(Alliance News) - Diaceutics PLC on Tuesday highlighted the extent of market opportunities for its product, after seeing annual revenue rise despite tough macroeconomic conditions.
Diaceutics is a Belfast-based company, which provides diagnostic commercialisation services to pharmaceutical and biotechnology firms. Its shares were trading 11% higher at 103.00 pence each in London on Tuesday morning.
For the year ended December 31, Diaceutics posted revenue of GBP23.7 million, up 22% from GBP19.5 million a year prior. Half of revenue was recurring, it noted, compared to 35% in 2022.
Meanwhile, the order book at December 31 was GBP26.6 million, up 57% from GBP16.9 million the previous year. Approximately GBP12.3 million of the book will be realised as revenue this year, Diaceutics added.
Looking ahead, the firm was conscious of the pharmaceutical industry's response to macroeconomic concerns and "political pressures in the form of drug-pricing policies".
However, it remained optimistic of market opportunities, and noted that it has continued to see "strong demand for its insight and engagement solution products".
"To continue our growth trajectory... demonstrates the significant value our customers place on our differentiated offering, as reflected by the increasing number of precision medicines we are working with and enterprise-wide engagements secured to date," said Chief Executive Officer Ryan Keeling.
"Our solid recurring revenue and order book growth in 2023, alongside our expanding product set, provides us with good momentum as we enter 2024."
Diaceutics will report preliminary results for the full year on May 21.
By Holly Beveridge, Alliance News reporter
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Diaceutics (DXRX)