REG - Diaceutics PLC - FY 2024 Results - Strong Revenue Growth
13/05/2025 07:02
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RNS Number : 3495I Diaceutics PLC 13 May 2025
Diaceutics FY 2024 Results
Revenue growth of 39% on a constant currency basis to £32.2 million in FY
2024
Record FY 2024 Adjusted EBITDA* growth of 50% to £4.2 million
Very strong commercial momentum delivered in FY 2024 has continued into 2025
to date
Order book of £24.9 million and ARR of £16.8 million at 31 December 2024
provides good visibility for continued strong growth in 2025
23% growth in number of customer therapeutic brands working with and three new
customer enterprise-wide engagements added in FY 2024
Successfully launched PMx solution
Strong balance sheet with cash of £12.7 million
Increased sales presence in US during FY 2024 and opened US HQ in January 2025
New York, Belfast and London, 13 May 2025 - Diaceutics PLC
(https://www.diaceutics.com/) (AIM: DXRX), a leading technology and solutions
provider to the pharma and biotech industry, today announces the continued
strong performance and growth across its business for the year ended 31
December 2024.
Ryan Keeling, Diaceutics' Chief Executive Officer, commented: "I am
extremely pleased to report that 2024 was another strong year of performance
and continued growth across our business. The investments we have made in
sales and product innovation are showing returns ahead of plan and the team
have executed well. This continued growth demonstrates the significant value
our customers place on our solutions, reflected by the increasing number of
therapeutic brands we are working with, and enterprise-wide engagements
secured to date. We are mindful of the current macro-economic uncertainty and
we are closely monitoring how this could impact our customers, but our strong
commercial progress, delivered over the past two years during our accelerated
investment in the business, has provided us with the solid foundation required
to continue our impressive organic growth, and we expect to return to
profitability in 2025."
Financial Highlights:
· Very strong financial and commercial momentum delivered in FY 2024 including
successful launch of PMx solution, which has continued into 2025
· Order book of £24.9 million at 31 December 2024 (£26.5 million at 31
December 2023) and Annual Recurring Revenue (ARR) of £16.8 million at 31
December 2024 (£13.7 million at 31 December 2023) provides good revenue
visibility to support continued strong growth in 2025
· Revenue grew 36% to £32.2 million in FY 2024 (FY 2023: £23.7 million)
· Strong growth in Adjusted EBITDA to £4.2 million (FY 2023: £2.8 million)
· Strong balance sheet with cash of £12.7 million at 31 December 2024 and
£15.8 million at 31 March 2025
2024 2023 Change
£000's £000's
Revenue 32,158 23,699 +36%
Revenue growth constant currency basis 39% 19% +20 ppts
Annual Recurring Revenue (ARR)** 16,801 13,662 +23%
Net Revenue Retention (NRR)** 109% not reported -
Order book 24,930 26,517 -6%
Order book visibility for next 12 months 17,715 12,334 +44%
Gross profit 28,270 19,706 +43%
Gross profit margin 88% 83% +5 ppts
Adjusted EBITDA* 4,206 2,802 +50%
Adjusted EBITDA margin 13% 12% +1 ppt
EBITDA* 2,259 1,754 +29%
EBITDA margin 7% 7% -
Loss before tax (1,908) (2,438) +22%
Cash and cash equivalents 12,744 16,667 -24%
Commercial Highlights:
· Continued progress across our key value drivers and expansion of our team
· Secured three new multi-year enterprise-wide engagements in FY 2024 with a
total ARR of £4.3 million
· Total of seven enterprise-wide engagement customers working with Diaceutics
during 2024 across 32 therapeutic brands, with a total ARR of £10.6 million
as at 31 December 2024 (four enterprises with a total ARR of £7.0 million at
31 December 2023).
· First commercialization partner engagement (PMx) signed and worth £4.3
million over first 18 months to December 2025. This was subsequently
superseded in March 2025 where the total contract value was enhanced up to
£13.0 million including autorenewal extensions to September 2028.
· DXRX Signal identified more than 600,000 patients in 2024 across the US
· Enhanced platform scale and capabilities, including cutting edge AI continues
to improve customer experience and service
· Diaceutics is working with 18 of the top 20 global pharma companies (FY 2023:
17 of top 20)
· Diaceutics worked with a total of 52 customers and 85 therapeutic brands in FY
2024, an increase of 18% and 23% respectively (FY 2023: 44 customers and 69
therapeutic brands)
· Increased sales presence in US during FY 2024 including opening US HQ in
January 2025 to accelerate future growth plans
April 2025 YTD Trading & Outlook:
· Strong commercial momentum delivered in FY 2024 has continued into 2025 with
the Total Contract Value of sales for April 2025 YTD up 93% to £18.7 million,
revenue up 35% to £8.4 million and cash of £13.7 million as at 30 April
2025
· Trading in 2025 to date is on track to deliver the Company's return to
profitability in FY 2025
· The precision medicine market opportunity is significant and growing, with 48
new therapeutic brands receiving FDA approval in 2024, up 71% on 28 in 2023***
· We are closely monitoring the current macro-economic uncertainty in the US and
how this could impact our customers
· The success of the Company's current strategy and financial strength provide
the Board with confidence that the growth & profitability targets for 2025
are on track to be delivered
Analyst Presentation:
A webinar presentation for analysts and investors will be held at 1400 BST
(0900 EDT) on Tuesday, 13 May 2025. Those wishing to attend can register their
interest using the following link:
https://us06web.zoom.us/webinar/register/WN_tH4xZK9CR4iL4FkvLAW0bw
(https://us06web.zoom.us/webinar/register/WN_tH4xZK9CR4iL4FkvLAW0bw)
Investor Meet Company Presentation:
A webinar presentation for investors will be held via the Investor Meet
Company platform at 1530 BST (1030 EDT) on Tuesday, 13 May 2025. The
presentation is open to all existing and potential shareholders and
registration can be completed via the following link:
https://www.investormeetcompany.com/diaceutics-plc/register-investor
(https://www.investormeetcompany.com/diaceutics-plc/register-investor)
* EBITDA is earnings before interest, tax, depreciation and amortisation.
Adjusted EBITDA removes share-based payment charges and once-off exceptional
items.
**Annual Recurring Revenue (ARR) is the value of recurring subscription
revenue at a specific point in time that is expected to be recognised from
contracts over the next twelve months. Net Revenue Retention (NRR) is the net
percentage increase in customer ARR over twelve months.
*** Source: Precision Medicine Online - Precision Medicine in 2024: Field at a
'Tipping Point' From Niche to Mainstream.
Enquiries:
Diaceutics PLC
Ryan Keeling, Chief Executive Officer Tel: +44 (0)28 9040 6500
Nick Roberts, Chief Financial Officer investorrelations@diaceutics.com (mailto:investorrelations@diaceutics.com)
Canaccord Genuity Limited (Nomad & Broker) Tel: +44 (0)20 7523 8000
Simon Bridges, Andrew Potts, Harry Rees
About Diaceutics
At Diaceutics we believe that every patient should get the opportunity to
receive the right test and the right therapy to positively impact their
disease outcome. We provide the world's leading pharma and biotech companies
with an end-to-end commercialisation solution for precision medicines through
data analytics, scientific and advisory services enabled by our platform DXRX
- The Diagnostics Network®.
Prior to publication the information communicated in this announcement was
deemed by the Company to constitute inside information for the purposes of
article 7 of the Market Abuse Regulations (EU) No 596/2014 as amended by
regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations No
2019/310 ('MAR'). With the publication of this announcement, this information
is now considered to be in the public domain. The person responsible for
making this announcement on behalf of the Company is Nick Roberts, Chief
Financial Officer.
Chair's review
Leading with purpose. Delivering with impact.
Credibility: the foundation of our success
I'm delighted to reflect on another year, our twentieth as a business, where
our team has delivered on our financial and strategic goals, with passion,
purpose and diligence. Given the exceptionally high expectations of our
customers, trust and credibility are not just buzzwords for Diaceutics; they
are deeply embedded in our culture and critical to our continued success.
By continuing to create innovative solutions that simplify the complex
challenges our customers face and by navigating geopolitical and global health
crises, we have earned our reputation as an honest, resilient and insightful
partner - not just another service provider.
I'm confident that our ability to adapt, evolve and anticipate customer needs,
while staying true to our mission - to give more patients access to the right
tests and therapies when they need them - will remain a cornerstone of our
future success for the next twenty years and beyond.
Our commitment to governance and social responsibility
Our credibility is fundamentally rooted in strong governance and a deep sense
of social responsibility. Since our inception, we've worked diligently to
align our governance structures with the high standards expected by our
diverse stakeholders - from customers and shareholders to the entire
Diaceutics team. This alignment has brought a high level of transparency and
accountability that reinforces our position as a trusted and reliable partner.
Our approach to governance is anchored in effective risk management, ensuring
that we remain resilient in an ever-changing world. Initiatives such as recent
board changes, monthly town halls, all-company meetings, and robust leadership
structures contribute to decision-making that is purposeful, transparent, and
inclusive across the organization.
During 2023 and 2024, we made several strategic leadership enhancements to
support our continued growth. I transitioned from CEO to Chair of the Board.
To further strengthen the Board, Cheryl MacDiarmid joined with significant
frontline experience in Pharma commercialization, Jordan Clark, Chief Data
Officer, was promoted to the Board, adding deep expertise in AI-driven data
insights, and Graham Paterson was appointed Senior Independent Director (SID).
