Data analytics firm Diaceutics has announced a strong trading performance for the year ended 31 December 2019.
The Belfast and Dundalk based company, which provides diagnostics data analytics and implementation services to the global pharmaceutical industry, saw an increase in the number of clients and growth in product sales in the final quarter of 2019.
As a result, Diaceutics’ revenue in 2019 is expected to be approximately £13.4 million, up from £10.4 million in 2018.
The company, quoted on the Alternative Investment Market (AIM) of the London Stock Exchange, is enabling Pharma to accelerate their market penetration and achieve a better return on precision medicine therapies by helping them to revolutionise patient testing. By generating insights from its data lake of clinical laboratory testing data and other data, Diaceutics helps Pharma understand and leverage the diagnostic landscape through initiatives that improve patient testing, leading to better treatment outcomes.
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All outstanding debt has now been retired from the balance sheet resulting in net cash of £11.7 million (2018: £2 million). This strong cash position enables Diaceutics to continue to expand globally and fund the completion and launch of the Nexus platform in 2020, strengthening its current market position in global test commercialisation.
“We are pleased to have delivered on both our operational and financial commitments, exceeding full year guidance, while continuing to invest in the long-term future of the Group,” said Peter Keeling, CEO of Diaceutics. “2019 was a key year in expanding our global footprint and deepening our service relationships with key clients and their therapy brands.
“These results provide a solid base for 2020 and the launch of our Nexus platform later in 2020.”
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Source: Written based on press release
