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 PET (positron emission tomography) scanners as well as collating and making sense of real-world data from wearable biosensors.
How is it doing
Ixico will post its first annual underlying profit since it listed after revenues in its latest year surged 40%.
The company said the performance was better than expected as sales growth had accelerated since the half-year, even though one large trial had finished early.
In the year to September, revenue increased year-on-year by 40% to £7.6mln, up from £5.4mln in 2018, while orders at the year-end were £15.9 million, which takes account of the client early trial cessation reported on 9 August.
Net cash at the year-end was £7.3mln (2018: £7.9mln).
What the boss says: Giulio Cerroni, CEO
"2019 has been a pivotal year in the company's transformation into a profitable, scalable business, and we enter 2020 on a strong growth trajectory supported by our order book, highly talented staff and strengthened leadership team."
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- 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 £7.3mln of cash
- Company is expanding commercial team to attract larger contracts
- Working also with smaller biotechs as well as large pharmas
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.