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Novacyt 2017 Revenues Up 35 Percent

NEW YORK (360Dx) – Novacyt today reported a 35 percent increase in its full-year 2017 revenues amid higher sales of its Primerdesign PCR and Novaprep liquid cytology products.

Novacyt reported 2017 revenues of €15.0 million ($18.6 million), up from €11.1 million in 2016. At constant exchange rates (CER), the company's sales were up 43 percent year over year.

Primerdesign sales in 2017 increased 20 percent on a pro forma CER basis to €6.1 million from €5.1 million the year before — an increase the company attributed in part to new sales in China — while Lab21 revenues increased 8 percent to €6.7 million.

Novaprep sales were up 36 percent to €2.2 million, in part driven by a 184 percent increase in sales in the Asia-Pacific region. In 2017, the Novaprep system was approved by the China Food and Drug Administration for non-gynecological cancer testing. It was cleared in China for cervical cancer testing in 2015.

During the year, Novacyt completed a dual listing on the London Stock Exchange's Alternative Investment Market, grossing €9.7 million, which CEO Graham Mullis said in a statement is expected to raise its international profile and accelerate its organic and inorganic growth plans. Novacyt also struck a UK distribution deal for MDxHealth's SelectMDx prostate cancer test in 2017.

"With continued organic sales growth and strong gross margins, we are aiming to move into profitable trading during 2018 to strengthen the basis for future growth," Mullis added.

Novacyt expects to release its full-year 2017 financial results on April 26.