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Novacyt
(ALNOV)
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Rating:50Neutral
Price Target:
€0.50
▲(1.02% Upside)
Action:Reiterated
Date:10/01/26
The score is held back primarily by weak financial performance (ongoing losses, multi-year negative free cash flow, and shrinking equity). The earnings call improves the outlook somewhat due to sustained revenue growth and credible cost-reduction actions expected to lower future cash burn, while technicals are neutral and valuation is constrained by negative earnings and no indicated dividend support.
Positive Factors
Sustained revenue growth
Sustained growth across three consecutive half-years indicates improving commercial traction rather than an isolated revenue spike. Underlying growth of about 9% excluding Southern Cross also suggests the existing business is expanding, while broader geographic and product demand can support continued scale.
Negative Factors
Persistent structural losses
Recurring losses across multiple years show that the current revenue base has not yet covered the company’s cost structure. The latest EBITDA deficit confirms that profitability remains unresolved, limiting internally generated funding and leaving performance dependent on successful growth and restructuring execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained revenue growth
Sustained growth across three consecutive half-years indicates improving commercial traction rather than an isolated revenue spike. Underlying growth of about 9% excluding Southern Cross also suggests the existing business is expanding, while broader geographic and product demand can support continued scale.
Read all positive factors
Novacyt (ALNOV) vs. iShares MSCI France ETF (EWQ)
Market Cap
€36.73M
Dividend YieldN/A
Average Volume (3M)262.44K
Price to Earnings (P/E)―
Beta (1Y)0.10
Revenue Growth0.87%
EPS Growth46.31%
CountryFR
Employees216
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.46
Shares Outstanding72,588,090
10 Day Avg. Volume183,526
30 Day Avg. Volume262,437
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)1.18
Price to Sales (P/S)1.35
P/FCF Ratio-3.06
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)€30.37M
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 makes money primarily by selling in-vitro diagnostic (IVD) products and related consumables to laboratories, hospitals, and other healthcare/testing customers. Key revenue streams typically include: (1) sales of molecular diagnostic test k...
Novacyt Earnings Call Summary
Earnings Call Date:Sep 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Apr 29, 2027
Earnings Call Sentiment Positive
The call was predominantly positive. Management highlighted 18% year-on-year revenue growth, three consecutive half-years of growth, broad geographic and product expansion, the Southern Cross contribution, the DPYD launch, the five-year Illumina agreement and substantial operating-cost reductions. The principal negatives were the decline in gross margin to 56%, lower RUO sales, continued EBITDA losses, cash consumption and an incomplete restructuring program. Management characterized the cost actions as on plan and said cash burn should materially decline after restructuring.Positive Updates
Revenue Growth Continued
H1 revenue increased significantly to GBP 11.6 million. Excluding Southern Cross Diagnostics, the underlying business still grew by around 9%. Management also reported 18% year-on-year growth for the period and three consecutive half-years of growth, from GBP 9.6 million in H2 2024 through H1 2026.
Negative Updates
Gross Margin Declined
Gross profit was broadly flat at around GBP 6.4 million, while gross margin declined by around 10 percentage points to 56%. Management attributed the reduction to the lower-margin Southern Cross distributor sales, which caused about 3 percentage points of dilution; a fair-value uplift on Southern Cross opening inventory, which caused another approximately 3 percentage points of dilution; and reduced sales of the over-80%-gross-margin Primerdesign business as a proportion of total revenue. Management expects the stock uplift of around GBP 0.5 million to be fully released in the 2026 financial results and continues to expect long-term gross margin above 60%.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth Continued
H1 revenue increased significantly to GBP 11.6 million. Excluding Southern Cross Diagnostics, the underlying business still grew by around 9%. Management also reported 18% year-on-year growth for the period and three consecutive half-years of growth, from GBP 9.6 million in H2 2024 through H1 2026.
Read all positive updates
Company Guidance
Management said the GBP 4 million cost restructuring is on track, with most of the benefit expected in 2027; at the end of September, around 60 staff released represented around a GBP 2.7 million annual reduction in costs, while nonlabor savings were identified at between GBP 0.5 million and around GBP 700,000, for at least around GBP 3.2 million to GBP 3.4 million of savings expected to start flowing through certainly from 2027 onwards, if not very, very soon over the next couple of weeks. The total stock uplift amount is estimated at around GBP 0.5 million, with all of this expected to be released in the 2026 financial results, and longer term the business still expects to deliver a gross margin of over 60%; underlying cash burn is expected to be materially lower once all the restructuring activities have been completed, with benefits starting in the 2027 financial results. The Illumina agreement is for a 5-year period, and management expects this to be a long-term partnership.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 | 63.50M |
| EBITDA | -8.21M | -11.27M | -18.24M | -15.47M | 38.53M |
| Net Income | -23.31M | -41.76M | -28.29M | -25.73M | -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 | 115.22M | 141.81M |
Cash Flow | |||||
| Free Cash Flow | -9.03M | -11.01M | -25.66M | -14.14M | 11.59M |
| Operating Cash Flow | -8.76M | -8.49M | -24.99M | -13.73M | 15.69M |
| Investing Cash Flow | -811.91K | -1.86M | -13.94M | -577.00K | -5.03M |
| Financing Cash Flow | -1.99M | -1.84M | -3.97M | -516.00K | -599.00K |
Novacyt Technical Analysis
Positive
0.49
Price Trends
0.49
Positive
0.48
Positive
0.44
Positive
Market Momentum
<0.01
Negative
53.74
Neutral
55.18
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:ALNOV, the sentiment is Positive. The current price of 0.49 is below the 20-day moving average (MA) of 0.50, above the 50-day MA of 0.49, and above the 200-day MA of 0.44, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 53.74 is Neutral, neither overbought nor oversold. The STOCH value of 55.18 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
58 Neutral | €251.14M | 35.86 | 3.97% | ― | 6.28% | 204.56% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | €36.73M | -0.93 | -96.46% | ― | 0.87% | 46.31% | |
48 Neutral | €27.53M | 6.90 | -58.93% | ― | 7.43% | ― | |
46 Neutral | €22.26M | -5.13 | -22.03% | ― | 37.28% | 7.83% | |
42 Neutral | €181.09M | -3.26 | 90.10% | ― | 1.79% | 15.89% |
* 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.