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Novacyt: stock dives after H1 results

( - Novacyt shares are plunging this morning, down over 22%, after the rapid diagnostic test specialist reported H1 2022 revenues of 16.
5 million pounds (including £13m that was related to Covid-19), down from 52.2 million pounds (£47.6m related to Covid-19) a year ago.

This shows a 73% collapse in Covid-19 test demand revenue, which has occurred faster than the board anticipated, the company acknowledged, pointing to a decline in instrument sales on an unfavourable comparative basis.

If the rate of decline in Covid-19 sales in Q2 continues through the rest of the year, Novacyt now only forecasts annual sales of around 25 million pounds, which would result in an EBITDA loss of around 11 million pounds in 2022.

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