Last checked at 13 Jan 2020 07:00
Diaceutics PLC
("Diaceutics" or the "Group")
Trading Update for the year ended 31 December 2019
Strong finish to the financial year
Diaceutics PLC (AIM: DXRX), a provider of data analytics and implementation services to the global pharmaceutical industry, announces a trading update for the year ended 31 December 2019. As a result of a strong trading performance in the final quarter, underpinned by an increase in the number of clients and an accelerated growth in product sales, the Group's revenue and adjusted EBITDA* for the year to 31 December 2019 are expected to be approximately £13.4 million*** (2018: £10.4 million) and to be above £2.1 million*** (2018: £1.5 million) respectively, ahead of market expectations.
The Group has benefitted from its investment in a strong analytical and innovative team, the expansion and development of its data lake and international expansion resulting in a robust global service. This coupled with operational efficiencies within the business has resulted in improved margins.
All outstanding debt has now been retired from the balance sheet resulting in net cash of £11.7 million (2018: £2 million). This strong cash position enables the Group to continue to expand globally and fund the completion and launch of the Nexus platform in 2020, strengthening its current market position in global test commercialisation.
The overall precision medicine market is expected to double in size from 2018 to 2026** driven by key areas of geographic and technical focus for Diaceutics including Oncology, healthcare data, North America and Asia.
The Group's annual audited results will be announced on 16 March 2020.
*Adjusted EBITDA is EBITDA excluding exceptional items but after share based payments.
** Source: ARC Analysis, October 2019.
*** Subject to Audit.
Peter Keeling, CEO of Diaceutics said: "We are pleased to have delivered on both our operational and financial commitments, exceeding full year guidance, while continuing to invest in the long-term future of the Group. 2019 was a key year in expanding our global footprint and deepening our service relationships with key clients and their therapy brands. These results provide a solid base for 2020 and the launch of our Nexus platform later in 2020."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
Enquiries:
Diaceutics PLC | www.diaceutics.com | ||
Peter Keeling, Chief Executive Officer | Via Walbrook PR | ||
Philip White, Chief Financial Officer |
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Cenkos Securities plc (Nominated adviser and broker) |
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Callum Davidson/Giles Balleny | Tel: +44 (0)20 7397 8900 | ||
Michael Johnson (Sales) |
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Walbrook PR | Tel: +44 (0)20 7933 8780 or diaceutics@walbrookpr.com | ||
Anna Dunphy | Mob: +44 (0)7876 741 001 | ||
Paul McManus | Mob: +44 (0)7980 541 893 | ||
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About Diaceutics
Diaceutics PLC is a leading diagnostics data analytics and implementation services provider for global pharmaceutical companies. The Company, quoted on the Alternative Investment Market (AIM) of the London Stock Exchange, is enabling Pharma to accelerate their market penetration and achieve a better return on precision medicine therapies by helping them to revolutionise patient testing. By generating insights from its data lake of clinical laboratory testing data and other data, Diaceutics helps Pharma understand and leverage the diagnostic landscape through initiatives that improve patient testing, leading to better treatment outcomes. The Company works with more than 30 global pharmaceutical companies across hundreds of precision medicine projects. The Company employs a leading global group of experts from the laboratory, diagnostic and pharmaceutical industries. www.diaceutics.com