Together, the team's collective experience ensures we are well-equipped to
meet the evolving needs of our Pharma customers and Lab partners while
continuing to nurture our unique company culture.
From vision to expanded ambition
Over the past two decades, as our expertise and credibility have grown, so too
has our ambition. We realized early on that we could do more than simply
advise pharma on how diagnostics can bring value through better data, improve
return on investment, and deliver more effective treatments to patients. The
real opportunity to make the biggest impact was in building and managing the
solutions ourselves.
A turning point towards this opportunity came when a significant cohort of
pharma companies - faced with the task of fixing the gaps in patient testing -
began asking, "Who is actually going to fix this?" At that moment, we saw that
Diaceutics wasn't just an informed voice in the conversation - we were best
placed to lead the change. The trust we had built became our capital; we had
earned permission to think bigger.
These initial conversations with leaders from the heart of pharma and
diagnostics have ultimately led to Diaceutics' defining offering; a powerful
integrated commercialization solution that has the needs of our customers,
their patients, and the wider evolving industry at its core. It demonstrates
not only the scale of our ambition but also our readiness to lead a movement
that is reinventing drug commercialization for the benefit of all.
Built for what's next
Looking ahead, I feel both confident and energized about the long-term future.
As the industry increasingly recognizes the essential role diagnostics play in
guiding treatment decisions and expanding access to therapies, Diaceutics
stands uniquely prepared - not by chance, but by design - to lead this
transformation.
From the very beginning, Diaceutics was purposefully structured to anticipate
and enable a future where every patient benefits from a tailored diagnostic
journey. While our leadership in oncology and rare diseases is well
established, we are already expanding this impact across neurology,
cardiovascular disease, and infectious diseases; helping unlock diagnostic
pathways that have, until now, been underdeveloped.
Innovation has always been embedded in our DNA. Over the next five years, our
mission is clear: to continue innovating at the cutting edge of precision
medicine as it becomes the predominant commercialization model, delivering
greater value to our customers and, most importantly, improving outcomes for
patients. We will do so while protecting the strong governance and financial
discipline that have underpinned our success for the past two decades.
At Diaceutics, innovation at the front line of our customer needs is not just
a goal - it's a culture. It's a space where bold thinking is encouraged,
creativity is nurtured, and our team is empowered to push boundaries. We've
spent the last twenty years building the capabilities, credibility, and
culture to reshape therapy commercialization - putting the Company in the
right place at the right time. Now we begin to unlock what's really possible.
We recognize that the first few months of 2025 has introduced some significant
economic uncertainties as policies and historical norms shift, particularly
for the pharmaceutical industry and in the US which represents the Company's
biggest customer and geographical concentration. The Board and management team
do not currently expect a direct impact from the recent tariff announcements.
That said, the degree to which tariffs or other regulatory changes increase
uncertainty and impact global business confidence negatively, is likely to be
more important than any direct consequences of the tariffs themselves.
However, we continue to monitor the risks and opportunities that may arise
from economic changes, and we are confident we have the ability and agility to
manage all eventualities. We remain confident in the unique and differentiated
value we bring to our customers - unlocking more life for patients. The Board
believes that the current strategy and financial strength of the Company is
robust and can sustain any short-term disruptions to established market
conditions and that the Company's growth prospects remain strong.
CEO's review
Powering ahead
Our transformational journey continues…
Delivering on our promises
After my first full year as CEO, I'm pleased to report that we've made
significant progress against plan and are recording our fourth consecutive
year of hitting, or exceeding, our ambitious targets.
Thanks to our extraordinary people, 2024 has been a year of successful
execution, commercial acceleration, and strong financial performance and
growth for our business. With a clear focus and a commitment to our purpose -
accelerating access to innovative treatments for those who need them most - we
have made significant progress during 2024, with the investments to date
clearly positioning us as a tech-driven business with high recurring revenues.
While we continue to invest with prudence, the progress in 2024 sees our
intensive investment phase in the rearview mirror as we target a return to
profitability in 2025.
A standout milestone was the launch of our integrated commercialization
partner agreement (PMx), and the signing of our first contract, the
culmination of years of dedicated effort. This achievement underscores our
ability to provide customers with end-to-end commercialization solutions that
address unmet needs, whilst continuing to perform and driving our future
growth.
Our first PMx contract was signed in August 2024 and was worth £4.3 million
over the first 18 months. This was subsequently superseded in March 2025 when
the therapy was licensed to Partner Therapeutics, who retained our PMx
commercialisation solution and extended the term. The new contract saw the
total contract value increase to £13.0 million, including £1.5m realized
under the previous contract, and the end date including auto renewal clauses
extended out to September 2028.
We are excited about being able to offer our customers this fundamentally
better way to commercialize their innovative treatments so that more patients
can benefit from the right testing and the most appropriate therapy for their
needs. In 2024 our DXRX Signal solution identified over 600,000 patients who
could be treated by our pharma customer therapies.
2024 also saw significant investments in our sales and marketing functions.
I'm delighted to see that these efforts, which will continue into 2025, are
already delivering results. Early commercial traction has exceeded
expectations, translating into immediate top-line growth.
Another crucial advancement has been the diversification of our sales
channels, including a series of successful commercial data partnerships that
pave the way for an accelerated and scalable route to market. This initiative
has enabled us to supplement our core sector growth with strategic
collaborations that expand Diaceutics' US commercial reach through data
marketplaces and partner sales channels in a co-selling model. In 2024, these
sales channels delivered £1.1 million of new revenue, to new customers, and
commercializing previously untapped segments of our data asset. We continue to
incubate and grow these channels in 2025 and beyond.
Strong leadership
The exceptional performance and dedication of our leadership team has been
instrumental in driving our success. In 2024, we financially outperformed our
peers and the market, proving the resilience of our strategy in a challenging
macroeconomic environment. Our Board and senior leadership's strategic
direction, laser-focused on maintaining proximity to customers and deep market
understanding, have allowed us to remain agile, make well-informed
investments, and maintain our strong performance and growth trajectory.
Investment in talent and culture
As we approach our milestone twentieth anniversary, our people remain at the
heart of our success and 2024 was a year of significant investment in talent.
We welcomed Sandra Blake as our Chief People Officer, a key addition that
reflects our commitment to maintaining our purpose-driven culture and
leveraging the skills and passion of our people. Additionally, we made
strategic hires-particularly in the US-to enhance our commercial capabilities
and also opened the doors at our new US office, in New Jersey. The rapid and
decisive recruitment of key VP-level executives in 2024 had a tangible impact
on our performance, enabling us to execute our commercial strategy more
effectively and putting us in a strong position to accelerate and grow in the
US market.
Meet our new senior managers
Sandra Blake, Chief People Officer
Kerri Donaldson, promoted to VP Customer Operations
Amie McNeice, VP Marketing
Ken Ruppel, VP Scientific & Medical Services
Marianna Sciortino, promoted to VP Sales
Madeline Brown, promoted to VP Chief of Staff
Gosia Leitch, VP Engagement Solutions
Scott Phillips, VP Real World Data.
A focus on our purpose continues to be a core strength that drives engagement
and performance. Our ongoing investment in culture, consistent communication
of our strategic goals and KPIs, and sound leadership, ensure that every team
member understands how their contributions ladder up to our broader success.
A key structural enhancement at the beginning of my tenure as CEO was the
establishment of the CEO Office, including the appointment of a VP Chief of
Staff. This move has been a significant enabler for both strategic execution
and organizational agility, allowing me to remain deeply connected to the
operational and commercial realities of the business as we grow and scale.
Performing and growing in a dynamic market
The healthcare and diagnostics landscape continues to evolve, presenting
significant opportunities for our business, particularly in the US. Our
research tells us that up to 60 per cent of therapies being developed are
precision medicines or diagnostically-informed treatments. Our unique
capabilities, including our AI-driven technology and platform, proprietary
global lab network and targeted physician engagement, integrate to give us a
powerful commercialization solution. We stand positioned to capture an
expanding market opportunity. By leveraging these assets and capabilities
effectively, we are continuously driving greater adoption of our solutions and
strengthening our competitive edge.
This is most readily demonstrated in the three enterprise-wide engagements
secured in 2024, one of which was a PMx contract, taking the number of
enterprise-wide engagements to seven and the ARR of these to £10.6 million.
Precision Medicine > Diagnostically Powered Therapies
The therapy market currently described by pharma and biotech as precision
medicine is both significant and expanding, with 48 new precision therapeutic
brands receiving FDA approval in 2024-up 71% from 28 approvals in 2023. Within
this category, we are proud to count 18 of the world's top 20 pharma companies
as clients, having supported 56 of their brand teams to successfully
commercialize innovative treatments during 2024 alone. In total, we work with
85 "on-market" brands currently labeled as precision medicines-approximately a
third of the total precision medicine portfolio.
Yet this is only the beginning.
While the continued growth of labeled precision medicine offers meaningful
expansion potential, an even greater opportunity lies in the broader universe
of diagnostically powered therapies-those therapies whose success depends on
diagnostic insight, even if not currently classified under the precision
medicine banner. We are actively expanding into this larger market, supporting
both "on-market" and clinical-stage therapies across central nervous system,
cardiovascular, autoimmune, and infectious disease areas-where diagnostic
intelligence is fast becoming critical to treatment access, reimbursement, and
patient outcomes. We believe that this market could consist of up to 1,000
diagnostically powered therapies by 2030.
