Diaceutics (DXRX) , a technology and solutions provider to the pharmaceutical industry, released its trading statement for the 6 months to 30 June, delivering revenue, order book and recurring revenue growth in line with the company's already ambitious expectations.
Revenue grew 32% to £9.9 million year-on-year, with approximately 47% of revenues in the period recurring. Order book visibility remains strong and stood at approximately £24.1 million, representing 43% growth in the period.
Diaceutics remains well funded with £17.9 million in cash, enabling it to execute its ambitious growth plans outlined in its January 2023 strategy update.
During the period Diaceutics was awarded a three-year enterprise contract with a top-10 US-based global pharmaceutical firm, with the contract projected to generate an initial revenue of US$10.1 million over the span of the contract, further solidifying Diaceutics’ position as a leading partner in the precision medicine market.
Peter Keeling, Diaceutics' Chief Executive Officer, commented: "We are pleased to report that the strong momentum we enjoyed in 2022 has continued into 2023 and delivered a very positive first half performance, with recurring revenue and order book growth in line with our already ambitious expectations.”
Encouragingly, we are also seeing more normal market conditions beginning to return, with large pharma companies increasingly recognising the importance of utilising our data technology in identifying candidate patients and improving their commercial success. Our historic and continuing investment in the DXRX platform is allowing us to take advantage of the significant and growing market opportunity.”
View from Vox
Diaceutics has continued to strengthen its industry-leading position in the first half of 2023, with recurring revenues testament to its best-in-the-game platform. Diaceutics is becoming a primary commercialisation partner for pharma companies launching precision medicines, with 21 of the top 30 global pharma companies now Diaceutics' customers.
Diaceutics’ growth prospects are huge, given the growth in the precision medicine market, with major pharma companies such as AstraZeneca confirming that approximately 90 percent of its clinical development pipeline is currently driven by precision therapeutics. This healthcare approach accounts for the varied responses of patients to different treatments or therapies, using biomarkers to signal which treatment option would work best for the patient.
The benefits that Diaceutics' platform offers to its clients explains the attention and contract wins from top pharma companies, with improved return on investment, reduced time to peak market penetration and greater revenue potential. Given the immense benefits to clients and rapid expansion of the precision medicine market, Diaceutics is poised for continued growth.
Follow Diaceutics for more News and Updates: