BELFAST-based diagnostic commercialisation company Diaceutics has enjoyed a "positive" first half of the year, delivering revenue and order book growth in line with the board’s expectations.
The former Queen's University spin-out, which provides services to 20 of the 30 largest global pharmaceutical companies, saw sales rise by 25 per cent to £7.5 million.
Around three quarters of this was generated through DXRX, its platform for precision medicine, integrating multiple pipelines of real-world diagnostic testing data from a global network of laboratories.
Diaceutics said the DXRX platform-enabled products and services have continued to increase revenue quality and visibility and have resulted in a "meaningful future multi-year order book for the first time".
Diaceutics, which now has a market value of £85 million, grew the order book at June 30 to £10m (up from £1.7m at the end of 2021), with more than a third (37 per cent) expected to be realised in the second half of 2022 and the remaining in 2023 and beyond.
Cash and cash equivalents increased to £20.4 million, and the company continues to be debt free.
Founder and chief executive Peter Keeling said: "I'm pleased to report this positive start to 2022, with revenue and order book growth in line with expectations.
"We are also seeing normal market conditions beginning to resume, and our continuing investment in our platform business model is allowing us to take advantage of the growing market opportunity and better assist our pharma customers' shift towards precision medicine and technology enabled commercialisation.
"We remain confident in our strategy and in our ability to secure future growth as we continue to hit our key milestones for platform network expansion and the introduction of innovative new products."
