IXICO Plc (LON:IXI), the digital tech company focused on neuroscience, said it is on track to deliver double-digit growth for the year.
“Profitability is an important target that we believe is within our reach without sacrificing appropriate investments in innovation, enhancing infrastructure and commercial capabilities,” it said in a statement published alongside its interim results.
IXICO is an expert in brain scanning. It makes its money monitoring the effects of drugs on behalf of the companies developing them.
WATCH: IXICO 'building on key strengths' - CEO Giulio Cerroni
In the six months ended March, revenues increased 31% to £2mln, the gross margin improved seven percentage points to 56% and the EBITDA loss narrowed to £400,000 from £1mln. The company has a strong balance sheet with cash of £2.8mln at the period-end.
Commercial traction
Commercially, IXICO is gaining traction. It has expanded its AssessaPML collaboration with Biogen from the pilot phase to production roll-out and has won a new contract with an existing top-pharma client.
The commercial offensive is now being led by new chief executive Giulio Cerroni, who has extensive experience scaling up businesses such as IXICO’s, with his predecessor Derek Hill focusing on the company’s relationship with the big drugs companies.
Cerroni said: "Our operational performance in the first half of this financial year has delivered a strong increase in revenue, improved gross profit margin performance and reduced losses.
“As we proceed into the second half I am excited to be executing plans that focus on accelerating our growth through optimising operational delivery and our integrated digital technologies to drive scale and commercial success."