Deep diveHealth

IXICO's strong order book and rising revenues underline growing market presence in brain data analysis


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

Medical scanner

Quick facts: IXICO PLC

Price: £0.45

Market: AIM
Market Cap: £21.05 m


  • Provides data analytics services to interpret data from brain scans

  • AI-based algorithms analyse images to aid neurological disease trials

  • Order book has risen to £21.2mln

  • First profit just booked


What IXICO does:

IXICO PLC’s (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 swung to a profit in its first half of 2019 as the company began to reap the benefits of a number of contract wins.

For the six months to March, Ixico posted a profit of £106,000 against a £514,000 loss in the prior year, while revenues jumped to £3.4mln from £2.8mln.

Gross margins also rose by 610 basis points to 66.3%.

The company also said that it had secured additional contract wins during the period with a total value of £5.2mln, taking its total order book to £21.2mln.

Chief executive Giulio Cerroni said the group expected to continue delivering on its financial targets into the second half, with the increased order book supporting its expectations of 20%+ revenue growth across 2019.

Cerroni added that for the next six months the company planned to “accelerate” the pace of its investments in order to scale up and support its long-term growth plans, with spending on research & development and marketing expected to increase.




Inflexion points

  • Ixico has reported revenue growth of more than 20% for five periods running
  • Margins are increasing as more companies use its AI-based algorithms
  • Balance sheet contains £7.5mln of cash
  • Company is expanding commercial team to attract larger contracts
  • Working also with smaller biotechs as well as large pharmas
  • At 38.5p Ixico is valued at £18mln


Blue Sky:

Recent 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.

IXICO’s business is also moving 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.

House broker Cenkos says: “We believe the combination of +20% revenue growth with a high degree of visibility, strong sustainable gross margins and operational leverage set to move the company into profitability makes IXICO a highly attractive investment opportunity.”

Cenkos sees revenues rising to £9.6mln in the year to September 2021 with the company making a pre-tax profit of £445,000.


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IXICO sees strong topline growth in interim results

IXICO Plc's (LON:IXI) Giulio Cerroni tells Proactive that the company is seeing topline growth of 30% in a strong set of interim results. Cerroni says the company is also seeing improvements in its gross margins and cash position. He adds that the company recently raised £5.5mln...

on 23/5/18

3 min read