Last checked at 15 Oct 2019 07:00
15 October 2019
IXICO plc
("IXICO" or the "Company")
Trading Update for year ended 30 September 2019
Company reports fast tracked achievement of initial year positive EBITDA,
40% revenue growth and strong cash position
IXICO plc (AIM: IXI), the AI data analytics company delivering insights in neuroscience, is pleased to announce a trading update for the year ended 30 September 2019. IXICO is expecting its first full year of positive earnings before interest, tax, depreciation and amortisation ("EBITDA") since listing. This better than forecast performance has been driven by accelerated revenue growth and builds on the breakeven performance reported in the Company's interim statement.
For the year ended 30 September 2019, revenue increased year-on-year by 40% to £7.6 million (2018: £5.4 million). The Company will continue to benefit from a healthy contracted order book of £15.9 million, which takes account of the client early trial cessation reported on 9 August 2019, and retains a strong position for growth delivery in 2020 and beyond.
Net cash at 30 September 2019 was £7.3 million (2018: £7.9 million). The strong cash position enables the Company to continue to organically fund investment to strengthen its technology and innovation portfolio and to grow the Company market position in the global biopharmaceutical clinical trials market for AI-driven analytics.
The Company intends to announce its audited results for the year ended 30 September 2019 in early December 2019.
Giulio Cerroni, Chief Executive Officer of IXICO, commented:
"We are very pleased to have again delivered on our client and financial commitments, exceeding full year guidance, while continuing to invest in the long-term future of the Company. 2019 has been a pivotal year in the Company's transformation into a profitable, scalable business, and we enter 2020 on a strong growth trajectory supported by our order book, highly talented staff and strengthened leadership team."
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 | +44 (0) 20 3763 7498 |
Giulio Cerroni, Chief Executive Officer Grant Nash, Chief Financial Officer | |
Cenkos Securities PLC (Nominated adviser and sole broker) | +44 (0) 20 7397 8900 |
Giles Balleny / Max Gould (Corporate Finance) | |
Michael F Johnson / Russell Kerr (Sales) | |
Optimum Strategic Communications | +44 (0) 203 950 9144 |
Mary Clark / Supriya Mathur / Manel Mateus | |
IXICO@optimumcomms.com |
About IXICO
IXICO's mission is to advance medicine and human health in neuroscience by turning data into clinically meaningful information, providing valuable new insights. We achieve this by developing, validating and deploying novel Artificial Intelligence (AI) technology in clinical trials to improve the success and efficiency of the development pathway.
Our goal is to be a leading proponent in the use of AI in clinical development, to improve biopharma ROI and R&D productivity through the adoption of breakthrough data analytics in precision medicine. Through the deployment of novel AI algorithms, we analyse and interpret brain scans and digital biosensor data to enable better trial design, patient selection and clinical outcomes across all phases of clinical evaluation. Our data analytics services are deployed on some of the most important clinical trials in neuroscience and rare diseases today, providing detailed insights to disease progression and patient safety, enabling our clients to make better informed decisions earlier in the clinical development pathway.
More information is available on www.IXICO.com