Maximizing our lab network
Our lab network remains a key differentiator, both as a source of valuable
data and as a critical enabler of our products and services. While
historically the focus has been on expanding the number of laboratories in the
network, we have now reached a point of stability that allows us to optimize
and maximize its value. Moving forward, we expect a strategic refinement of
the network, with a particular emphasis on strengthening our presence in the
US, where we see the greatest growth potential.
Scaling and enhancing our capabilities
One of the most significant investments we made in 2023 and 2024 has been the
scaling of our data capabilities. We are particularly excited about the
potential of multi-modal data insights to further strengthen our ability to
integrate disparate datasets. Our unique multi-modal data insights engine
transforms fragmented, siloed data into actionable intelligence that drives
commercialization success for our customers. Unlike traditional data sources
that capture only part of the patient journey, this approach integrates
diagnostic, insurance claims, laboratory, and electronic medical record data
to capture the full patient journey - from biomarker testing through to
treatment decisions.
Developing our tech platform: seamless integration and enhanced user experience
"It's not just about giving our customers data, it's about how we bring it together so they can derive insight and directionality from it. It's now less about data wrangling and more about customers using data to really drive their businesses."
We have successfully built an infrastructure that allows us to provide
data-driven insights at scale without adding significant resource burdens. The
strategic application of AI in 2024 has played a pivotal role in enhancing our
ability to automate processes, innovate products, and deliver superior service
to our customers. Our unique, AI-driven tech platform has continued to evolve
through 2024, with a strong emphasis on customer-led development, including
the integration of our platform into customer tech stacks, which delivers
significant resource economies to our customers and enhances our "stickiness"
as a trusted partner.
Our team continues to provide expert insights and enable customers to derive
new value from our data. Our advisory team has proven to be a key
differentiator for Diaceutics in the marketplace and we continue to benefit
from the analysis they provide.
Additionally, we have made significant progress in data visualization and
dashboarding capabilities, making it easier for customers to extract
actionable insights from multi-modal data. We remain committed to the idea
that our business is not just about giving customers data, it's about how our
proprietary AI tech stack brings it together so that they can derive insight
and directionality from it. The latest enhancements not only improve user
experience but also reinforce our unique value proposition in the market;
transforming complexity and unlocking possibility for those we serve at every
stage of therapy development, right to the last and most important; the
patient.
By providing our customers with access via our tech platform to a uniquely
unified and powerful data engine, we create the ideal conditions to achieve a
successful transition to a high recurring revenue model.
Balancing growth and financial discipline
As we look ahead, we remain committed to accelerating growth - both through
organic expansion and strategic mergers, acquisitions and/or partnerships. We
see significant untapped potential in our business and recognize the
opportunities that selective inorganic growth can bring.
At the same time, we are mindful of maintaining a disciplined approach and are
committed to striking a careful balance between investing for future growth
and delivering strong financial results to our shareholders. As ever, this
requires prudent decision-making to ensure we meet our commitments while
seizing opportunities that will create sustainable long-term value.
2025 and beyond
"Much like the path walked so far, the roadmap ahead is one of disciplined execution"
A continued focus on performance, growth and profitability
As we look to 2025, our primary objectives remain clear: from delivering sales
and revenue targets and growing our bottom line, to accelerating commercial
success, further embedding our technology and expertise into customer
workflows, fostering strategic partnerships and ensuring patients get the
right tests and treatments.
AI is playing an increasingly significant role in the business and we are
seeing considerable benefits from our agentic AI solution and our emerging
multimodal data offering. With all of this we remain focused on our recurring
revenue model, and our US expansion, which will remain key priorities,
supported by continued investment in talent and infrastructure.
April 2025 YTD trading
The first four months of 2025 have seen us carry over the very strong momentum from 2024 and capitalise on the expanding opportunity in front of us.
Strong demand for our DXRX insight and engagement solution products are driven by customer success. Total contract value of sales closed in April 2025 YTD grew 93% to £18.7 million, revenue grew 35% to £8.4 million and cash was £13.7 million as at 30 April 2025. Our 2025 YTD Adjusted EBITDA is performing in line with management expectations.
Looking to the future
"With a clear vision, a dynamic team, and a commitment to staying close to our customers, we are well-positioned to unlock the opportunities that lie ahead.
We have started 2025 with good momentum despite the uncertain economic
climate. The leadership team is highly focused on delivering against our
strategic objectives and we are confident in our ability to drive continued
performance and growth. With a clear strategic vision, a dynamic team, and a
strong focus in staying close to our customers, we remain well-positioned to
unlock the opportunities ahead.
We recognize that the first few months of 2025 have introduced some
significant economic uncertainties, especially in our key US market. We remain
vigilant to these, actively seeking market intelligence from our people,
customers, suppliers and other stakeholders, and are ready to quickly react to
any risks or opportunities that may materialize.
We are closely monitoring the current macro-economic uncertainty in the US and
how this could impact our customers. The success of the Company's current
strategy and financial strength, and the sustained positive momentum in 2025
to date, serve to validate the Group's growth strategy and provide the Board
with confidence that the growth and profitability targets for 2025 are on
track to be delivered.
We are focused on 2025 and the delivery of:
● Continued revenue expansion, particularly in high-margin recurring
revenue solutions. Notwithstanding the current US pharma economic
uncertainties, we will target 25% year-on-year revenue and annual recurring
revenue growth.
● Discipline and focus, ensuring that investment is targeted at
high-return opportunities, AI technology is continually deployed to allow
rapid innovation at scale, and costs are managed through strong processes.
● Operational scalability, leveraging the AI and technology
infrastructure we built in 2023 - 2024 to deliver increasing returns and
margins, targeting growth in EBITDA and breakeven profit before tax.
Our strategy remains unchanged. It's about execution; getting out, continuing
to scale efficiently, and using our world class commercialization expertise to
bring a highly differentiated offering to an increasing number of customers,
at scale.
CFO's review
Unlocking the next phase of success
2024: A year of growth, transformation, and continued financial discipline
2024 has been a defining year for our financial performance, marked by
sustained revenue performance and growth, an increasingly robust recurring
revenue model, and a continued commitment to financial discipline. This
success has been achieved against a backdrop of a complex and changing
macroeconomic landscape.
Despite these external pressures, our financial results have outperformed our
peers and the market, demonstrating our continuing ability to execute on our
strategy with precision and reliability. We strive for consistency; setting
clear expectations, whether strategic or financial, and ensure we deliver on
them. Looking ahead to 2025, we aim to maintain our growth, balancing careful
investment in future growth with a sharp focus on profitability and cash flow
management.
Strong results in a dynamic market
KPIs and Alternative Performance Measures (APMs)
2024 2023 Change
£000's £000's
Revenue 32,158 23,699 +36%
Revenue growth constant currency basis* 39% 19% +20 ppts
Annual Recurring Revenue (ARR)* 16,801 13,662 +23%
Net Revenue Retention (NRR)* 109% not reported -
Order book 24,930 26,517 -6%
Order book visibility for next 12 months 17,715 12,334 +44%
Gross profit 28,270 19,706 +43%
Gross profit margin 88% 83% +5 ppts
Adjusted EBITDA* 4,206 2,802 +50%
Adjusted EBITDA margin* 13% 12% +1 ppt
EBITDA* 2,259 1,754 +29%
EBITDA margin* 7% 7% -
Loss before tax (1,908) (2,438) +22%
Cash and cash equivalents 12,744 16,667 -24%
* Alternative Performance Measure
Alternative Performance Measures ('APMs')
In measuring and reporting financial information, the management team reviews
APMs such as EBITDA, adjusted EBITDA, revenue growth on a constant currency
basis, annual recurring revenue, and net revenue retention - all of which are
not defined measures under financial reporting standards.
We believe that these measures, when considered in conjunction with defined
financial reporting measures, provide management and stakeholders with a
broader understanding of the performance of the business.
Operating profit is the financial reporting measure under IFRS most comparable
to EBITDA and adjusted EBITDA. EBITDA is defined as earnings before interest,
tax, depreciation and amortisation. The Directors may make certain adjustments
to EBITDA, for nonrecurring or noncash items, to derive adjusted EBITDA, both
measures of which they consider more readily reflect of the Group's underlying
trading performance, enabling better comparisons to be made with prior periods
and industry peers. A reconciliation of operating profit to EBITDA and
Adjusted EBITDA are included below.
Annual Recurring Revenue (ARR) is the value of recurring subscription revenue
at a specific point in time that is expected to be recognised from contracts
over the next twelve months.
Net Revenue Retention (NRR) is the net percentage increase in customer ARR
over a period of time and helps to measure cumulative revenue retained from
existing customers by examining revenue added due to expansions and
contractions for a given period.
The Directors consider ARR and NRR to be key metrics when measuring the
strength and visibility of the Group's forward revenue, and of the Group's
progress towards realising its near-term strategy of transitioning to a
platform-based recurring revenue model.
The Directors consider and report revenue and revenue growth in the current
reporting period on a constant currency basis. This approach is used because
the majority of the Group's customer contracts are written in US Dollars and
this can result in significant fluctuations in the Group's performance -
relative to the comparative period - based on the prevailing exchange rate.
Reporting the current period revenue on a constant currency basis allows
stakeholders to better understand the underlying growth of the Group's
activities, before the influence of foreign currency movements.
