NEW YORK — Novacyt today reported a 12 percent year-over-year increase in unaudited revenues for the first half of 2019 amid solid growth in its Primerdesign molecular diagnostics and Lab21 protein diagnostics units.
The Paris-based company posted revenues of €7.2 million ($8.0 million) for the first six months of the year versus €6.4 million in the same period the year before. These figures include revenues from the company's clinical laboratory operations, which were sold for £400,000 ($486,236) in cash earlier this month, but exclude sales from its yet-to-be-divested Novaprep cytology business.
Primerdesign revenues were up 7 percent to €3.3 million on 22 percent growth in business-to-business sales and strong performance in international markets, particularly the Middle East and US. Revenues from Lab21 were up 17 percent to €4.0 million, bolstered by the infectious disease business of Omega Diagnostics that was acquired about a year ago.
"During the first half of 2019, despite the working capital challenges, the company produced a record sales growth period and repaid over €1 million of its principal debt balance," Novacyt CEO Graham Mullis said in a statement. "Novacyt remains committed to its core strengths of in vitro diagnostics product development, commercialization, and contract manufacturing, and will continue to focus on driving value across the group."
Novacyt said that it continues to look for a buyer for Novaprep "and has interest from China, the world's fastest growing liquid-based cytology market used in cervical cancer screening."
During the second half of 2019, the company said that it plans on launching new rapid diagnostics PathFlow products, including those for Clostridium difficile, Helocbacter pylori, norovirus, flu A/B, and rotavirus/adenovirus. New PathFlow products will also be announced later this year that will complement the firm's portfolio of rapid clinical diagnostics for infectious diseases.