IXICO plc (AIM: IXI), the data analytics company delivering insights in neuroscience, today announces its unaudited interim results for the six months ended 31 March 2019.
IXICO plc (AIM: IXI), the data analytics company delivering insights in neuroscience, today announces its unaudited interim results for the six months ended 31 March 2019.
Highlights
Commercial and Operational
- £5.2M new and expanded contracts won across H1 2019.
- Strong contracted order book of £21.2M* as at 31 March 2019.
- Broadened expertise in neurological disease areas and diversification of biopharmaceutical clients.
- Chosen as partner for King’s College London’s UK Government-funded Medical Imaging & Artificial Intelligence Centre.
Financial
- Revenue of £3.4M; 22% increase on prior period (H1 2018: £2.8M**).
- Revenue excluding foreign exchange of £3.3M*; 21% increase on prior period (H1 2018: £2.7M**).
- Gross margin expanded by +610 bps** over H1 2018 to 66.3%.
- EBITDA of £0.1M driven by strong operational leverage at gross margin level (H1 2018: negative £0.4M**).
- Operating profit of £0.1M (H1 2018: loss of £0.5M**).
- Profit per share of 0.5p (H1 2018: negative 1.5p**).
- Closing cash of £7.5M.
*Calculated using the fixed foreign exchange at the time of contract signing for each individual multi-year contract.
**Adjusted to reflect the adoption of IFRS 15 ‘Revenue from Contracts with Customers’.
Giulio Cerroni, CEO of IXICO, said: “The first half of 2019 has been another period of significant progress. We have delivered on our first half financial targets, whilst developing our investment plans to ensure a strong full-year 2019 and beyond. You can clearly see the impact of our strategy in our revenue growth of 22% and continued strong gross margin performance. This points to the strength of the underlying business fundamentals and our growing position in an attractive market environment, delivering high value data analytics to our pharmaceutical and biotechnology clients. In the second half of 2019 we expect to accelerate the pace of our investment to enable further scale up in support of our long-term growth plans.
We entered the 2019 financial year with a contracted order book of £19.3M following a number of significant contract wins. This momentum in building our order book, whilst delivering strong revenue performance, has continued and, year to date, we have secured additional contract wins with a value of £5.2M. These contracts are a mix of contract extensions and additions with existing clients and new client wins in a broadened range of neurological diseases. The order book, £21.2M at H1, supports our expectation to deliver +20% revenue growth across 2019 and provides an extremely strong basis for continued growth and progress towards profitability.
Our proprietary imaging and digital biomarker data analytics offering, with a focus on deploying proprietary AI algorithms in both current and adjacent neurological therapeutic areas, continues to drive market penetration as well as an expanded client-base. We are well-capitalised, enabling further investments in our technology platform and staff resources to build on our strong client relationships. We expect to continue to deliver on our financial targets by providing enhanced value to our clients, whilst delivering strong gross margins associated with a premium technology service business.”
For further information please contact:
IXICO plc
Giulio Cerroni, Chief Executive Officer
Cenkos Securities PLC (Nominated adviser and sole broker)
Giles Balleny / Max Gould (Corporate Finance)
Michael F Johnson / Russell Kerr (Sales)
Optimum Strategic Communications (Investor Relations)
Mary Clark / Anne Marieke Ezendam / Supriya Mathur
About IXICO
IXICO is dedicated to delivering insights in neuroscience. Our mission is to transform the progression of our biopharmaceutical clients’ neurological therapeutic pipelines through the application of novel imaging and digital biomarkers.
IXICO’s data analytics services are used by the global biopharmaceutical industry to interpret data from brain scans and digital biosensors to enable better trial design, site qualification, patient selection and clinical outcomes. We provide technology-enabled services across all phases of clinical evaluation. Our integrated digital platform provides a scalable and secure infrastructure for the capture and analysis of regulatory compliant clinical data to enable clients to make rapid, better informed decisions. IXICO is also collaborating with partners to develop new analytical techniques and companion digital health products targeted at improving patient outcomes.
More information is available on www.IXICO.com