'Order book' is defined under financial reporting standards as the aggregate
amount of the revenue transaction price allocated to customer contracts that
are partially or fully unsatisfied as at the year end and are not considered
an APM. Order book is disclosed in the notes to the financial statements.
We continue to evolve our KPIs and APMs to highlight and evidence the
financial and operational performance of the Group and its progress against
strategy.
Scaling the business while strengthening predictability
One of our most significant achievements for 2024 is the sustained expansion
of our revenue base. This year, revenue increased from £23.7 million to
£32.2 million, representing an impressive 39% organic (constant currency)
growth. This performance extends a three-year trend of consistent expansion,
with a compound annual growth rate of 32% since 2021.
However, growth for Diaceutics is not just about increasing revenue. Over the
last three years, we have successfully transitioned from a business that
relied on one-off revenues to one that is increasingly underpinned by high
quality, predictable, recurring revenue streams. In 2021, only 3% of our
revenue fell into this category; by the end of 2024, that figure had grown to
53%. The shift to a recurring revenue model, underpinned by our end-to-end
integrated commercialization solution (PMx) and subscription-based data
license model, strengthens customer relationships and embeds us more deeply
into their operations as a long-term commercialization partner. It also
enhances the quality and visibility of our revenues. In other key metrics, ARR
grew 23% from £13.7 million at December 2023 to £16.8 million at December
2024, and for the first time, the Group published a NRR which was 109% at
December 2024.
"The shift to a recurring revenue model embeds us more deeply into customer operations as a long-term commercialization partner and enhances the quality and visibility of our revenues."
Our recurring revenue transformation naturally affects how revenue is
recognized, with more income now spread across multiple quarters rather than
all captured upfront. While this typically delays the initial recognition of
some revenue, it creates a more robust and scalable foundation for the future
and greater revenue visibility. We are focused on building a business that is
not only growing rapidly, but doing so in a way that ensures sustainability
and predictability.
The Total Contract Value (TCV) of sales secured in the year was £30.6
million, a slight decrease on the value of contracts secured in the prior year
of £35.9 million. The lower TCV growth in 2024 highlights the importance of
the Company's accelerated growth strategy, specifically the need to invest in
more sales and marketing capacity and establish additional sales channels with
our existing and new customers. The Group continues to see and expect a higher
weighting of revenue, and therefore profitability, in the second half of the
financial year. In 2024 the H1/H2 weighting was 38:62 compared to 42:58 in
2023. This weighting is driven by the pharma industry's propensity to spend
more of its budget in the second half of the year, particularly the fourth
quarter, as it reaches the end of its own budget and financial year.
EBITDA and profitability: building a sustainable growth model
2024 2023
£000's £000's
Operating loss (2,455) (3,018)
- Depreciation & Amortization 4,714 4,772
EBITDA 2,259 1,754
EBITDA margin 7% 7%
Adjustments for:
- US sales tax liability 439 603
- Redundancy costs 450 -
- Legal fees for capital reduction 20 -
- Share based payment charge 1,038 445
Adjusted EBITDA 4,206 2,802
Adjusted EBITDA margin 13% 12%
Our adjusted EBITDA for 2024 is £4.2 million. This represents an adjusted
EBITDA margin of 13% and growth of 50% from £2.8 million in 2023, a level
that aligns with market expectations while reflecting our commitment to
investing in commercial and technological capabilities through 2023 and 2024.
The adjusted EBITDA in 2024 includes the add back of £0.5 million of costs
related to historic US sales tax costs, now all fully resolved and settled,
£0.5 million as a result of some targeted redundancies in 2024, and
share-based payment charges.
While growth remains a priority, we are keenly focused on profitability. We
expect 2025 will mark an inflection point, where we shift from an
investment-heavy phase, to driving operational efficiency and profit at an
increasing scale.
The transition to a stronger adjusted EBITDA margin in 2025 and beyond will be
driven by:
● Continued revenue expansion, particularly in high-margin recurring
revenue solutions. Notwithstanding the current US pharma economic
uncertainties, we will target 25% year-on-year revenue and annual recurring
revenue growth.
● Discipline and focus, ensuring that investment is targeted at
high-return opportunities, AI technology is continually deployed to allow
rapid innovation at scale, and costs are managed through strong processes.
● Operational scalability, leveraging the AI and technology
infrastructure we built in 2023 - 2024 to deliver increasing returns and
margins, targeting growth in EBITDA and breakeven profit before tax.
This approach to financial management should allow us to achieve profitability
while maintaining our growth momentum.
Navigating uncertainty while delivering results
The broader market environment in 2024 presented a series of challenges,
including regulatory shifts, evolving pharmaceutical budgets, and
macroeconomic uncertainty. These challenges have continued into 2025.
While the US healthcare sector in particular saw disruptions due to the
changing political and regulatory landscapes, our focus on pharmaceutical
commercialization largely insulated us in 2024 from the budgetary tightening
seen in the clinical setting. That said, while the precision and personalized
medicine sectors grew, wider caution in pharmaceutical investment decisions as
we enter 2025 has created a more measured market environment which we have
observed in recent reports from some of the largest pharmaceutical service
companies in the US.
The Group's customer base is heavily weighted towards blue-chip pharma
companies, with 92% of revenue generated by customers based in the US (2023:
88%). The Group worked with a total of 52 customers during the year (2023: 44)
across 85 therapies (2023: 69). The Group has increased its average revenue
per customer 18% to £0.62 million, up from £0.54 million in 2023, and
increased its average revenue per brand 23% to £0.42 million, up from £0.38
million in 2023.
Our historic ability to deliver strong financial performance despite these
challenges underscores the resilience of our business model and the market
opportunity for our solutions. We have consistently hit our financial targets,
as we seek to establish a reputation as a disciplined, execution-focused
business.
Maintaining financial discipline while investing for growth
From investment-led growth to profitability
Over the past two years, we embarked on a deliberate and measured investment
cycle, designed to enhance our technological capabilities, expand our
commercial footprint, and automate key business functions. This investment has
featured a significant focus on AI and positioned us for long-term scale and
efficiency, ensuring that we can grow profitably and sustainably.
By the end of 2024, this investment phase has been successfully executed,
enabling a strategic shift back towards delivering profitability in 2025. We
do not plan to stop our investment activities, in fact, we must continue to
innovate to maintain leadership and unlock new growth opportunities, but we
plan to significantly reduce the pace of investment spend growth, ensuring
that our revenue growth translates into profitability and increasing
shareholder value.
AI and platform investment: A transparent approach to innovation
Our commitment to innovation remains strong, with AI and platform investment
totaling £3.6 million in 2024 (2023: £2.0 million). As you would expect for
a technology-led company like Diaceutics, the value of development investment
continues to grow as the Company continues to innovate. However, the increased
investment has materialized as an expense, rather than a capital item, with
only £0.4 million capitalized in 2024 vs. £1.0 million in FY 2023.
This underscores the reality that our technology has reached a high level of
maturity, reducing the need for large-scale capitalization and giving our
investors an accurate reflection of our robust financial position. We feel
that expensing AI and platform development costs in real time provides greater
visibility of our operational priorities, reinforcing our commitment to
financial clarity. The Group continues to invest in data from its laboratory
network, insurance claims providers, electronic health record providers and
other data sources, expending £4.2 million in 2024, an increase of 18% (2023:
£3.6 million).
Cash management: unlocking a new era of growth
Cash conservation and conversion as growth enablers
Cash flow is a crucial pillar of our financial strategy, and our disciplined
approach to cash management has been instrumental in unlocking the company's
future growth potential. In 2023 and 2024, we followed through on our
commitment to a carefully managed investment cycle, with a free cash outflow
of £8.0 million, in line with management's projections, and maintaining a
minimum cash position of at least £12.0 million throughout this period.
At the end of 2024, our cash balance stood at £12.7 million (2023: £16.7
million), exactly in line with expectations. This approach to cash
conservation sets the stage for 2025, a year in which we will focus on further
scaling our business while achieving profitability and maintaining financial
stability.
Cash conversion will be key in this next phase. It means we'll be focused on
carefully managing our working capital, ensuring timely recovery of
receivables, maintaining disciplined efficiency in payment cycles and managing
foreign exchange exposures. In doing so we will ensure that we can fund future
growth without relying on external financing, preserving our cash assets and
potential strategic access to capital.
Investing in people to strengthen our commercial capabilities
It seems entirely right at such an important stage in our corporate story that
one of the largest areas of investment in 2024 has been in our people. Our
team remains the single most important driver of our success, and we have
continued to recruit strategically to support our long-term ambitions.
Over the course of the year, we increased our headcount from 184 to 199
employees, with a strong emphasis on commercial roles, particularly in the US.
This recruitment drive was a deliberate move to strengthen our sales and
marketing capabilities, ensuring that we're able to maximize the impact of our
expanding offering, and continues into 2025. Additionally, we have made key
VP-level hires, further strengthening our leadership team and reinforcing our
ability to execute at scale.
Our investment in people extends beyond recruitment. Training, development,
compensation, and performance-based incentives all play a crucial role in
ensuring that we continue to attract, retain, and develop top-tier talent. As
we move into 2025, this commitment will remain central, with a particular
emphasis on expanding our commercial footprint in the US market, as supported
by our new US office in New Jersey.
