REG - Diaceutics PLC - Diaceutics PLC – Trading Update

DiaceuticsAnnouncement

30/01/2024 07:15

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RNS Number : 2871B  Diaceutics PLC  30 January 2024

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  
 Ryan Keeling, Chief Executive Officer                  Tel: +44 (0)28 9040 6500
 Nick Roberts, Chief Financial Officer                  investorrelations@diaceutics.com

 Stifel Nicolaus Europe Limited (Nomad & Broker)        Tel: +44 (0)20 7710 7600
 Ben Maddison
 Nick Harland
 Kate Hanshaw

 Alma Strategic Communications                          Tel: +44(0)20 3405 0205
 Caroline Forde                                         diaceutics@almastrategic.com
 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 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 ®

 

 

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