Irish data analytics and diagnostic commercialisation company Diaceutics said its business showed strong growth in the first half of the year, with revenue rising 24 per cent.
The company, which provides data, analytics and technology-enabled services to the precision medicine market, said revenue was £12.3 million (€14.6 million) in the first half of the year, with more than half of it classed as recurring. Its order book was up 16 per cent by the end of June, reaching £27.9 million from £24.1 million a year earlier.
The year also saw Diaceutics increase its enterprise-wide engagements from four to six.
The second half of the year has historically been stronger for the company, which works with 17 of the top 20 global pharma companies.
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“This performance demonstrates the significant value our customers place on our differentiated offering, as reflected by the increasing number of precision medicines we are working with and the significant number of enterprise-wide engagements we have secured to date,” said chief executive Ryan Keeling.
“Our customers are continuing to accelerate their shift to precision medicine to improve patient access, capture lost revenue and increase profitability and we are confident we have the team and resources in place to scale our business as we capture this growing market opportunity and in doing so, help our customers find patients in need.”
The company also increased the number of individual customer brands it worked with in the first half of the year by 26 per cent to 63.
Cash at June 30th 2024 was £16.7 million, in line with the end of December. Diaceutics said it would continue to invest in line with its growth strategy announced in January 2023, which its said was on track.
Looking ahead to 2024, the company predicted continued growth in line with the first half of 2024, with adjusted earnings before interest, tax, depreciation and earnings before interest, depreciation and amortisation in line with expectations.
Diaceutics said it was exploring commercialisation partnerships, with market opportunities growing beyond the pharma industry.
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