REG - IXICO plc - Trading Update and FY2023 Guidance

IXICOAnnouncement

01/09/2022 07:00

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RNS Number : 8379X  IXICO plc  01 September 2022

1 September 2022

 

IXICO plc

("IXICO" or the "Company")

 

Trading Update and FY2023 Guidance

 

IXICO plc (AIM: IXI), the medical imaging advanced analytics company
delivering intelligent insights in neuroscience, today provides a trading
update.

 

The Company confirms that trading for the second half of its financial year
has been strong and now expects that EBITDA profits for the year ended 30
September 2022 will comfortably exceed previous guidance of £1.2 million
stated in the trading update of 24 May 2022. Revenues for the year ended 30
September 2022 are broadly in line with market expectations with circa £0.2m
revenues expected to move from 2022 into 2023 due to the timing of client
trials.

 

Since its half year at 31 March 2022, the Company has signed contracts worth
circa £7.5 million as the Company continues to build up and further diversify
its order book, which it expects to be in excess of £15 million at the year
end.

 

Following these recent contract wins, the Company provides guidance for its
2023 financial year of revenues of approximately £7 million, of which over
£5 million is already contracted.  This guidance reflects the impact of the
previously announced client trial cessations which, as was noted in the
Company's update of 24 May 2022, negatively affected its contracted orderbook
for 2023.

 

Following strong progress that the Company has made in diversifying its order
book, it anticipates running at least twenty-five projects across more than
fifteen clients during 2023, with its largest client trial representing under
15% of its projected 2023 revenues.  This order book diversification places
the Company in an increasingly strong position to return to growth in the
medium and long term.

 

The Company will leverage its strong balance sheet and debt free, cash
position, to deliver its strategic investment plans alongside a continued
careful management of expenditure.

 

Giulio Cerroni, CEO of IXICO, said: "We continue to diversify our client base
and prioritise commercial and investment strategies that position the Company
for future growth.  2023 will see us further strengthen our orderbook to
capture the growth opportunity for our specialist neuroimaging technology
services for 2024 and beyond."

 

 

 

This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 (MAR) as amended by The Market Abuse (Amendment)
(EU Exit) Regulations 2019

 

For further information please contact:

 

 IXICO plc
 Giulio Cerroni, Chief Executive Officer           +44 (0)20 3763 7499

 Grant Nash, Chief Financial Officer

 Cenkos Securities PLC (Nominated adviser and sole broker)                         +44 (0)20 7397 8900
 Giles Balleny / Max Gould (Corporate Finance)
 Michael F Johnson / Tamar Cranford-Smith (Sales)

About IXICO | Advanced Analytics | Intelligent Insights.

IXICO is dedicated to delivering insights in neuroscience to help transform
the advancement of investigational therapies for neurological diseases, such
as Huntington's disease, Parkinson's disease and Alzheimer's disease. The
Company's purpose is to advance medicine and human health by turning data into
clinically meaningful information, providing valuable new insights in
neuroscience by supporting pharmaceutical companies across all phases of CNS
clinical research. IXICO's goal is to be a leading advocate of artificial
intelligence in medical image analysis.

 

IXICO has developed and deployed breakthrough data analytics, at scale,
through its remote access technology platform, to improve the return on
investment in drug development and reduce risk and uncertainty in clinical
trials for the Company's pharmaceutical clients.

 

More information is available on www.IXICO.com (http://www.IXICO.com)

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