Looking ahead to 2025: execution and profitability
As we enter 2025, our financial priorities are clear. We will continue to
drive top-line growth, targeting 25% year-on-year. However, 2025 is not just
about revenue growth, it's about translating our performance and growth into
profitability.
The focus on our return to profitability following our accelerated investment
phase over the past two years is a central financial goal for 2025, alongside
preserving our cash resources, as we move from a period of investment-led
expansion to one of scalable, sustainable financial performance.
At the same time, we will continue to explore opportunities for strategic
acquisitions and partnerships, to supplement organic growth where they align
with our long-term vision. As always, we will pursue these opportunities in a
measured way, ensuring that we maintain a clear focus on execution and
financial stability.
Meeting targets, driving progress
2024 has been a year of strong financial performance, considered investment,
and strategic growth. We have demonstrated our ability to execute against
plan, adapt to market challenges, and build a scalable, profitable business
model.
As we move into 2025, our focus remains the same: set clear targets, execute
against them, and continue delivering value for investors, customers, and
employees alike. Through a combination of financial discipline, strong
leadership, operational excellence, and strategic investment, we are
well-positioned to drive the next phase of our growth journey - one that is
not just about expansion but about sustained profitability and long-term
success. Across the Company, there is a real sense of momentum, with our team
energized by the opportunities ahead and committed to delivering lasting
impact in line with our shared purpose - to help every patient get the
opportunity to get the right test and most appropriate treatment as fast as
possible.
Group Profit and Loss Account
for the year-ended 31 December 2024
Note 2024 2023
£000's £000's
Revenue 4 32,158 23,699
Cost of sales 5 (3,888) (3,993)
Gross profit 28,270 19,706
Administrative expenses 5 (30,742) (22,784)
Other operating income 17 60
Operating loss 5 (2,455) (3,018)
Finance income 601 646
Finance costs (54) (66)
Loss before tax (1,908) (2,438)
Income tax credit 205 692
Loss for the financial year (1,703) (1,746)
Basic loss per share (2.02) (2.07)
Diluted loss per share (2.02) (2.07)
All results relate to continuing operations.
Group Statement of Comprehensive Income
for the year-ended 31 December 2024
2024 2023
£000's £000's
Loss for the financial year (1,703) (1,746)
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations (386) (378)
Total comprehensive income for the year, net of tax (2,089) (2,124)
All results relate to continuing operations.
Group Statement of Financial Position
as at 31 December 2024
Note 2024 2023
ASSETS £000's £000's
Non-current assets
Intangible assets 7 15,413 15,262
Right of use assets 1,026 1,180
Property, plant and equipment 652 719
Deferred tax asset 2,000 1,143
19,091 18,304
Current assets
Trade and other receivables 8 16,043 11,367
Income tax receivable 742 6
Cash and cash equivalents 12,744 16,667
29,529 28,040
TOTAL ASSETS 48,620 46,344
EQUITY AND LIABILITIES
Equity
Equity share capital 10 170 169
Share premium 10 - 37,126
Treasury shares 10 (312) (312)
Translation reserve 10 (626) (240)
Profit and loss account 10 40,625 4,043
TOTAL EQUITY 39,857 40,786
Non-current liabilities
Lease liability 907 1,059
Provision for dilapidation 91 88
Deferred tax liability - 28
998 1,175
Current liabilities
Trade and other payables 9 7,611 4,237
Lease liability 153 146
Income tax liability 1 -
7,765 4,383
TOTAL LIABILITIES 8,763 5,558
TOTAL EQUITY AND LIABILITIES 48,620 46,344
Group Statement of Changes in Equity
for the year-ended 31 December 2024
Equity share capital Share premium Treasury shares Translation reserve Profit and loss account Total
equity
£000's £000's £000's £000's £000's £000's
At 1 January 2023 169 37,126 (263) 138 5,344 42,514
Loss for the year
Other comprehensive loss - - - - (1,746) (1,746)
Total comprehensive loss for the year - - - (378) - (378)
- - - (378) (1,746) (2,124)
Transactions with owners, recorded directly in equity
Share-based payment - - - - 445 445
Treasury shares - - (49) - - (49)
Total transactions with owners - - (49) - 445 396
At 31 December 2023 169 37,126 (312) (240) 4,043 40,786
Equity share capital Profit and loss account Total
equity
Share premium Treasury shares Translation reserve
£000's £000's £000's £000's £000's £000's
At 1 January 2024 169 37,126 (312) (240) 4,043 40,786
Loss for the year - - - - (1,703) (1,703)
Other comprehensive loss - - - (386) - (386)
Total comprehensive income for the year - - - (386) (1,703) (2,089)
Transactions with owners, recorded directly in equity
Share based payment - - - - 1,020 1,020
Exercise of warrant - 135 - - - 135
Issue of shares 1 - - - - 1
Deferred tax credit taken directly to equity - - - - 4 4
Cancellation of share premium - (37,261) - - 37,261 -
Total transactions with owners 1 (37,126) - - 38,285 1,160
At 31 December 2024 170 - (312) (626) 40,625 39,857
Group Statement of Cash Flows
for the year-ended 31 December 2024
Note 2024 2023
£000's £000's
Operating activities
Loss before tax (1,908) (2,438)
Adjustments to reconcile loss before tax to net cash flows from operating
activities
Net finance costs (547) (580)
Amortisation of intangible assets 7 4,306 4,459
Impairment of intangible assets 7 87 -
Depreciation of right to use asset 154 153
Depreciation of property, plant and equipment 167 161
Research and development tax credits - (42)
Share-based payments 1,020 445
Loss on disposal of fixed asset - 3
Increase in trade and other receivables (4,676) (2,158)
Increase in trade and other payables 3,374 618
Cash received from operations 1,977 621
Tax (paid)/ received (1,326) 690
Net cash inflow from operating activities 651 1,311
Investing activities
Purchase of intangible assets 7 (4,532) (4,730)
Purchase of property, plant and equipment (100) (125)
Finance income interest received 601 646
Net cash outflow from investing activities (4,031) (4,209)
Financing activities
Interest paid (1) (11)
Leasehold repayments (199) (179)
Purchase of treasury shares 10 - (49)
Issue of shares on exercise of a warrant 10 136 -
Net cash outflow from financing activities (64) (239)
Net decrease in cash and cash equivalents (3,444) (3,137)
Net foreign exchange loss (479) (37)
Cash and cash equivalents at 1 January 16,667 19,841
Cash and cash equivalents at 31 December 12,744 16,667
Notes to the Group Financial Statements
for the year-ended 31 December 2024
1. General information
Diaceutics PLC (the "Company") is a public company limited by shares,
incorporated, domiciled and registered in Northern Ireland. The Company's
registration number is NI055207, and the registered office is First Floor,
Building Two, Dataworks at King's Hall Health & Wellbeing Park, Belfast,
County Antrim, Northern Ireland, BT9 6GW.
The consolidated financial statements consolidate those of the Company and its
subsidiaries (together referred to as the "Group").
The principal activity of Diaceutics PLC ("the Company") and its subsidiaries
(together "the Group") is data, data analytics and implementation services.
The Group has established a core suite of products and outsourced advisory
services which help its Pharma customers to optimise and deliver their
marketing and implementation strategies for companion diagnostics. Their
mission is to design, create and implement innovative solutions that enhance
speed to market and increase the effectiveness of all the stakeholders in the
personalised medicine industry.
The financial statements are presented in pounds sterling.
Basis of accounting
The financial information presented in this report has been prepared using
accounting policies consistent with International Financial Reporting
Standards (IFRSs) as adopted by the United Kingdom and as set out in the
Group's annual financial statements in respect of the year ended 31 December
2023. The financial information does not include all the information and
disclosures required in the annual financial statements. The Annual Report and
Financial Statements will be approved by the Board of Directors and reported
on by the Auditor in due course. Accordingly, the financial information within
this preliminary results statement is unaudited. The Annual Report will be
distributed to shareholders and made available on the Company's website in due
course. It will also be filed with the Company's annual return in the
Companies House.
Going concern
The financial performance and balance sheet position at 31 December 2024 along
with a range of scenario plans to 31 December 2027 has been considered,
applying different sensitives to revenue. Across these scenarios, including at
the lower end of the range, there remains significant headroom in the minimum
cash balance over the period to 31 December 2027 and the Directors have
satisfied themselves that the Group has adequate funds in place to continue in
operational existence for the foreseeable future. Accordingly, the Group
continues to adopt the going concern basis in preparing its consolidated
financial statements.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of
the Company and entities controlled by the Company (its subsidiaries) made up
to 31 December each year. Control is achieved when the Company has power over
the subsidiary, is exposed, or has rights, to returns from its involvement
with the subsidiary; and has the ability to use its power to affect its
returns.
The Company considers all relevant facts and circumstances in assessing
whether it has control over a subsidiary, including the ability to direct the
relevant activities at the time that decisions need to be made.
Intra-group balances and transactions, and any unrealised income and expenses
(except for foreign currency transaction gains or losses) arising from
intra-group transactions, are eliminated. The financial statements of
subsidiaries are included in the consolidated financial statements from the
date on which control commences until the date on which control ceases.
Employee Benefit Trusts ('EBTs'), including the UK and Global Share Incentive
Plans (SIP), are accounted for under IFRS 10 and are consolidated on the basis
that the parent has control, thus the assets and liabilities of the EBT are
included on the company balance sheet and shares held by the EBT in the
Company are presented as a deduction from equity.
