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NCYT

Novacyt S.A.

Health Care First-pass screen £21m
320/1000 Overall fit
AI beneficiary 35% 30
Operating leverage 25% 35
Valuation 25% 30
Downside protection 15% 35

First-pass take

Loss-making molecular diagnostics company with 60%+ gross margin potential and £4m cost synergies from Yourgene, but burning £25m/year in operating cash and facing £24m DHSC litigation (trial June 2024) with explicit going-concern warning. No AI strategy evident.

Flags

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