BELFAST-based Diaceutics, which provides diagnostic commercialisation to the global pharmaceutical industry, has reported a “very positive” first half of the year, with revenues soaring by a third and its order book growing in line with the board’s ambitious expectations.
The future opportunity available to the company was said to be “larger than ever and continues to grow at pace” as its balance sheet shows cash of £17.9 million, ensuring it is fully funded to execute significant growth plans.
Sales at Diaceutics rose to £9.9 million in the six months to June 30, which was up 32 per cent on the corresponding period in 2022.
And the group’s order book sits at £24.1m as it continues to capitalise on the significant market opportunity as it becomes the primary commercialisation partner for pharma and biotech companies launching precision medicines.
Some £6.3m of its orders are expected to be realised as revenue in the second half of this year and the remaining £17.8m in 2024 and beyond.
Recurring revenue now represents 83 per cent, or £20m, of the future order book.
Diaceutics currently lists 21 of the top 30 global pharma companies as its customers, and in June it secured a three-year enterprise contract with a top 10 global pharmaceutical company in the US.
The contract will initially deliver $10.1 million (£8.2m) of revenue over a three-year period, with additional options which could significantly increase the scope and value over the contracted period.
Chief executive Peter Keeling said: “We are pleased to report that the strong momentum we enjoyed in 2022 has continued into 2023 and delivered a very positive first half performance, with recurring revenue and order book growth in line with our already ambitious expectations.
“Encouragingly, we are also seeing more normal market conditions beginning to return, with large pharma companies increasingly recognising the importance of utilising our data technology in identifying candidate patients and improving their commercial success.
“Our historic and continuing investment in the DXRX platform is allowing us to take advantage of the significant and growing market opportunity.”
DXRX is the world's first diagnostic commercialisation platform for precision medicine, utilising a global network of affiliate laboratories to deliver multiple pipelines of real-world healthcare data insights, advisory services and innovative platform enabled solutions.
Dr Keeling added: “We remain confident in our proven growth strategy and in our ability to perform and deliver future growth as we continue to hit our key milestones for the DXRX platform expansion and introduce new products to profile and target suitable patients.
“Most encouraging is the positive feedback we are receiving from our clients as they increasingly use the DXRX platform to identify and deliver therapies to patients in need worldwide.”
On future outlook, the Diaceutics board said it is confident the company can continue to expedite its growth strategy and seize the market opportunity as it becomes the primary commercialisation partner for pharma and biotech companies launching precision medicines.
They added: “The opportunity available to Diaceutics is larger than ever and continues to grow at pace. The successes of the year to date and the significant momentum achieved across the period serve to validate the group's growth strategy, with trading in line with management expectations.”
