Diaceutics PLC - Trading
Update
Diaceutics grows revenues by 22% in 2023
and delivers order book growth of 57%
Over 50% of revenues are now recurring
in nature
Four enterprise-wide engagements
secured in FY 2023
DXRX platform adoption by large pharma
customers continues to drive business momentum
Diaceutics becoming
the primary commercialisation partner for
pharma and biotech launching precision medicines - 21 of the top 30
global pharma companies are Diaceutics' customers
Strong balance sheet with cash of £16.7
million - fully self-funded to execute growth
plans
Belfast and London, 30 January 2024 - Diaceutics PLC (AIM:
DXRX), a leading technology and
solutions provider to pharma and biotech companies,
today provides a trading update and is announcing
continued strong performance and growth across its business for the
full year ended 31 December 2023.
Ryan Keeling, Diaceutics' Chief
Executive Officer, commented: "We are pleased to report a
strong performance across our business in 2023, against the
backdrop of a challenging year for the pharmaceutical industry. To
continue our growth trajectory despite this demonstrates the
significant value our customers place on our differentiated
offering, as reflected by the increasing number of precision
medicines we are working with and enterprise-wide engagements
secured to date. Our solid recurring revenue and order book growth
in 2023, alongside our expanding product set, provides us with good
momentum as we enter 2024."
Trading Update to 31 December 2023
Revenue grew 22%
to approximately £23.7 million in FY 2023 (FY
2022: £19.5
million), 19% on a constant currency
basis. Approximately 50% of revenues in the period were recurring (FY
2022: 35%).
Order book (future contracted
revenue not yet realised) visibility remains strong, and at 31
December 2023 was approximately £26.6 million (£30.8 million at
the date of this announcement), representing 57% growth in the
period (£16.9 million at 31 December 2022). Approximately £12.3 million of the order
book will be realised as revenue in FY 2024.
Diaceutics secured four multi-year
enterprise-wide engagements with a total value of US$20.1 million.
An enterprise-wide engagement is characterised by a customer
deploying the DXRX platform across three or more of the precision
medicines in their portfolio. Diaceutics worked with 69 individual
customer brands in 2023, an increase of 23% (FY 2022:
56).
Cash at 31 December 2023
was £16.7
million (31
December 2022: £19.8 million). The Company continues to invest in line with
its accelerated growth strategy as announced in January
2023.
Outlook
While the pharmaceutical industry remains
cautious in response to macroeconomic concerns and political
pressures in the form of drug-pricing policies, Diaceutics
continues to grow the number of precision medicines it is working
on and is seeing continued strong demand for its insight and
engagement solution products, which is in turn driving order book
growth and increased recurring revenues.
The market opportunity available to
Diaceutics is larger than ever and continues to grow at
pace as global pharma accelerates the shift to precision
medicine to improve patient access, capture lost revenue and
increase profitability. The successes of 2023 and the sustained
positive momentum in 2024 serve to validate the Group's growth
strategy.
Notice of Results
The Company will report preliminary
results for the full year ended 31 December 2023 on 21 May
2024.
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
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Ryan Keeling, Chief Executive
Officer
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Tel: +44 (0)28 9040 6500
|
Nick Roberts, Chief Financial
Officer
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investorrelations@diaceutics.com
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|
|
|
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Stifel
Nicolaus Europe Limited (Nomad &
Broker)
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Tel: +44 (0)20 7710 7600
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Ben Maddison
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Nick Harland
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Kate Hanshaw
|
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Alma Strategic
Communications
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Tel: +44(0)20 3405 0205
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Caroline Forde
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diaceutics@almastrategic.com
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Kinvara Verdon
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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
pharma and biotech companies with an end-to-end commercialisation
solution for precision medicines through data analytics, scientific
and advisory services enabled by our platform DXRX - The
Diagnostics Network ®