TIDMSKIN
RNS Number : 1821T
Integumen PLC
13 November 2019
AIM share code: SKIN
13 November 2019
Integumen PLC
("Integumen" or "Company")
Integumen shares revenue to deliver AI data solutions across
Parity plc UK NHS clients
Trading update provides 2020 guidance of GBP4m prior to Parity
Agreement
Integumen announces that it has signed Heads of Terms with
Parity plc to enter a multi-year Framework Agreement ("Agreement")
to be completed on or before the 18 December 2019 for the supply of
Artificial Intelligent ("AI") software across Parity's National
Health Service ("NHS"), Central Government and Private
Institutional clients.
This Agreement creates an opportunity to cross-sell intelligent
data management, extracting value using analytics, with a focus on
proving return on investment, to Parity's 150+ institutional
clients. The software includes full GDPR compliance with secure
cloud data migration from existing legacy systems to a digital
workplace through the military grade encryption "Drive4Growth" AI
platform powered by Integumen's Rinodrive.
Combined benefits:
-- Recurring shared revenue streams for both Parity and Integumen in 2020
-- Value-added proposition in demand from Parity clients with c. 3 to 5-year annual contracts
-- Immediate access to 150 public and private institutional clients
-- Trusted approved vendor for Government and private sectors for over 45 years
-- 1,000+ data experts and 100+ enterprise sales and office professionals
-- Existing cross-over access to educational institutional research facilities
-- Access to multiple industry, public and private sector distribution routes to market
-- Well defined roadmap to next level business growth for both Parity and Integumen
Six-month trading update:
In May 2019, Integumen acquired Rinocloud Limited for GBP3m to
enable LabskinAI to uses the Rinodrive AI platform to provide
cloud-based data services to Integumen's Top 20 global skincare
clients. By the end of June 2019, Rinocloud reached monthly
profitability, and over the last six months (May to October)
exceeds revenue from Labskin this financial year.
Outlook:
Since 2018, the Company has seen average sales grow from GBP5k
for consumable, one-off sales to 2019 average sales of GBP50k as a
service contract. Heading into 2020, Integumen is engaging with
multiple top 20 global skin and personal care companies and
believes average sales are likely to range between GBP100k to
GBP500k for data as a service to skincare R&D framework
multi-year agreements, providing good visibility of revenue.
Therefore, excluding developments that may arise from Integumen
entering into the agreement with Parity Group plc, the Company is
guiding 2020 revenues of GBP4m.
Gerard Brandon, CEO of Integumen plc, comments:
"We are delighted to be able to roll-out the Drive4Growth AI
platform in partnership with the credibility and reputation that
Parity data experts hold, with an extensive, if not exhaustive,
list of public and private institutions. We look forward to working
alongside Parity to extract greater value for their clients and
contribute to the transformation of the UK's National Health
Service, public and private institution data over the next few
years."
Matthew Bayfield, CEO of Parity Group plc, comments:
"Parity is pleased to be partnering with Integumen and rolling
out the Drive4Growth AI platform to our client base. We have been
working with many of the same clients for 45 years, so we
understand their needs. With healthcare sector data growth in 2020
expected to double every 73 days, our clients need to securely
manage and extract greater value using analytics and AI in order to
make important decisions. The Drive4Growth AI platform delivers on
those requirements, increases revenue per client, increases client
contract term and generates a higher margin, leading to greater
profitability."
Contacts
+44 (0) 7340 055
Integumen plc Gerard Brandon, CEO 648
SPARK Advisory Partners Limited Neil Baldwin/Andrew +44 (0) 113 370
(Nominated Adviser) Emmott 8974
---------------------------- -----------------
Turner Pope Investments (TPI) +44 (0) 20 3657
Limited (Broker) Andy Thacker/Zoe Alexander 0050
---------------------------- -----------------
About Integumen: www.integumen.com
Integumen is a vertically integrated product and services
company for skin related diseases, treatments and therapies with
four business units:
-- Labskin AI's technology platform incorporates artificial
intelligence within clinical research for medical device,
pharmaceuticals, cosmeceuticals and related life science test
services. Labskin allows skincare, healthcare, pharmaceutical
manufacturers and cosmetic companies to test their products on
human-like skin in a real-world environment with full access to
multiple state-of-the-art partner technologies.
-- Rinodrive is a data aggregation, refining and AI analysis
open-source eco-system designed to provide third-party service
providers the ability to offer their clients valuable insights that
support clinical, operational and financial decisions in healthcare
services, third-level education, government departments and the
financial sector.
-- Wound pHase is developing skin and wound care products using
its proprietary wound dressing technology. Working in collaboration
with CBD providers creating a CBD infused diabetic wound care
product range.
-- Stoer-for-men skin products e-commerce division offers a
range of skincare products derived from 5 natural super-ingredient
plant extracts specifically for men to reduce the signs of ageing
and is also used as a control for client testing within Labskin
laboratories.
About Parity Group: www.parity.net
Parity helps organisations find the right people, skills and
data to support data-led business decisions. Providing advice on
data and with access to qualified personnel with skills offered,
either as a managed service, through resourcing in the contract or
permanent market or as part of a learning and development
programme.
Income derives from a mix of long-term contracts with public and
private sector organisations as well as expanded projects with
existing clients as a result of strong relationships and a track
record of high client satisfaction. Key highlights comprising
of:
-- Over 45 years of expertise in public and private recruitment and service contract sector
-- More than 100 employees across the UK
-- Client numbers exceed 150 in both UK and Ireland
-- Associate numbers supporting client services exceeds 1,000
RinoDrive "Drive4Growth": www.rinodrive.com
A fully integrated set of software tools that can ingest data,
in any volume, from any source in any format, interact with it,
learn from it and enrich it to unlock insights and discoveries.
This data management solution was developed by scientists and
engineers with experience in software, sensors, AI, optofluidic
research, fintech, green-tech, travel and healthcare.
It was designed to allow interaction, in a cyber-secure
environment, with commercially sensitive data, and to share
insights across multi-disciplinary teams, generating different data
formats, from multiple sources, located in different countries.
RinoDrive delivers big data, AI functionality and world class
infrastructure to large companies with big data problems. These
include financial services, education and life science companies.
Most recently completing the automation of laboratories and
application of AI to unearth more knowledge about the skin
microbiome. This led to the acquisition in May 2019 by Integumen
PLC, to secure access to, and the exploitation of data from some of
the largest cosmetic, pharmaceutical and medical companies in the
world.
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END
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