Novacyt (FR:ALNOV)
:ALNOV
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Novacyt
(ALNOV)
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Rating:54Neutral
Price Target:
€0.47
▲(17.00% Upside)
Action:Reiterated
Date:05/21/26
The score is held back primarily by weak financial performance (persistent losses and negative free cash flow with pressured equity), partially offset by constructive technical momentum (price above key moving averages with positive MACD). Earnings-call commentary is moderately supportive due to improving operating metrics and growth/profitability targets, but liquidity and execution risks remain, and valuation is hard to support with a negative P/E and no dividend yield provided.
Positive Factors
High Gross Margin from PCR/Consumables
A 63% blended gross margin driven by >80% margin PCR kits indicates durable product-level profitability. High-margin consumables create recurring revenue and strong cash conversion leverage as volumes scale, supporting margin sustainability and easing the path to operating leverage over the medium term.
Negative Factors
Persistent Operating Losses
Sustained operating and net losses mean the business cannot currently self-fund growth or invest freely without external capital. Continued deficits erode shareholder equity and limit flexibility for product development, commercial expansion, or coping with execution setbacks over the next 2–6 months.
Read all positive and negative factors
Positive Factors
Negative Factors
High Gross Margin from PCR/Consumables
A 63% blended gross margin driven by >80% margin PCR kits indicates durable product-level profitability. High-margin consumables create recurring revenue and strong cash conversion leverage as volumes scale, supporting margin sustainability and easing the path to operating leverage over the medium term.
Read all positive factors
Novacyt (ALNOV) vs. iShares MSCI France ETF (EWQ)
Market Cap
€33.32M
Dividend YieldN/A
Average Volume (3M)141.10K
Price to Earnings (P/E)―
Beta (1Y)1.19
Revenue Growth0.87%
EPS Growth46.31%
CountryFR
Employees234
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.34
Shares Outstanding72,588,090
10 Day Avg. Volume69,615
30 Day Avg. Volume141,103
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)1.03
Price to Sales (P/S)1.18
P/FCF Ratio-2.67
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.14
Revenue Forecast (FY)€30.58M
Novacyt Business Overview & Revenue Model
Company Description
Founded in 2006 and headquartered in Vélizy-Villacoublay, France, Novacyt S.A. and its subsidiaries are actively involved in the full lifecycle of diagnostic products, encompassing development, manufacturing, custom design, and global commercializ...
How the Company Makes Money
Novacyt primarily generates revenue by selling in vitro diagnostic products used by clinical and research laboratories. Key revenue streams include: (1) Sales of molecular diagnostic test kits and assays, particularly qPCR/RT-qPCR assays for infec...
Novacyt Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Sep 24, 2026
Earnings Call Sentiment Neutral
The call presented clear operational and strategic progress: revenue growth, product launches (LightBench Discover, DPYD), strong gross margin (63%), reduced OpEx and a narrowing of reported losses. Management completed an earnings-accretive acquisition (Southern Cross) and emphasized regulatory strength via IVDR approvals. Material headwinds remain — notably a large non-cash impairment (~GBP 14.4m), exceptional charges (~GBP 16m), reduced cash to GBP 11m at end-March 2026 and ongoing operating losses — but management articulated a clear plan to accelerate top-line growth and reduce cash burn. Highlights and lowlights are balanced: tangible improvements and growth catalysts exist, yet meaningful financial and execution risks persist in the near term.Positive Updates
Revenue Performance
Group revenue of GBP 20.0m for FY2025 exceeded market expectations and represents year-on-year growth of ~GBP 0.8m or +4% when stripping out the Taiwanese divestment.
Negative Updates
Significant Non-Cash Impairments and Exceptional Charges
Exceptional charges totaled just under GBP 16m in FY2025, of which ~GBP 14.4m was a non-cash impairment (goodwill and intangibles tied to the Yourgene Health acquisition), materially reducing noncurrent assets.
