BELFAST analytics firm Diaceutics, which tests patients for precision medicines, said it will exceed its full year guidance as a result of strong trading performance in the final quarter of the year.
In a trading update for the year to December 31, the firm said it expects revenue to be £13.4 million, up 29 per cent on the previous year's figure of £10.4 million.
The company, founded by Belfast entrepreneur Peter Keeling, added that revenue and adjusted underlying earnings (EBITDA) are expected to be ahead of market expectations at £2.1 million.
The group, which employs around 100 staff at offices in Belfast, Dundalk, New Jersey and Singapore, 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.
Diaceutics said all outstanding debt has now been removed from the balance sheet resulting in net cash of £11.7 million (2018: £2m).
Shares in the company were trading around the 115p mark yesterday afternoon, up more than 11 per cent in the previous close.
This strong cash position will enable it 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.
Chief executive Peter Keeling said: “We're 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. These results provide a solid base for 2020.”
In October it was confirmed that Diaceutics will become the first tenant in the new £100m Kings Hall Health and Wellbeing Park when it takes 10,000 sq ft of space in a purpose-built medical hub dedicated to companies involved in IT/data management within the healthcare industry.
The group's annual results will be announced on March 16.
