Last checked at 24 Jun 2020 07:00
IXICO plc
("IXICO" or the "Company")
Trading Update
Expected strengthening FY20 financial performance of at least £9.1m revenues, £0.9m EBITDA and positive operating cash
IXICO plc (AIM: IXI), the data analytics company delivering insights in neuroscience, announces a trading update, confirming that the impact of COVID-19 has been modest and that IXICO expects to maintain double-digit revenue growth across FY21.
On 14 April 2020, due to the uncertainty around the level and duration of disruption from COVID-19 to global clinical trials, the Company stated that it was not able to provide clarity regarding the outlook for 2020. In this same communication the Company promised to provide further updates once there was greater visibility on the trading environment.
The Board is now pleased to confirm that the impact of COVID-19 on the Company's expected financial performance for FY20 has been modest, and it is confident of achieving at least £9.1m revenues and £0.9m earnings before interest, tax, depreciation and amortisation ('EBITDA') with positive operating cash for the year ended 30 September 2020. This would represent a fourth consecutive year of revenue growth of 20% or more and an increase in EBITDA margin from 6% to 10% compared to the prior year, despite COVID-19 disruptions to clinical trial timelines.
The Board also expects the Company to continue to maintain double-digit revenue growth across FY21 whilst continuing to invest to ensure the Company is ready to scale as those clinical trials delayed due to the COVID-19 crisis are initiated.
Giulio Cerroni, CEO of IXICO, commented: "I am delighted that the impact of COVID-19 on our expected revenue growth has been minimised by fully leveraging the capabilities of our technology platform. Our remote access business model, which utilises our proprietary TrialTracker® platform, coupled with our centralised artificial intelligence data analytics capabilities has mitigated any potential material disruption to our business operations. Whilst the industry continues to adjust to the many consequences of the pandemic, at IXICO, we continue to focus on ensuring we are well-positioned to meet our clients' needs. Although we see the impact of some new trials being postponed, we are using this time to prepare for what we expect to be a rapid initiation of additional client studies towards the end of 2020 and across 2021."
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) |
| |||
| ||||
Walbrook PR Ltd | Tel: 020 7933 8780 or IXICO@walbrookpr.com
| |||
Paul McManus / Lianne Cawthorne / | Mob: 07980 541 893 / 07584 391 303 / | |||
Alice Woodings | 07407 804 654 | |||
About IXICO
IXICO is dedicated to delivering insights in neuroscience. Our mission is to transform the progression of our biopharmaceutical clients' neurological therapeutic pipelines through the application of novel imaging and digital biomarkers.
IXICO's data analytics services are used by the global biopharmaceutical industry to interpret data from brain scans and digital biosensors to enable better trial design, site qualification, patient selection and clinical outcomes. We provide technology-enabled services across all phases of clinical evaluation. Our integrated digital platform provides a scalable and secure infrastructure for the capture and analysis of regulatory compliant clinical data to enable clients to make rapid, better informed decisions. IXICO is also collaborating with partners to develop new analytical techniques and companion digital health products targeted at improving patient outcomes.
More information is available on www.IXICO.com