Read all updates
Q4-2025 Updates
Positive
Negative
Revenue Performance
Group revenue of GBP 20.0m for FY2025 exceeded market expectations and represents year-on-year growth of ~GBP 0.8m or +4% when stripping out the Taiwanese divestment.
Read all positive updates
Company Guidance
The management reiterated a clear push to reach EBITDA profitability and target double‑digit revenue growth for 2026 (brokered forecast cited at GBP 26.4m), while highlighting FY2025 metrics: revenue GBP 20.0m (organic growth ~£0.8m / 4%), gross profit GBP 12.6m (63% gross margin), clinical ~70% of revenue (~£14m) with NIPT +10% (~£5m), RUO ~20% (~£4m) and Instrumentation up ~25% to £2.5m (LightBench driving 20%+ instrument growth); OpEx £20.4m (underlying down ~£0.7m / 4%), R&D just over £4m (up ~£1.3m), EBITDA loss reduced 14% to £7.8m, exceptional charges ~£16m (≈£14.5m non‑cash impairment; ~£1.5m cash), loss after tax £22.9m, closing cash FY25 £19m (closing Mar‑26 £11m; Q1 cash outflow ~£8m; monthly cash burn ~£825k), and inorganic progress via the Southern Cross acquisition (upfront ~$8.5m plus earn‑out up to AUD16.5m over 4 years; SCD revenue north of GBP6m); management say they have sufficient funds into Apr‑2027 contingent on hitting forecasts.Novacyt Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
48
Neutral
Cash Flow
20
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 20.40M | 19.63M | 11.58M | 21.04M | 92.60M |
| Gross Profit | 7.89M | 32.07M | 3.73M | 5.75M | 29.68M |
| EBITDA | -8.21M | -11.27M | -18.24M | -15.47M | 38.53M |
| Net Income | -23.31M | -41.76M | -28.29M | -26.45M | -9.73M |
Balance Sheet | |||||
| Total Assets | 40.28M | 70.63M | 133.81M | 140.90M | 183.70M |
| Cash, Cash Equivalents and Short-Term Investments | 19.14M | 30.46M | 44.06M | 86.98M | 101.75M |
| Total Debt | 10.44M | 11.88M | 13.70M | 872.00K | 1.87M |
| Total Liabilities | 16.94M | 22.75M | 46.57M | 25.68M | 41.88M |
| Stockholders Equity | 23.34M | 47.88M | 87.24M | 114.09M | 141.81M |
Cash Flow | |||||
| Free Cash Flow | -9.03M | -11.01M | -25.66M | -14.14M | 11.59M |
| Operating Cash Flow | -8.76M | -9.15M | -24.99M | -13.73M | 15.69M |
| Investing Cash Flow | -811.91K | -1.88M | -13.94M | -577.00K | -5.03M |
| Financing Cash Flow | -1.99M | -1.84M | -3.97M | -516.00K | -599.00K |
Novacyt Technical Analysis
Neutral
0.40
Price Trends
0.46
Negative
0.43
Positive
0.44
Positive
Market Momentum
<0.01
Positive
44.59
Neutral
5.96
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:ALNOV, the sentiment is Neutral. The current price of 0.4 is below the 20-day moving average (MA) of 0.59, below the 50-day MA of 0.46, and below the 200-day MA of 0.44, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 44.59 is Neutral, neither overbought nor oversold. The STOCH value of 5.96 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FR:ALNOV.
Novacyt Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
57 Neutral | €224.12M | 47.29 | 1.32% | ― | 9.08% | 21.19% | |
54 Neutral | €33.32M | -0.60 | -14.58% | ― | 0.87% | 46.31% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | €246.26M | -5.52 | 59.08% | ― | 1.79% | 15.89% | |
50 Neutral | €24.63M | -7.62 | -17.18% | ― | 138.92% | 11.14% | |
48 Neutral | €32.97M | 2.84 | ― | ― | 7.43% | ― |
* Healthcare Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.