Trading Update

IXICO plc

10 May 2023

 

10 May 2023

IXICO plc

("IXICO" or the "Company")

Half-year Trading update

First six months of trading in line with expectations and confirmation of 2023 market guidance

IXICO plc (AIM: IXI), the medical imaging advanced analytics company delivering intelligent insights in neuroscience, today provides a trading update ahead of its interim results for the six months ended 31 March 2023.

Key metrics:

· Revenues expected to be £3.2m for six months to 31 March 2023 (H1 2022: £3.9m); 

· Contracted order book of £13.3m as at 31 March 2023 (H1 2022: £12.6m);  

· Strong cash balance at 31 March 2023 of £5.0m (H1 2022: £5.9m), debt free, and operating cash generative;

· Loss before interest, tax, depreciation, and amortisation to 31 March 2023 expected to be £0.6m (H1 2022:  £0.5m profit).

The Board reaffirms market guidance for the full year and return to revenue growth in 2024. 2023 will be the final period to reflect the negative impact of the large HD-trial cessations announced on 23 March 2021 and on 20 January 2022, with revenues now increasingly driven by recently contracted trials across a broader range of therapeutic areas.

IXICO continues to invest in creating a medical imaging company with leading advanced AI analysis capabilities, delivered through a next generation imaging platform designed to address the growing demand for neuroimaging.

The Company's first half results will be released on 23 May 2023.

Giulio Cerroni, CEO of IXICO, said: "The re-building of our order book is a priority as we look to benefit from investments we are making in our commercial capabilities to support our pipeline of opportunities and address the demand for our specialist AI neuroimaging analytical services.

The combination of our diversified order book, near term opportunities and a commitment to being at the forefront of AI based imaging biomarker analysis, mean we are well placed to deliver double digit revenue growth across the second half of FY-2023 as compared to the first half, providing the foundation for further growth across 2024 and beyond."

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 (MAR).

For further information please contact:

IXICO plc	[phone]
Giulio Cerroni, Chief Executive Officer Grant Nash, Chief Financial Officer
Cenkos Securities PLC (Nominated adviser and sole broker)		[phone]
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, Parkinson's, Alzheimer's disease and Multiple Sclerosis. 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 machine learning Ai data analytics, at scale, through its remote access TrialTracker 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 and follow us on Twitter @IXICOnews

 

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