Novacyt S.A. reported its full-year 2025 results, highlighting sustained growth ahead of market expectations. Key financial highlights include
**Revenue Growth**Group statutory revenue for FY 2025 was £20.0m, slightly <mark style="background-color:yellow">above</mark> market expectations of £19.8m, with underlying revenue growing by c.4% (5% on a constant currency basis).
**Segment Performance**Clinical segment sales increased by 3% to £13.8m, driven by a new strategic customer in APAC and strong NIPT technology growth. Instrumentation segment sales surged by over 25% to £2.5m, primarily due to the launch of the LightBench® Discover instrument. RUO segment declined by c.10% to £3.7m due to reduced sales of Primer Design products.
**Regional Growth**APAC region led with c.12% growth, achieving £5.8m in sales, followed by the Americas with c.8% growth.
**Profitability**Group gross profit was £12.6m (63% margin), consistent with FY 2024. EBITDA loss improved to £7.8m (before exceptional items), exceeding market expectations. Loss after tax decreased to £22.9m.
**Cash Position**Cash at year-end was £19.1m, down from £30.5m in FY 2024.
Operational highlights include IVDR accreditation for the Yourgene® QST*R Base assay, the successful launch of LightBench® Discover, and a new strategy update in October 2025. Post-period highlights include a contract with St Georges University Hospitals NHS Foundation Trust for NIPT services and the acquisition of Southern Cross Diagnostics Pty Ltd for £4.4m, expanding access to the Australian diagnostics market.
The company also completed a Preferential Subscription Rights Issue, raising €0.8m gross, and strengthened its balance sheet. Management expressed optimism for FY26, targeting double-digit revenue growth and progress toward EBITDA profitability.
| Financial Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Group Statutory Revenue (£m) | 19.6 | 20.0 | +2.0% |
| Underlying Group Revenue Growth (constant currency) | N/A | +5% | N/A |
| Clinical Segment Revenue (£m) | 13.5 | 13.8 | +2.2% |
| Instrumentation Segment Revenue (£m) | 2.0 | 2.5 | +25% |
| RUO Segment Revenue (£m) | 4.2 | 3.7 | -11.9% |
| Group Gross Profit (£m) | 12.3* | 12.6 | +2.4% |
| Group EBITDA Loss (£m) | -9.1 | -7.8 | +14.3% |
| Loss After Tax (£m) | -41.8 | -22.9 | +45.2% |
| Cash Position at Year End (£m) | 30.5 | 19.1 | -37.4% |
*Underlying gross profit for 2024, excluding the £19.8m product warranty provision release.
### Key Observations: 1. **Revenue Growth**: Group statutory revenue increased by 2.0% from £19.6m in 2024 to £20.0m in 2025, slightly above market expectations. Underlying revenue growth was 5% on a constant currency basis. 2. **Segment Performance**: - **Clinical Segment**: Grew by 2.2%, driven by a new strategic customer in APAC and a 10% increase in NIPT technologies. - **Instrumentation Segment**: Saw a significant 25% growth, primarily due to the launch of the LightBench® Discover instrument. - **RUO Segment**: Declined by 11.9% due to reduced sales of the Primer Design catalogue. 3. **Profitability**: - **Gross Profit**: Remained consistent at 63% margin, with a slight increase in absolute terms. - **EBITDA Loss**: Improved by 14.3%, exceeding market expectations. - **Loss After Tax**: Reduced by 45.2%, reflecting operational improvements. 4. **Cash Position**: Decreased by 37.4% from £30.5m in 2024 to £19.1m in 2025, likely due to operational cash outflows and strategic investments. This table and analysis provide a clear comparison of Novacyt's financial performance between 2024 and 2025, highlighting areas of growth and improvement as well as challenges.