Diaceutics (DXRX ), a data analytics and implementation services provider to the pharmaceutical industry, reported final audited results for the year ended 31 December 2022 (FY22).
Diaceutics reported 40% higher revenues in FY22 to £19.5m compared to £13.9m in FY21, representing a 26% increase on a constant currency basis, significantly ahead of initial expectations. Diaceutics saw a significant shift to platform-based subscription contracts during the period, with 35% of revenue now subscription-based, compared to only 3% in FY21.
Diaceutics' order book value grew significantly to £16.9m in FY22 compared to £1.74m in FY21. £10.9m of the order book is expected to be realised in 2023.
Gross profit also increased by 37% to £16.7m from £12.2m in FY21, with gross margin of 86%, roughly the same as last year. EBITDA was £3.6m, compared to £2.3m in FY21, with an EBITDA margin of 18%, slighly ahead of last year's 17%.
Pre-tax profit was £0.6m from £0.5m last year. Cash and cash eq was £19.8m with no debt.
View from Vox
Strong results from Diaceutics, with a 26% LFL increase in revenues, driven by growing demand and ahead of expectations. Future revenue visibility improved significantly with a much larger order book of £16.9m, compared to only £1.74m last year, and £10.9m expected to be realised this year. The increase in orderbook was facilitated by a large-scale shift to a subscription model, now accounting for 35% of total revenue. Shares rose 5.47% on the news.
Diaceutics entered FY23 with a strong balance sheet showing £19.8m in cash eq, roughly unchanged from last year, and no debt, allowing it to continue its 2-year accelerated investment strategy announced earlier in 2023. The investment strategy will see £7m spent on data acquisition, greater platform functionality and AI capabilities, innovation, laboratory network and sales and marketing teams, expected to further accelerate the company's shift to subscription-based revenues.
Diaceutics reported continued adoption of its proprietary DXRX platform in its second year since launch, with 56 pharma brands under management and 26 brands having total Diaceutics spend to date of over US$1m, up from 19 brands in FY21. Diaceutics also secured two enterprise-level data engagements with two top 10 global pharma clients, expected to deliver US$7m combined over a 2-year period.
Overall, Diaceutics delivered strong financial and operational progress in FY22, with significant orderbook growth and promising shift to subscription-based revenues, positioning it well in the expanding precision medicine sector.
Follow News & Updates from Diaceutics: