Irish data analytics and diagnostic commercialisation company Diaceutics said revenue grew in the first half of the year as contract values soared.
In a report for the six months ended June 30th 2022, the company said revenue climbed to £7.5 million (€8.4 million) from the £6 million recorded in the first half of the year.
That came as total contract value signed in the period rose 132 per cent to more than $20.4 million (€21.1 million), with the company attributing the rise to the increased breadth of product offerings and multiyear length of contracts. Its order book stood at £10.2 million at the end up June, compared to £1.7 million at the end of December 2021. Some £3.8 million of that is expected to be realised in the second half of the year.
Some 80 per cent of the 16 pharma focused and tailored products Diaceutics has developed and launched are now generating revenue, with the six top performing products having contracted sales of more than $1.5 million in the first six months of the year.
The DXRX platform, which launched in October 2020, is now generating 76 per cent of the company’s revenue, a milestone reached a year ahead of expectations. More than a third of revenues come from subscription-based contracts.
Diaceutics provides data, analytics and technology-enabled services through the proprietary platform to the precision medicine market. The period also saw a 42 per cent rise in the number of labs on the platform bringing the total to 777 across 38 countries.
Gross margin fell during the period as early stage and lower margin contract deliverables within the recently established TES business line affected it. Diaceutics said it was a short-term situation, and it expects margin to return above 70 per cent for the full year.
“Continued investment in our platform business alongside our dedication to both platform adoption and customer migration has enabled Diaceutics to progress faster and farther than anticipated, with our customer adoption timeline currently a year ahead of plan,” said chief executive and founder Peter Keeling. “As Pharma’s investment in precision medicine returns to pre pandemic levels, we are optimistic that Diaceutics is well positioned to outperform market growth rates as we grow our innovative product portfolio and build upon our leadership position.”
Looking ahead, Diaceutics said it was positive about its outlook, with a growing order book and increased sales pipeline. It expects to report full-year results in line with expectations.