Annual results for the year ended 31 December 2019
Diaceutics PLC the “Company” or the “Group”, a diagnostic commercialisation company for precision testing, is pleased to report its audited results for the year ended 31 December 2019. The previous 12 months reflect another formative year for the Group as the leading provider of precision testing data and commercialisation services for the global pharma industry. Financial Highlights
- Revenue up 30% to £13.4m (2018: £10.4m)
- Gross profit up 52% to £10.3m (2018: £6.8m)
- Gross margin of 77% (2018: 66%)
- PBT £0.5m (2018: £0.9m)
- EBITDA £1.0m (2018: £1.3m)
- Adjusted PBT* improved to £1.8m (2018: £1.1m)
- Adjusted EBITDA* improved to £2.4m (2018: £1.5m)
- Net assets of £20.1m (2018: £2.6m)
- Net cash inflow of £9.7m (2018: outflow of £1.0m)
- Elimination of £3.3m of debt
- Strong balance sheet with net cash of £11.7m (2018: net debt of £1.7m)
*Adjusted for exceptional costs Operational Highlights
- Strengthened the balance sheet in March 2019 with a raise of £17m before expenses through a successful initial public offering
- Provided data and services to 53 therapy brands in 41 markets during 2019 – an increased brand engagement of 51% from 2018
- Added 10 new clients to our customer list – now servicing 36 clients
- Strong client repeat business at 87%
- Delivered services globally to our pharma clients in all top 10 primary pharma markets and 31 secondary markets
- Added 112 million new patient testing records to our data lake detailing information on 298 diseases
- In keeping with the industry need to implement better diagnostic commercialisation solutions we have maintained the pace of the development of Nexus towards a launch in Q4 2020. Nexus is the working title of the SaaS platform
- Continued to expand geographic reach, particularly in Asia where we serviced the diagnostic needs of 10 therapy brands (100% increase on 2018)
- Growth in the precision medicine market continues to outpace the broader healthcare market
Peter Keeling, Chief Executive Officer, commented:“Diaceutics has been building its market leading position in the precision testing market for the past 14 years. 2019 has seen us further penetrate the existing precision testing market in key disease areas and global markets whilst at the same time adding the essential scaling pillars for 2020 and beyond to keep the Group in step with a rapidly increasing marketplace.”
