REG - Diaceutics PLC - Trading Update and Notice of Results

DiaceuticsAnnouncement

11/01/2022 07:05

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RNS Number : 9930X  Diaceutics PLC  11 January 2022

11 January 2022

 

Diaceutics PLC

("Diaceutics" or "the Company" or "the Group")

 

Trading Update and Notice of 2021 Full Year Results

Significant uptake of the DXRX platform provides strong opening position to
2022

 

Diaceutics PLC (AIM: DXRX), the diagnostic commercialisation company, provides
the following unaudited trading update for the year ended 31 December 2021.

 

·    Revenue up 10% to approximately £13.9m - 17% in constant currency
(2020: £12.7m)

·    Approximately 57% of Group revenue delivered via the DXRX platform

·    Adjusted EBITDA* up 294% to £2.1m (2020: £0.5m)

·    Closing cash balance of £19.7m (2020: £25.3m)

 

Revenues for the full year grew 17% in constant currency, 10% year on year,
and were 2% ahead of market expectations. The DXRX platform was launched in
October 2020 and in the full year 2021 delivered 57% of total Group revenues,
significantly ahead of the initial target of 20% set in 2020. As a result of
the successful introduction of DXRX, the quality of revenues also improved,
driven by a significant shift towards licence income which has a higher gross
margin, and during 2021 represented 45% of total Group revenue (2020: 0%).

Diaceutics continues to invest in the development and commercialisation of the
DXRX platform, with adjusted EBITDA* for the year ended 31 December 2021 in
line with market expectations.

During 2021 the Company increased the number of client therapy brands that it
worked with to 56 (2020: 53). In addition, over 550 laboratories were brought
onto the DXRX platform, facilitating new data sources and resulting in the
implementation of the Group's first technology enabled services which are
available in our key international markets, and which represent an additional
revenue stream.

 

Notice of Results

 

The Group's annual audited results will be announced on 22 March 2022.

*Adjusted EBITDA is earnings before interest, tax, depreciation, amortisation
and exceptional items but after share based payments.

Peter Keeling, Diaceutics' Chief Executive, commented: "Although this is only
the first full year of DXRX in the market, the platform has enhanced every
part of our business model, from operating efficiencies, client delivery, new
client acquisition and the shift to licence revenue. It has been evident as
the year progressed, that we are building a strong base business resulting in
a growing contracted backlog and sales pipeline going into 2022, providing us
with the confidence to continue investing in the platform to capture this
significant opportunity."

 

 

This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) 596/2014. The person responsible for making this announcement
on behalf of the Company is Philip White, Chief Financial Officer.

 

Enquiries:

 

 Diaceutics PLC
 Peter Keeling, Chief Executive Officer               Via Alma PR
 Philip White, Chief Financial Officer

 Stifel Nicolaus Europe Limited (Nomad & Broker)      Tel: +44 (0)20 7710 7600
 Ben Maddison
 Stewart Wallace
 Nick Adams

 Alma PR                                              Tel: +44(0)20 3405 0205
 Caroline Forde                                       diaceutics@almapr.co.uk
 Kieran Breheny
 Matthew Young

 

 

About Diaceutics

At Diaceutics we believe that every patient should have access to the right
treatment at the right time. We provide the world's leading pharmaceutical
companies with an end-to-end solution for the launch of precision medicine
diagnostics enabled by DXRX - The Diagnostic Network®.

 

DXRX is the world's first diagnostic commercialisation platform for precision
medicine, integrating multiple pipelines of real-world diagnostic testing data
from a global network of laboratories.

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