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Novacyt: losses widen in 2023, share price falls

( - On Thursday, Novacyt reported a widened loss for fiscal year 2023, as the diagnostics specialist was hit in particular by costs associated with the acquisition of Yourgene.

The Franco-British group posted an after-tax loss of £28.3 million last year, compared with a shortfall of £25.7 million for fiscal year 2022.

At the same time, sales fell to £11.6 million, in line with forecasts, compared with £21 million in the previous year.

In a press release, Novacyt describes the year as one of 'transition', following the £16.7 million cash acquisition of Yourgene last September.

Its cash position has been reduced accordingly to £44.1 million at December 31, 2023, compared with £87 million at the end of 2022, bearing in mind that the Group has no debt.

Following the implementation of cost-cutting measures designed to improve earnings by more than four million pounds, the group is nonetheless 'ahead' of schedule in terms of the synergies planned as part of the Yourgene takeover.

Following this publication, the share price fell by 16% on Thursday on the Paris Bourse, but was still up by around 39% over the last three months.

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