FY25 results are reassuring and slightly ahead of expectations. The outlook is supported by new contract wins and the materially accretive acquisition of Novacyt’s Australian distributor, which increases its direct exposure to this fast-growing region for precision medicine. Importantly, it will also accelerate the path to profitability and cash generation. We update our forecasts accordingly and nudge our TP up to 66p, seeing a substantial potential re-rating opportunity as the group scales further and losses narrow.