2. Accounting policies
New and amended IFRS standards that are effective for the current year
The Group has applied the following standards and amendments for the first
time for their annual reporting year commencing 1 January 2024:
· Amendments to IAS 1: Classification of liabilities as current or
non-current;
· Amendments to IAS 1: Non-current liabilities with covenants;
· Amendments to IAS 7: Statement of Cash Flows and IFRS 7 Financial
Instruments:
· Disclosures titled Supplier Finance Arrangements; and
· Amendments to IFRS 16: Lease liability in a sale and leaseback.
There has been no material impact on our financial statements as a result of
any of these changes.
New accounting standards and interpretations not yet adopted by the Group
The following new accounting standards, amendments and/or interpretations have
been published and are not mandatory for 31 December 2024 reporting year. They
have not been early adopted by the Group and these standards are not expected
to have a material impact on the entity in the current or future reporting
periods and on foreseeable future transactions:
· Amendments to IAS 21: Lack of exchangeability (effective date: 1
January 2025);
· IFRS 18: Presentation and disclosures in financial statements
(effective date: 1 January 2027); and
· IFRS 19: Subsidiaries without public accountability: disclosures
(effective date: 1 January 2027).
· Amendments IFRS 9 and IFRS 7 regarding the classification and
measurement of
· Financial instruments (effective date: 1 January 2026)
· Annual Improvements to IFRS Accounting Standards - Volume 11
We are still assessing the implications of the new standards and
interpretations however it is not expected to have a material impact on the
Group.
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable
for the provision of services in the ordinary course of the Group's
activities. Revenue is shown net of value-added tax and after eliminating
sales within the Group.
The Group has two separate products and service lines: Insight &
Engagement Solutions (Data and related information services); Scientific &
Advisory Services (Professional services).
The Group's performance obligations for these revenue streams are deemed to
either be the provision of specific deliverables to the customer, at or over a
period of time, or subscription-based deliverables.
Revenue billed to the customer is allocated to the various performance
obligations, based on the relative fair value of those obligations, and is
then recognised when it transfers control of a deliverable to a customer as
follows:
Insight & Engagement Solutions (Data & related information services)
Insight & Engagement Solutions (formerly referred to as Data) comprise
access to the DXRX platform diagnostic testing data repository to utilise
licensed data insight products, typically: Lab Segmentation, Physician
Segmentation, Testing Rates Tracker and Physician Signal.
The contract with the customer defines the nature, quantity and price of the
data license to be provided. Licenses provided under each contract are split
into the identifiable and distinct performance obligations which are satisfied
at or over time, depending on whether the data license deliverable has
retrospective or prospective components, and if there are any data consultancy
service components included. In determining the performance obligations for
the data consultancy service component of the customer contract, judgment may
be required in interpreting the contract wording and customer expectation of
the data consultancy as a separately identifiable and distinct service if the
contract is not explicit.
The transaction price associated with the performance obligation components is
determined by reference to the contract and change orders. Where the contract
does not determine the transaction price for performance obligations,
judgement may be required to determine the transaction price. These judgements
include allocating transaction prices to data consultancy services based on an
adjusted market assessment approach with the residual transaction price
allocated to the retrospective and prospective data license performance
obligations pro-rated depending on the data license period of coverage.
Where a contract confers the customer with the right to benefit from existing
data insight IP as at a specific date, as is the case for a retrospective data
license, that is treated as a right to use licence and the revenue recognised
at a point in time when delivered or access is enabled to the data. Where a
contract confers the customer with the right to benefit from future data
insight IP developments as they occur, as is the case for a prospective data
license, that is treated as a right to access licence and revenue recognised
on a subscription basis over the period of time that the customer has access
to the data and the right to future IP developments. Revenue for data
consulting services is recognised as the performance obligation milestones are
satisfied.
Insight & Engagement Solution services are invoiced based on predetermined
activities or milestones. Where there is a timing difference between the
recognition of revenue and invoicing under a contract, a contract asset
(accrued revenue) or liability (deferred revenue) is recognised.
Scientific Advisory Services (Professional & Tech-Enabled Services)
Scientific Advisory Services (formerly referred to as Advisory Services and
Tech-Enabled Services) comprise a range of services developed to help improve
patient care by accelerating the development, delivery and uptake of precision
medicine, as well as a suite of services designed to solve the challenges
affecting precision medicine commercialisation success at a regional and
global level. Typically this includes ranges of Consulting, Strategy and
Planning, Insights, Education and Content Production, Impact Assessments,
Market Access studies, Lab Alerts, Lab Training, Lab Engagement and Physician
Engagement.
The contract with the customer defines the nature, quantity and price of the
various services to be provided. Services provided (including those provided
by a third party and reimbursed by the customer) under each contract are split
into the identifiable and distinct performance obligations which are satisfied
over time. The Group is the contract principal in respect of both direct
services and the use of third parties that support the service. The
transaction price is determined by reference to the contract and change
orders, including any pass-through or reimbursable expenses, adjusted to
reflect the amount the Group expects to be entitled to in exchange for
transferring promised goods or services to a customer.
Revenue for the identifiable and distinct services is recognised as the
contract performance obligations are satisfied. The progress towards
completion of Scientific Advisory Services performance obligations is measured
at a point in time: where milestones specified within client contract are
satisfied or based on an input measure being project costs incurred to date as
a proportion of total project costs (including third party costs) at each
reporting period, depending on the nature of the service obligation.
The service fees for Scientific Advisory Services are invoiced based on
predetermined activities or milestones. Third party costs are invoiced to
customers as they are incurred. Where there is a timing difference between the
recognition of revenue and invoicing under a contract, a contract asset
(accrued revenue) or liability (deferred revenue) is recognised. Significant
accrued and deferred revenue can arise for the Scientific Advisory Services as
a result of these timing differences.
Contract assets and liabilities
The Group recognises contract assets in the form of accrued revenue when the
value of satisfied or part-satisfied performance obligations is in excess of
the payment due to the Group, and deferred revenue when the amount of
unconditional consideration is in excess of the value of satisfied or part
satisfied performance obligations. Once a right to receive consideration is
unconditional, that amount is presented as a trade receivable.
Changes in contract balances typically arise due to:
- adjustments arising from a change in the estimate of the cost to
complete the project, which results in a cumulative catch-up adjustment to
revenue that affects the corresponding contract asset or liability;
- the recognition of revenue arising from deferred revenue; and
- the reclassification of amounts to receivables when a right to
consideration becomes unconditional.
Cost to obtain and fulfil contracts
Contract fulfilment costs in respect of the service line contracts are
expensed as incurred.
The Group expenses pre-contract bidding costs which are incurred regardless of
whether a contract is awarded.
Intangible assets
Research and development
Expenditure on research activities and patents is recognised in the profit and
loss account as an expense as incurred.
Expenditure on development activities is capitalised if the product or process
is technically and commercially feasible and the Group intends and has the
technical ability and sufficient resources to complete development, future
economic benefits are probable, and if the Group can measure reliably the
expenditure attributable to the intangible asset during its development.
Development activities involve design for, construction or testing of the
production of new or substantially improved products or processes. The
expenditure capitalised includes the cost of infrastructure and direct labour
including employer national insurance. Other development expenditure is
recognised in the profit and loss account as an expense as incurred.
Capitalised development expenditure is stated at cost until it is brought into
use. Capitalised development expenditure that is not available for use is
tested for impairment annually.
Other intangible assets
Other intangible assets that are acquired by the Group are stated at cost less
accumulated amortisation and accumulated impairment losses.
Amortisation
Amortisation is charged to the profit or loss on a straight-line basis over
the estimated useful lives of intangible assets. Intangible assets are
amortised from the date they are available for use. The estimated useful lives
are as follows:
· Patents and trademarks
3 years (33.3% straight line) from date of registration
·
Datasets
3 years (33% straight line)
·
Software
5 years (20% straight line)
·
Platform
10 years (10% straight line)
· Platform
algorithms 6 years
(16.7% straight line)
The Group reviews the amortisation period and method when events and
circumstances indicate that the useful life may have changed since the last
reporting date. In 2023, the Group changed the estimated useful life of its
datasets from 4 years to 3 years. The revised useful life is based on
management's assessment of the period that more accurately reflect the
weighted average timeframes of the data commercial and internal use cases.
Impairment
Intangible assets, property, plant and equipment, and right-of-use assets are
tested for impairment at the reporting date, or whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An
impairment loss is recognised for the amount by which the asset's carrying
amount exceeds its recoverable amount. The recoverable amount is the higher of
an asset's fair value less costs of disposal and value in use. For the
purposes of assessing impairment, assets are grouped at the lowest levels for
which there are separately identifiable cash inflows which are largely
independent of the cash inflows from other assets or groups of assets
(cash-generating units).
The Group also considered the potential impact of climate change. This is an
area of estimation and judgement.
3. Judgements in applying accounting policies and key sources
of estimation uncertainty
The preparation of the Group and Company financial statements requires
management to make judgements and estimates that affect the application of
accounting policies and the reported amounts of assets, liabilities, income
and expenses. The Group has considered the impact of climate change on the
consolidated financial statements, but has concluded that is does not have a
material impact in the carrying value of assets, the useful life of assets and
provisions as at 31 December 2024.
The significant judgements made by management in applying the Group's
accounting policies and the key sources of estimation uncertainty were the
same as those described in the last annual financial statements and are
summarised below.
