSite consolidation into Manchester facility completed
Reduced cost base; underlying opex down ~4%/£0.7m excluding one-off DHSC bad debt write-off
page 15One-offs in the year£14.4m charge: Impairment of Yourgene Health goodwill and intangible assets
page 77What management saidLooking ahead, the Group is well positioned to drive double-digit revenue growth and continue progressing towards EBITDA profitability
page 6After the year endOn 2 March 2026, Novacyt acquired Southern Cross Diagnostics Pty Ltd (SCD), a profitable Sydney-based diagnostics/life science distributor, for an initial cash consideration of AUD$8.5m (~£4.4m/€5.1m); full 11-person team retained including founder/CEO Nick Thliveris
page 98The dividendNo dividends paid since inception and none proposed for FY2025; future dividend policy will form part of a wider capital allocation review so the Group can continue investing in R&D, manufacturing and commercial activities
page 24Going concern and the auditStatutory auditors (Deloitte & Associés and Alberis Audit) issued an unqualified opinion that the consolidated financial statements give a true and fair view; the sole key audit matter (Justification of Assessments) was goodwill impairment testing. Directors adopted the going concern basis based on a 12-month cash forecast (positive £19,149k cash at 31 Dec 2025) incorporating the SCD acquisition and PSR rights issue, with no further external funding assumed; forecast shows the Group can cover cash needs into April 2027
page 50The risks it names first- Political pressures / US tariff policy uncertainty affecting global tradep.42
- Pace of development in the biotechnology/healthcare industry outpacing the Group's platformsp.42
- Competitive pressures from better-resourced competitors and price discountingp.42
- Geographic market risks (contract renegotiation/cancellation, instability, exchange controls) across multiple jurisdictionsp.42
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