IXICO PLC-Trading Update

IXICO PLC-Trading Update

Half-year Trading update

First six months of trading in line with expectations and confirmation of 2023 market guidance

IXICO plc (AIM: IXI), the medical imaging advanced analytics company delivering intelligent insights in neuroscience, today provides a trading update ahead of its interim results for the six months ended 31 March 2023.

Key metrics:

· Revenues expected to be £3.2m for six months to 31 March 2023 (H1 2022: £3.9m); 

· Contracted order book of £13.3m as at 31 March 2023 (H1 2022: £12.6m);  

· Strong cash balance at 31 March 2023 of £5.0m (H1 2022: £5.9m), debt free, and operating cash generative;

· Loss before interest, tax, depreciation, and amortisation to 31 March 2023 expected to be £0.6m (H1 2022:  £0.5m profit).

The Board reaffirms market guidance for the full year and return to revenue growth in 2024. 2023 will be the final period to reflect the negative impact of the large HD-trial cessations announced on 23 March 2021 and on 20 January 2022, with revenues now increasingly driven by recently contracted trials across a broader range of therapeutic areas.

IXICO continues to invest in creating a medical imaging company with leading advanced AI analysis capabilities, delivered through a next generation imaging platform designed to address the growing demand for neuroimaging.

The Company's first half results will be released on 23 May 2023.

Giulio Cerroni, CEO of IXICO, said: "The re-building of our order book is a priority as we look to benefit from investments we are making in our commercial capabilities to support our pipeline of opportunities and address the demand for our specialist AI neuroimaging analytical services.

The combination of our diversified order book, near term opportunities and a commitment to being at the forefront of AI based imaging biomarker analysis, mean we are well placed to deliver double digit revenue growth across the second half of FY-2023 as compared to the first half, providing the foundation for further growth across 2024 and beyond."

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 (MAR).

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