Immense interims from #NCYT. Notable points:

- Revenue increase YoY of 900%, to €72.4m

- 91% of revenue (~€66m) generated in Q2

- PAT margin of 56% (€40.2m). An extraordinary margin

- Inventory of €15.6m, trade receivables of €28.5m

- €8.3m debt paid off in period

1/3

- Mgmt has specifically stated its intention to pursue M&A activities (hence Numis #NUM as new broker)

- Multiple new products recently launched, with more in development

All in all, in my view mgmt is DRASTICALLY under-promising on its full year guidance of "revenue to...

2/3

...exceed €150m and EBITDA to exceed €100m".

One would expect Q3 revenue to exceed Q2's of €66m; and Q4 to exceed Q3, given the increasing demand for #COVID19 testing, as well #NCYT's growing range of diagnostics.

Expecting a major re-rating now, supercharged by M&A.

3/3