Diaceutics provides trading statement for year ended 31 Dec 22

Financial Highlights

• Revenue for the six months to 30 June 2022 increased 25% to £7.5 million (H1 2021: £6.0 million), 18% on a constant currency basis
• 132% increase in Total Contract Value¹ (‘TCV‘) signed in the period, to over $20.4 million (H1 FY21: $8.8 million) reflecting the increased breadth of product offerings and multi-year length of contracts
• Order book² at 30 June 2022 grew to £10.2 million, up from £1.7 million at December 2021, with £3.8 million of the order book expected to be realised in H2 2022
• DXRX platform implementation approaching peak adoption with 76% of revenues generated through the platform, a year ahead of expectations, with 37% of revenues now being derived from subscription-based contracts
• Early stage and lower margin contract deliverables within the recently established TES business line saw a short-term reduction in gross margin in the period which is expected to return above 70% for the full year
  
  

Operational Highlights

• Launch of new and enriched platform functionality, significantly enhancing the user experience and enabling the platform to be embedded within customers' own CRM platforms and commercial processes
• 16 pharma focused and tailored products developed and launched, 80% of which are now generating revenue. The six top performing products have contracted sales in excess of $1.5 million in H1 2022
• Signal data products enhanced through approval from the US Centers for Medicare & Medicaid Services (CMS) to receive medical claims data at an increased frequency – 18,000 therapeutically actionable patients identified for pharma customers to date
• 42% 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
• Strengthening of the Diaceutics 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

Outlook

With a growing order book and substantially increased sales pipeline, the Board remains positive about the Group’s outlook and expects to report full year results in line with expectations.