Sources of estimation uncertainty
Source of estimation uncertainty Description
Useful economic life (UEL) of intangible assets The assessment of UEL of data purchases and platform requires estimation over
the period in which these assets will be utilized, it based on
information on the estimated technical obsolescence of such assets and latest
information on commercial and technical use. The platform has been
assessed to have a UEL of 10 years, platform algorithms six years and data
three years. In 2023, the Group changed the estimated useful life of its
datasets from four years to three years. The revised useful life is based on
management's assessment of the period that more accurately reflect the
weighted
average timeframes of the data commercial and internal use cases. The change
in useful lives were accounted for prospectively. There were no
changes in useful lives of other intangible assets. Further details are
disclosed in note 7 intangibles.
Impairment of assets The assessment of the recoverable amount of property, plant and equipment,
intangible assets, and right-of-use assets is made in accordance with IAS 36
Impairment of Assets. The Group performs an annual review in respect of
indicators of impairment, and if any such indication exists, the Group and
Company are required to estimate the recoverable amount of the asset. The
Group has considered whether there have been any indicators of impairment
during the year ended 31 December 2024 which would require an impairment
review to be performed. Based upon this review, the Group has concluded
that the Singaporean entity is to be wound down as it will not be cash
generating in future. The carrying value of the intangible assets in that
entity
exceeded the recoverable amount. Based upon this review, the Group has
recorded an impairment charge of £87,000 in respect of intangible assets held
in Diaceutics Pte Limited at 31 December 2024. Further details are disclosed
in note 7 - Intangible Assets.
With respect to the impairment considerations of an intangible asset,
significant estimates are considered within the value in use calculation. The
most
significant estimate is the revenue growth rate. Refer to note 7 - Intangible
Assets, for details of the impairment review and sensitivity analysis.
Discount rate Application of IFRS 16 requires the Group and Company to make significant
estimates in assessing the rate used to discount the lease payments in
order to calculate the lease liability. The incremental borrowing rate depends
on the term, currency and start date of the lease and is determined based
on a series of inputs including the Group commercial borrowing rate of 4.3%
(2023: 4.3%).
Revenue In revenue recognition for certain Scientific & Advisory Services where
the input method is used to determine the revenue over a period of time, a key
source of estimation will be the total budgeted hours to completion for
comparison with the actual hours spent. Further details are disclosed in note
4
revenue and segmental analysis.
Attrition rate In the calculation of share-based payments and related costs charge, an
assessment of expected employee attrition is used based on expected
employee attrition and, where possible, actual employee turnover from the
inception of the share option plan. The attrition rate varies depending on the
nature of the award, rising to a maximum 3-year rate of 16.0%.
Vesting probability and period In the calculation of Share Based Payments and related costs charge an
assessment of expected probability that certain performance criteria will be
(Group and Company)
met within the vesting time period and the length of the vesting period.
Critical accounting judgements
Accounting policy Description of critical judgement
Revenue In determining the performance obligations for the data consultancy service
component of Insight & Engagement Solutions, judgment may be required in
interpreting the contract wording and customer expectation of the data
consultancy as a separately identifiable and distinct service, if the contract
is not explicit. The transaction price associated with the performance
obligation components of Insight & Engagement Solution services is
determined by reference to the contract and change orders. Where the contract
does not determine the transaction price for performance obligations, judgment
may be required to determine the transaction price. These
judgments include allocating transaction prices to data consultancy services
based on an adjusted market assessment approach with the residual transaction
price allocated to the retrospective and prospective data license performance
obligations pro-rated
depending on the data license period of coverage.
Deferred tax In assessing the requirement to recognise a deferred tax asset, management
carried out a forecasting exercise to assess whether the Group and Company
will have sufficient future taxable profits on which the deferred tax asset
can be utilised. This forecast required management's judgment as to the future
performance of the Group and Company.
Intangible assets The Group capitalises costs associated with the development of the DXRX
platform and data lake. These costs are assessed against IAS 38 Intangible
Assets to ensure they meet the criteria for capitalisation.
4. Revenue and segmental analysis
Operating Segments
The Group currently operates under one reporting segment, there are no
individual groups of assets generating distinct and separately identifiable
cashflows. Revenue is analysed under two separate revenue streams. Revenue
represents the amounts derived from the provision of services which fall
within the Group's ordinary activities, stated net of value added tax. Revenue
is principally generated from the DXRX platform Insight & Engagement
Solutions lines, as well as the Scientific Advisory Services lines. Revenue is
disaggregated by primary geographic market, timing of recognition and by
product/service line. Timing of revenue recognition and product/service line
are the primary basis on which management reviews the business.
Revenue
For all periods reported the Group operated under one reporting segment but
revenue is analysed under two separate product / service
lines.
The following tables present the disaggregated Group revenue for the current
and prior financial years:
a. Major product/service line
2024 2023
£000's £000's
Insight & Engagement Solutions 23,117 17,150
Scientific & Advisory Services 9,041 6,549
32,158 23,699
b. Timing of recognition
2024 2023
£000's £000's
Point in time revenue recognition 15,223 9,359
Over time and input method revenue recognition 16,935 14,340
32,158 23,699
c. Geographical market by customer location
2024 2023
£000's £000's
North America 29,537 20,832
UK 547 352
Europe 1,893 2,470
Asia and Rest of World 181 45
32,158 23,699
There was one customer in 2024 who had sales which exceeded 10% of total
revenue accounting for £4,664,000 (14.5%) of Group revenues. In 2023 one
customer had sales exceeding 10% of total revenue, accounting for £3,659,000
(15.4%) of Group revenues.
The receivables, contract assets and liabilities in relation to contracts with customers are as follows:
2024 2023
£000's £000's
Contract assets
Trade receivables 10,659 7,430
Accrued revenue 4,155 2,402
Contract liabilities
Deferred revenue 237 305
Accrued revenue primarily relates to consideration for work completed but not
billed at the reporting date. The contract assets are transferred to trade
receivables when the rights become unconditional.
Deferred revenue primarily relates to the advance consideration received from
customers. There are no significant financing components associated with
deferred revenue.
There were no significant amounts of revenue recognised in the current or
prior year arising from performance obligations satisfied in previous periods.
The carrying value of trade receivables and accrued revenue approximates to
their fair value at the reporting date. Information about the Group's exposure
to credit risks and expected credit losses for trade receivables and accrued
revenue is included in note 8.
Order Book
The aggregate amount of the transaction price allocated to product and service
contracts that are partially or fully unsatisfied as at the 2024 year end
('Order Book') are as follows:
2025 2026 2027+ Total
£000's £000's £000's £000's
Platform-based products and services 12,943 4,891 268 18,102
Advisory services 4,772 2,056 - 6,828
17,715 6,947 268 24,930
Order book as at the 2023 year end:
2024 2025 2026+ Total
£000's £000's £000's £000's
Platform-based products and services 12,238 9,509 4,674 26,421
Advisory services 96 - - 96
12,334 9,509 4,674 26,517
The order book as at 31 December 2024 and 2023 includes future contracted
revenue beyond 2025 and 2024 which, although subject to annual customer break
clauses, the Group expects will not be exercised by customers, and the revenue
and performance obligations deliverable under these contracts will be
realised.
5. Operating loss
2024 2023
£000's £000's
Employee benefit costs
Wages and salaries 16,989 11,487
Social security costs 2,330 1,416
Pension costs 496 376
Benefits 309 325
Share-based payments and related costs 1,038 445
Capitalised development costs (351) (1,026)
Total employee benefit costs 20,811 13,023
Other cost of sales and administrative expenses
Amortisation of intangible fixed assets 4,306 4,459
Depreciation of tangible fixed assets 167 161
Impairment of intangible fixed assets 87 -
Right-of-use depreciation 154 153
Subcontractor costs 1,052 1,060
Platform transaction value 1,680 1,892
Travel costs 949 516
Legal and professional 1,416 1,687
(Gain)/Loss on foreign exchanges (362) 360
Other expenses 4,370 3,466
Total other cost of sales and administrative expenses 13,819 13,754
Total cost of sales and administrative expenses 34,630 26,777
Included within other expenses in 2024 is £0.5 million (2023: £0.6m) related
to US sales tax costs pertaining to 2024 including a change in estimate of
£0.26 million relating to prior years. These sales tax costs would usually be
charged to customers, recovered and remitted to the relevant US state
authorities with no impact to the costs of the Group. However, because the
Group had not historically registered for sales taxes in certain states, the
related costs could not be charged and recovered from customers. As such, the
Group has disclosed this historic position to the relevant state authorities
and settled this liability during 2024. Sales taxes arising on sales in these
states are now charged to customers, recovered and remitted with no
significant further impact to the costs of the Group.
6. Earnings per share
Basic earnings per share are calculated based on the profit & loss for the
financial year attributable to equity holders divided by the weighted average
number of shares in issue during the year.
Basic earnings per share are calculated based on the profit & loss for the
financial year. Diluted earnings per share is calculated on the basic earnings
per share adjusted to allow for the issue of ordinary shares on the conversion
of the convertible loan notes and employee share options. In the current year
there are no exceptional items and therefore there is no adjustment required
to basic earnings per share or to diluted earnings per share.
