Platform to reduce patient wait times drives 25% revenue surge at Diaceutics

Irish data analytics company Diaceutics grew revenues by 25 per cent to £7.5 million (€8.9m) in the first half of the year.

The Belfast-based end-to-end services provider, which aims to improve patient treatment outcomes, published a trading update for the six months ended June 30th on Tuesday. The company said it enjoyed a positive start to the year, delivering revenue and order book growth in line with the board’s expectations. Cash and cash equivalents increased to £20.4 million from £19.7 million in the six months prior. The company remains debt free.

Its revenues of £7.5 million were up from £6 million in the corresponding period last year, with more than 75 per cent of this year’s turnover generated through the company’s DXRX platform, up from 60 per cent for the year ended December 31st, 2021.

The €26 million DXRX platform was launched in late 2020 and is designed to improve the efficiency of patient testing for a range of diseases by reducing the timeline for a patient to secure optimal treatment for their condition. The group said on Tuesday that the platform has continued to increase revenue quality and visibility and has resulted in a “meaningful future multiyear order book” for the first time.

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Diaceutics grew the order book to about £10 million as of June 30th, up from £1.7 million at December 31st, with about 37 per cent of the order book expected to be realised by the end of the year, with the remainder in 2023 and beyond.

Diaceutics chief executive Peter Keeling said he was “pleased to report” a positive start to 2022.

“We are seeing normal market conditions beginning to resume, and our continuing investment in our platform business model is allowing us to take advantage of the growing market opportunity,” he said.

“We remain confident in our strategy and in our ability to secure future growth as we continue to hit our key milestones for platform network expansion and the introduction of innovative new products.” The company will report interim results on September 27th.