Trading Update and Notice of Results

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: [phone]
Ben Maddison
Stewart Wallace
Nick Adams
Alma PR	Tel: [phone]
Caroline Forde	[e-mail]
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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