- Data analytics services to interpret data from brain scans
- Contract wins last year worth over £15mln in total
- Full-year revenue rose 32% to £5.39mln, up from £4.10mln
- Net cash at end-September totalled £7.9mln, up from £2.4mln
What IXICO does:
IXICO PLC (LON:IXI) 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.
The company’s digital platform and Artificial Intelligence (AI) software manages and helps interpret images from MRI (magnetic resonance imaging) and PRT (positron emission tomography) scanners as well as collating and making sense of Real World data from wearable biosensors.
How is it doing:
IXICO announced several contract wins last year worth over £15mln in total, including a £9.1mln deal to provide insight from MRI data to assist in Phase III clinical trial for a drug to treat Huntington's disease.
The group also saw the scope of a current contract with a top 10 biopharmaceutical company enlarged, increasing the value by US$2.4mln, or 89% over the remaining six-year term of the agreement to US$5.1mln.
Results for the year to the end of September, published in December, saw IXICO’s revenue rise by 32% to £5.39mln from £4.10mln the year before, while gross margin improved to 58.8% from 56.4%.
The group’s full-year loss before tax narrowed to £793,000 from £1.91mln the previous year.
Net cash at the end of September totalled £7.9mln (2017: £2.4mln), reflecting an oversubscribed £5.5mln placing back in May as well as an R&D tax credit receipt of £0.4mln.
This week, IXICO announced the appointment of Grant Nash, currently finance director of the UK Biobank - a national and international health research data resource - as its chief financial officer. Grant will join the company on 29 April 2019 and the group said it is anticipated that he will join the board in due course.
The company added that Conor Woolfson, who assumed the role of interim head of finance in December 2018 after the departure of previous CFO Susan Lowther, will continue to perform those duties prior to Grant's appointment, at which time he will then continue in his role of group financial controller, reporting to Grant.
What the boss says - Giulio Cerroni:
“The combination of a strong order book and a healthy pipeline, in conjunction with senior management hires to execute our strategy, provides a solid foundation for continued growth momentum.
“With a successful capital placing to invest in new market and product development, we go into the new financial year with increased commercial traction, ambitious growth plans and a strengthened organisation focused on delivering technology-driven data analytics to our global biopharmaceutical clients."
House broker Shore Capital said the full-year performance represented ongoing momentum from earlier reporting periods, with IXICO having now delivered more than 25% in reported revenue growth in the previous four reporting periods.
“Importantly, the revenue growth has been delivered from a strong performance across all of the business divisions, namely clinical trials services, Assessa PML, wearables projects and licensing revenue,” it added.
The broker pointed out that the contract wins in the last reporting period also highlighted the ongoing diversification of IXICO’s business as it moves away from a historical and predominant focus on Alzheimer’s disease to include several other neurological conditions, including Huntington’s disease and progressive supranuclear palsy, and the use of innovative technology for novel applications - wearable biosensors in psychiatric and neurological disorders.
At 33.50p a share currently, IXICO is valued at £15.67mln.