Loss attributable to shareholders
2024 2023
£000's £000's
Loss for the financial year (1,703) (1,746)
Weighted average number of shares to shareholders
2024 2023
Number Number
Shares in issue at the end of the year 84,773,888 84,501,390
Weighted average number of shares in issue 84,705,590 84,478,882
Less treasury shares (252,063) (252,063)
Weighted average number of shares for basic and adjusted earnings per share 84,453,527 84,226,819
Weighted average number of shares for diluted earnings per share 84,453,527 84,226,819
Earnings per share 2024 2023
Pence Pence
Basic loss per share (2.02) (2.07)
Diluted loss per share (2.02) (2.07)
The group has outstanding share options that could potentially dilute basic
earnings per share in the future. These were not included in the calculation
of diluted earnings per share during the year because these are antidilutive
for the period.
7. Intangible assets
Patents and trademarks Datasets Development expenditure* Platform Software Total
£000's £000's £000's £000's £000's £000's
Cost
At 1 January 2023 1,204 7,246 178 12,429 718 21,775
Transfer from development expenditure to Platform - - (178) 178 - -
Foreign exchange translation (25) (164) - (159) (1) (349)
Additions - 3,554 - 918 258 4,730
At 31 December 2023 1,179 10,636 - 13,366 975 26,156
Foreign exchange translation (38) 92 - (58) 1 (3)
Additions 6 4,201 - 272 53 4,532
At 31 December 2024 1,147 14,929 - 13,580 1,029 30,685
Patents and trademarks Datasets Development expenditure* Platform Software Total
Amortisation £000's £000's £000's £000's £000's £000's
At 1 January 2023 1,185 3,082 - 1,868 418 6,553
Foreign exchange translation (26) (64) - (27) (1) (118)
Charge for the year 15 2,944 - 1,316 184 4,459
At 31 December 2023 1,174 5,962 - 3,157 601 10,894
Foreign exchange (38) 36 - (13) - (15)
Charge for the year 5 2,835 - 1,368 98 4,306
Impairment loss - 4 - 83 - 87
At 31 December 2024 1,141 8,837 - 4,595 699 15,272
Net book value at 31 December 2024 6 6,092 - 8,985 330 15,413
Net book value at 31 December 2023 5 4,674 - 10,209 374 15,262
*Development expenditure relates to an asset under construction and as such no
amortisation has been charged. This expenditure is subject to the same annual
impairment review as the other intangible assets.
Intangible assets relate to patents, trademarks, software, DXRX platform and
datasets which are recorded at cost and amortised over their useful economic
life which has been assessed as three to ten years.
During the year ended 31 December 2024, £Nil was transferred out of
development expenditure and into the Group's DXRX platform (2023: £178,000).
In 2023, the Group changed the estimated useful life of its datasets from 4
years to 3 years. The Group assesses the useful life of all assets on an
annual basis.
The Group has determined that the useful life of data and platform is a
significant area of estimation.
The platform has been assessed to have a useful life of 10 years based on
information on the estimated technical obsolescence of such assets. However,
the actual asset useful life may be shorter or longer than 10 years depending
on technical innovations and other external factors. If the useful life were
reduced by 2 years, the carrying amount of the asset at 31 December 2024 would
reduce by £267,000 (2023: £267,000) to £8,718,000 (2023: £9,943,000). If
the useful life of the asset were increased by 2 years, the carrying amount of
the asset at 31 December 2024 would increase by £285,000 (2023: £267,000) to
£9,270,000 (2023: £10,476,000).
On reviewing the useful life of the datasets it was determined that based on
latest information on commercial and technical use, that three years
represented the best estimate of the useful life of such assets, as this
reflects the period over which this data can provide meaningful insights to
support client projects. However, the actual asset useful life may be shorter
or longer than three years depending on technical innovations and other
external factors. If the useful life were 2 years, the carrying amount of the
asset at 31 December 2024 would reduce by £1,475,000 (2023: £454,000) to
£4,617,000 (2023: £4,220,000). If the useful life of the asset were 4 years,
the carrying amount of the asset at 31 December 2024 would increase by
£973,000 (2023: £993,000) to £7,065,000 (2023: £5,667,000).
These are all definite life intangible assets. The Group has considered
whether there have been any indicators of impairment during the year ended 31
December 2024 which would require an impairment review to be performed. Based
upon this review, the Group has concluded that the Singaporean entity is to be
wound down as it will not be cash generating in future. The carrying value of
the intangible assets in that entity exceeded the recoverable amount. Based
upon this review, the Group has recorded an impairment charge of £87,000 in
respect of intangible assets held in Diaceutics Pte Limited at 31 December
2024.
8. Trade and other receivables
2024 2023
£000's £000's
Trade receivables 10,659 7,430
Contract assets 4,155 2,402
Other receivables 147 294
Prepayments 1,082 1,241
16,043 11,367
Other receivables primarily consist of recoverable taxes and as such are
considered to have low credit risk.
Trade receivables are non-interest bearing, are generally on 90-day terms and
are shown net of a provision for impairment. Management's assessment was that
the trade receivables are fully recoverable except for the specific provision
netted against the trade receivables balance of £189,000 (2023: 175,000).
Most of our customers are large pharma; we do not foresee any credit
difficulties within our customer base. The age profile of the trade
receivables and contract assets are as follows:
Total 0-30 days 31-60 days 61-90 days >90 days
£000's £000's £000's £000's £000's
2024 14,814 14,610 186 115 (97)
2023 9,832 5,864 1,472 1,635 861
The Group's contract assets as at the statement of financial position date are
expected to be invoiced and received in the following year. The maturity
period of these assets were less than 12 months, and given their nature, the
expected credit loss allowance recognised in the period against these assets
were £Nil (2023: £Nil).
The following table shows the movement in contract assets:
2024 2023
£000's £000's
Contract assets recognised at start of the year 2,402 2,582
Revenue recognised in prior year that was invoiced in the current year (2,402) (2,582)
Amounts recognised in revenue in the current year that will be invoiced in 4,155 2.402
future years
Balance at the end of the year 4,155 2,402
The carrying amount of trade and other receivables are denominated in the
following currencies:
2024 2023
£000's £000's
UK sterling 873 1,105
Euro 219 382
US dollar 14,800 9,762
Canadian dollars - 73
Singapore dollars 151 45
16,043 11,367
The maximum exposure to credit risk is the carrying value of each class of
receivables and cash and cash equivalents. The Group does not hold any
collateral as security.
9. Trade and other payables
2024 2023
£000's £000's
Creditors: falling due within one year
Trade payables 1,217 1,065
Accruals 5,048 2,255
Other payables 66 38
Derivative financial instruments 477 -
Other tax and social security 466 471
Contract liabilities 237 305
Deferred grant income 100 103
7,611 4,237
Contract liabilities of £237,000 (2023: £305,000) which arise in respect of
amounts invoiced during the year for which revenue recognition criteria have
not been met by the year-end. The Group's contracts with customers are
typically less than one year in duration and any contract liabilities would be
expected to be recognised as revenue in the following year.
The following table shows the movement in contract liabilities:
2024 2023
£000's £000's
Contract liabilities recognised at start of the year 305 284
Amounts invoiced in prior year recognised as revenue in the current year (305) (284)
Amounts invoiced in the current year which will be recognised as revenue in 237 305
the later years
Balance at the end of the year 237 305
The carrying amount of trade and other payables are denominated in the
following currencies:
2024 2023
£000's £000's
UK sterling 5,020 2,062
Euro 642 415
US dollar 1,935 1,587
Singapore dollar 12 43
Other 2 130
7,611 4,237
10. Equity share capital
2024 2023
£000s £000s
Authorised, allotted, called up and fully paid
84,773,888 (2023: 84,501,390) Ordinary shares of £0.002 each 170 169
Authorised 84,773,888. (2023: 84,501,390)
170 169
During the year, the Company issued ordinary shares pursuant to share
incentive schemes.
Treasury shares
Treasury shares are shares in Diaceutics PLC that are held by the Diaceutics
Employee Share Trust for the purpose of issuing shares under the Diaceutics
PLC SIP scheme. Shares issued to employees are recognised on a first in, first
out basis.
Details Number of shares £000's
2024 2023 2024 2023
Acquisition of shares by the Trust - 44,272 - 49
Closing balance 252,063 252,063 312 312
All ordinary shares rank pari passu in all respects including voting rights
and the right to receive all dividends and other distributions, if any,
declared, made or paid in respect of ordinary shares.
Capital Reduction
During the year the Directors determined that they would request shareholder
and court approval for a capital reduction for Diaceutics PLC. whereby the
Company's Share Premium Account would be cancelled and released to
distributable reserves. The Capital Reduction was approved by shareholders at
the Annual General meeting held on 24 June 2024. The Capital Reduction was
sanctioned by the High Court of Justice Northern Ireland, Chancery Division on
24 October 2024 and registered with the Registrar of Companies on 4 November
2024.
The Share Reduction compromised of the cancellation of the entire amount
standing to the credit of the Company's share premium account.
Reserves
Share premium account: This reserve records the amount above the nominal value
received for shares sold, less transaction costs. On 25th January 2024 the
warrant holder exercised their remaining 177,915 warrant shares at a price of
£0.76 per share. No further warrant shares remain outstanding. The total
share premium after the warrant shares were issued was £37,261,000. This
balance was cancelled as part of the capital reduction on 4 November 2024.
Translation reserve: This reserve records foreign exchange differences on
translation of foreign operations.
11. Board approval
This announcement was approved by the Board of Directors of Diaceutics plc on
13 May 2025.
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