Diaceutics shares up 13pc after strong earnings update
Shares in Irish medical data analytics firm Diaceutics jumped by more than 13pc on London's Aim index yesterday following a positive trading update.
Diaceutics expects to post earnings of more than £2.1m (€2.5m) for the year ended December 31, 2019.
That would be an increase on the £1.5m in earnings before interest, taxation, depreciation and amortisation that was achieved in 2018.
Founded in 2005, Diaceutics works with 35 pharma companies, including Novartis and AstraZeneca, across 18 countries to get therapies adopted more quickly and widely by harnessing data from 2,500 testing labs.
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Yesterday, it said it had benefited from its investment in "a strong analytical and innovative team, the expansion and development of its data lake, and international expansion, resulting in a robust global service".
This combined with operational efficiencies within the business resulted in improved margins, it said.
Peter Keeling, CEO of Diaceutics, said: "We are pleased to have delivered on both our operational and financial commitments, exceeding full-year guidance, while continuing to invest in the long-term future of the group."
The company, which has its main Irish operations in Dundalk, expects to report revenue of £13.4m for the year, a jump on the 2018 performance of £10.4m.
All outstanding debt has now been retired from the balance sheet, resulting in net cash of £11.7m.
This strong cash position has helped the group to continue to expand globally, and fund the completion and launch of the Nexus platform in 2020, strengthening its current market position in global test commercialisation.
In March last year, Diaceutics made its £17m initial public offering, listing on the London Stock Exchange's Aim.
The business also has offices in the US and Singapore.