Last checked at 1 Sep 2022 07:00
1 September 2022
IXICO plc
("IXICO" or the "Company")
Trading Update and FY2023 Guidance
IXICO plc (AIM: IXI), the medical imaging advanced analytics company delivering intelligent insights in neuroscience, today provides a trading update.
The Company confirms that trading for the second half of its financial year has been strong and now expects that EBITDA profits for the year ended 30 September 2022 will comfortably exceed previous guidance of £1.2 million stated in the trading update of 24 May 2022. Revenues for the year ended 30 September 2022 are broadly in line with market expectations with circa £0.2m revenues expected to move from 2022 into 2023 due to the timing of client trials.
Since its half year at 31 March 2022, the Company has signed contracts worth circa £7.5 million as the Company continues to build up and further diversify its order book, which it expects to be in excess of £15 million at the year end.
Following these recent contract wins, the Company provides guidance for its 2023 financial year of revenues of approximately £7 million, of which over £5 million is already contracted. This guidance reflects the impact of the previously announced client trial cessations which, as was noted in the Company's update of 24 May 2022, negatively affected its contracted orderbook for 2023.
Following strong progress that the Company has made in diversifying its order book, it anticipates running at least twenty-five projects across more than fifteen clients during 2023, with its largest client trial representing under 15% of its projected 2023 revenues. This order book diversification places the Company in an increasingly strong position to return to growth in the medium and long term.
The Company will leverage its strong balance sheet and debt free, cash position, to deliver its strategic investment plans alongside a continued careful management of expenditure.
Giulio Cerroni, CEO of IXICO, said: "We continue to diversify our client base and prioritise commercial and investment strategies that position the Company for future growth. 2023 will see us further strengthen our orderbook to capture the growth opportunity for our specialist neuroimaging technology services for 2024 and beyond."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 (MAR) as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019
For further information please contact:
IXICO plc | ||
Giulio Cerroni, Chief Executive Officer Grant Nash, Chief Financial Officer | +44 (0)20 3763 7499
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Cenkos Securities PLC (Nominated adviser and sole broker) | +44 (0)20 7397 8900 | |
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 disease, Parkinson's disease and Alzheimer's disease. 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 data analytics, at scale, through its remote access 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