2022 Full Year results

27 April 2023 ¹⁴¹

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Presenters

Acting Chief Executive Officer

• Acting CEO since November 2022
• Appointed CFO of Novacyt in 2021
• Over 30 years in international manufacturing and industrial businesses in both consumer and B2B
• CFO in both Private Equity and public businesses
• James McCarthy CIMA qualified over 15 years • FCCA qualified over 30 years with broad commercial, supply chain and M&A experience

Steve Gibson Group Finance Director

• Joined Novacyt in 2017
• Group Finance Director since February 2020
• Over 12 years in financial management at a globally recognised blue-chip, technology company
• Broad commercial and international experience, including IPO

Building a leading global clinical diagnostics company

Our vision

Committed to becoming a leading, global clinical diagnostics company in infectious diseases

Our purpose

We protect lives from invisible threats by enabling informed clinical decision-making through quality diagnostics in the right place, at the right time

2022 a year of transition

• Internal development of Gi bacterial, Gi Viral and Winterplex plus external access to >40 clinical ID assays

• Successful expansion of RUO infectious disease product portfolio beyond COVID-19

• Solid commercial progress with international launch of Winterplex and new development contracts

• Business Development continues to deliver key partnerships including biosensor project with Eluceda

• 6 UK CTDA approvals including genesig™ Winterplex which brings total approved portfolio to 7

• Launch of defence and counterclaim against DHSC

• Strengthened instrumentation business enabling seamless sample-to-results workflow

• Rightsized cost base including closure of Microgen Bioproducts and Lab21

2022 Audited – Income statement

* Following the 28 April 2022 announcement where Novacyt notified its intention to close Microgen Bioproducts and Lab21 Healthcare, the net results of the Lab21 Products segment for FY2021 and FY2022 has been reported on a separate line 'Loss from discontinued operations' in accordance with IFRS 5, "Non-current Assets Held for Sale and Discontinued Operations"

** Due to the ongoing commercial dispute with the DHSC, £35.8m exceptional cost of sales were incurred in FY2021 (FY2022: £nil) that were one-off in nature. The two largest items were a £26.1m stock provision, as a result of the Group buying stock to fulfil expected future DHSC orders that did not materialise; and the expensing of £6.9m of stock delivered to the DHSC which has not been paid for as it is now part of the ongoing contract dispute

*** FY2022 recurring operating loss is stated before £7.7m of non-recurring charges as follows:

1. £5.2m impairment charge in relation to the goodwill and intangible assets associated with the IT-IS International acquisition

2. 1. £1.3m restructuring expenses
3. 1. £0.9m costs in relation to the ongoing DHSC contract dispute
4. 1. £0.3m of other expenses
5. Group revenue totalled £21.0m, in line with guidance, (2021: £92.6m), due to the expected decline in COVID-19 related sales
6. Group gross profit totalled £5.7m (27%) (2021: £28.2m (30%)). The 2022 gross profit was reduced as a result of significant stock provisions and stock write offs. Excluding these the margin would be in excess of 60%
7. Group EBITDA loss totalled £13.5m before exceptional items (2021: £3.1m profit)
8. £7.7m of exceptional costs includes a £5.2m goodwill impairment
9. Loss from discontinued operations totalled £3.5m (2021: £3.7m loss)
10. Loss after tax increased to £25.7m (2021: £9.7m loss)

2022 Audited – Statement of financial position

• Cash position was £87.0m (2021: £101.7m). The Company remains debt free
• IT-IS International goodwill impaired by £5.2m as a result of reduced future expected cashflows
• WCAP (excluding cash) fell by £2.1m to £16.0m (2021: £18.1m) based on lower revenues, actions taken in relation to COVID-19 stock and payment of the remaining 2017-2020 LTIP liability
• Capital expenditure fell to £0.4m (2021: £4.1m), after the Company heavily invested in insourcing manufacturing during 2021

Delivery against strategy

Building a sustainable growth business, serving high unmet needs in infectious diseases

Developing new products and workflow solutions

Portfolio development

• Building in-house IVDR pipeline, initially with launch of genesig™ Winterplex and plans for up to 10 more assays in 2023, initially as RUO multiplex products
• Launched a portfolio of CE marked clinical assays in STI, GI and respiratory including over 40 tests from Clonit srl
• Relaunched RUO portfolio in July 2022 with some early commercial success in North America and with leading NGO

Instrumentation

• Established CE marking for both Liquid handling and Q series instruments and validated extraction system with CE marking to be completed shortly
• Developing next generation of q32 instrument to support multiplexing in line with the development of multiples RUO assays
• Launched two new lateral flow test (LFT) readers for use in conjunction with 18 non COVID-19 Pathflow™ assays for patient screening in STI, GI, respiratory and insectborne infections

Commercialising and accelerating the strategy

Geographic Expansion

• Commercialised Winterplex panel with sales to hospitals in both the UK and Europe
• Gaining traction in RUO with salmon farming in North America and partnering leading global nongovernmental organisation (NGO) to support the detection of several pathogens
• Re-engaging with new and existing distributors across APAC with RUO reagent and instrument products
• Developing a pipeline for sales of clinical products post COVID-19

Business Development

• Accelerate development of workflow and assays using 3rd party partnerships as we have seen with the development of Extraction, Liquid handling and the access to Clonit products
• Partnered with Eluceda to develop biosensor technology
• Continue to assess strategic M&A partnership and licencing opportunities

Positioning the business for long-term sustainable growth

• Over the last year we implemented a number of strategic changes to build on the strength of the core business and transition beyond COVID-19:
  • Accelerating the development of a relevant post-COVID portfolio both internally and with external partners
  • Expanding commercial capability and geographic reach
  • Rightsized cost base
  • Evaluating a number of strategic M&A opportunities to accelerate growth
• Q1 2023 revenues expected to be circa £1.7m of which £0.3m relates to COVID-19 sales
• Q1 2023 revenues slower than expected particularly in instrumentation where we are seeing an over-hang of inventories that customers built up during the pandemic
• For the balance of 2023 we expect the run-rate for both RUO and instrument sales to increase and we should also see sales from our clinical portfolio coming through towards the latter part of the year

Building a leading global clinical diagnostics company

Our vision

Committed to becoming a leading, global clinical diagnostics company in infectious diseases

Our purpose

We protect lives from invisible threats by enabling informed clinical decision-making through quality diagnostics in the right place, at the right time

[email protected] novacyt.com

Novacyt Group (UK) York House, School Lane, Chandlers Ford, Eastleigh, SO53 4DG, UK

T +44 (0)2380 748 830

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