Diaceutics PLC Trading Update and Notice of Results (0252H)
July 25 2023 - 1:00AM
UK Regulatory
TIDMDXRX
RNS Number : 0252H
Diaceutics PLC
25 July 2023
25 July 2023
Diaceutics PLC - Trading Update and Notice of Results
Diaceutics delivers 32% revenue growth in first 6 months and
reaffirms full year outlook
Order book growth of 43% in H1 2023 providing good forward
visibility
Business performing and growing with core DXRX platform adoption
by large pharma customers driving momentum
Market opportunity is significant and growing as global pharma
accelerates the shift to precision medicine to improve patient
access, capture lost revenue and increase profitability
Diaceutics becoming primary commercialisation partner for pharma
launching precision medicines, with 21 of the top 30 global pharma
companies as Diaceutics' customers
Strong balance sheet with cash of GBP17.9m - fully funded to
execute significant growth plans
Diaceutics PLC (AIM: DXRX), a leading technology and solutions
provider to the pharmaceutical industry, today announces a strong
performance and continuing growth across its business for the six
months ended 30 June 2023.
Peter Keeling, Diaceutics' Chief Executive Officer, commented:
"We are pleased to report that the strong momentum we enjoyed in
2022 has continued into 2023 and delivered a very positive first
half performance, with recurring revenue and order book growth in
line with our already ambitious expectations. Encouragingly, we are
also seeing more normal market conditions beginning to return, with
large pharma companies increasingly recognising the importance of
utilising our data technology in identifying candidate patients and
improving their commercial success. Our historic and continuing
investment in the DXRX platform is allowing us to take advantage of
the significant and growing market opportunity.
We remain confident in our proven growth strategy and in our
ability to perform and deliver future growth as we continue to hit
our key milestones for the DXRX platform expansion and introduce
new products to profile and target suitable patients. Most
encouraging is the positive feedback we are receiving from our
clients as they increasingly use the DXRX platform to identify and
deliver therapies to patients in need worldwide."
Trading Update to 30 June 2023
During the period, Diaceutics delivered revenue, order book and
recurring revenue growth in line with the Company's already
ambitious expectations and today reaffirms its positive outlook for
the full year 2023. The DXRX platform enables Diaceutics' large
pharma customers to derive significant commercial success by
delivering more effective therapies to patients more
efficiently.
During the period, the Company announced that it secured a third
multi-year enterprise-wide engagement with a top 10 global pharma
company for US$10.1 million over three years. An enterprise-wide
engagement is characterised by a customer deploying the DXRX
platform across three or more of the precision medicines in their
portfolio.
Revenue grew 32% to GBP9.9 million in H1 2023 (H1 2022: GBP7.5
millio n, 25% on a constant currency basis). Approximately 47% of
revenues in the period were recurring in nature (H1 2022: 37%) .
Order book visibility remains strong and at 30 June 2023 was
approx. GBP24.1 million, representing 43% growth in the period
(GBP16.9 million at 31 December 2022), with around GBP6.3 million
expected to be realised as revenue in H2 2023 and the remaining
GBP17.8m in 2024 and beyond. Recurring revenue now represents 83%
or GBP20.0 million of the future order book.
Cash at 30 June 2023 was GBP17.9 million (31 December 2022:
GBP19.8 million), reflecting the acceleration in investment as
announced by Diaceutics in its January 2023 Strategy Update, and
the Company has sufficient financial resources in place to fully
execute its ambitious growth plans.
Outlook
The opportunity available to Diaceutics is larger than ever and
continues to grow at pace. The successes of the year to date and
the significant momentum achieved across the period serve to
validate the Group's growth strategy, with trading in line with
management expectations. The Board is confident that Diaceutics can
continue to expedite its growth strategy and seize the market
opportunity as we become the primary commercialisation partner for
pharma and biotech companies launching precision medicines.
Notice of Interim Results
The Company will report unaudited results for the six months
ended 30 June 2023 on 26 September 2023.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018
("MAR"), and is disclosed in accordance with the Company's
obligations under Article 17 of MAR. The person responsible for
making this announcement on behalf of the Company is Nick Roberts,
Chief Financial Officer.
Enquiries:
Diaceutics PLC Tel: +44 (0)28 9040 6500
Peter Keeling, Chief Executive Officer investorrelations@diaceutics.com
Ryan Keeling, Chief Innovation Officer
Nick Roberts, Chief Financial Officer
Stifel Nicolaus Europe Limited (Nomad Tel: +44 (0)20 7710 7600
& Broker)
Ben Maddison
Nick Harland
Kate Hanshaw
Alma PR Tel: +44 (0)20 3405 0205
Caroline Forde diaceutics@almapr.co.uk
Matthew Young
Kinvara Verdon
About Diaceutics
At Diaceutics we believe that every patient should get the
opportunity to receive the right test and the right therapy to
positively impact their disease outcome. We provide the world's
leading pharmaceutical and life science companies with solutions
and technology for the commercialisation of their precision
medicines, enabled by our proprietary DXRX platform.
DXRX is the world's first diagnostic commercialisation platform
for precision medicine, utilising a global network of affiliate
laboratories to deliver multiple pipelines of real-world healthcare
data insights, advisory services and innovative platform enabled
solutions.
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