Sales grow in first half of year as contract values soar at Diaceutics

Peter Keeling, founder and chief executive at Diaceutics
Peter Keeling, founder and chief executive at Diaceutics Peter Keeling, founder and chief executive at Diaceutics

BELFAST data analytics and diagnostic commercialisation company Diaceutics has reported a 25 per cent growth in revenues in the first half of this year while its order book has almost tripled.

And the company's founder and chief executive Peter Keeling said he was optimistic the company is “well positioned to outperform market growth rates” as it enhances its innovative product portfolio and builds on its leadership position.

Diaceutics - which provides data, analytics and technology enabled services via its proprietary DXRX platform to the precision medicine market - saw sales lift from £6 million to £7.5 million in the six months to June 30 while gross profit was up 16 per cent from £4.4m to £5.1m.

It came as total contract value signed over the half year rose 132 per cent to more than $20.4 million, with the company attributing the rise to the increased breadth of product offerings and multi-year length of contracts.

And the order book at Diaceutics stood at £10.2 million compared to £1.7 million at the end of December, with £3.8 million of that is expected to be realised in the second half of this year.

The company is currently sitting on cash of £20.4m, though this is down from the £23.7m it reported in the bank at the same period a year ago.

Diaceutics' DXRX platform, which it claims is the world’s first diagnostic commercialisation platform for precision medicine, generated 76 per cent of overall revenues, a milestone which it says it has achieved a year ahead of expectations, with 37 per cent of revenues now being derived from subscription-based contracts.

It said there was a 42 per cent increase in number of labs on the DXRX platform, taking the total to 777 across 38 countries, significantly increasing the DXRX global platform access to data and customer offerings.

During the reporting period Diaceutics strengthened its team with recruitment across the data analysis and customer support teams, in addition to the appointment of Julie Browne as COO and Nick Roberts as CFO.

And going forward, with a growing order book and substantially increased sales pipeline, the board says it remains positive about the group’s outlook and expects to report full year results in line with expectations.

Mr Keeling said: “It was a strong performance in the first half of this year, with excellent revenue and order book growth providing positive momentum into the second half and future years, and demonstrating the effectiveness of our platform business model as it scales.

“Continued investment in our platform business alongside our dedication to both platform adoption and customer migration has enabled Diaceutics to progress faster and farther than anticipated, with our customer adoption timeline currently a year ahead of plan.”