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IXICO swings into profit as brain data analysis sales soar

Snapshot

  • Provides data analytics services to interpret brain scans
  • AI-based algorithms aid neurological disease trials
  • First profit just booked
Medical scanner

Quick facts: IXICO PLC

Price: 61 GBX

AIM:IXI
Market: AIM
Market Cap: £28.73 m
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What IXICO does:

IXICO PLC’s (LON:IXI) data analytics services are used by the global biopharmaceutical industry to interpret data from brain scans and digital biosensors to enable better trial design, site qualification, patient selection and clinical outcomes.

The company’s digital platform and Artificial Intelligence (AI) software manages and helps interpret images from MRI (magnetic resonance imaging) and PET (positron emission tomography) scanners as well as collating and making sense of real-world data from wearable biosensors.

 

How it's doing

Ixico will post its first annual underlying profit since it listed after revenues in its latest year surged 40%.

The company said the performance was better than expected as sales growth had accelerated since the half-year, even though one large trial had finished early.

In the year to September, revenue increased year-on-year by 40% to £7.6mln, up from £5.4mln in 2018, while orders at the year-end were £15.9 million, which takes account of the client early trial cessation reported on 9 August.

Net cash at the year-end was £7.3mln (2018: £7.9mln). 

 

What the boss says: Giulio Cerroni, CEO

 Ixico has now made the transition from a business with good science but limited options into a scalable, commercial operation.

Everything was bespoke previously, he says, but the platform we have now is ‘proven, recognised in the industry and trusted’.

 

Watch video interview

 

Inflexion points

  • Ixico has reported revenue growth of more than 20% for five periods running
  • Margins are increasing as more companies use its AI-based algorithms
  • Balance sheet contains £7.3mln of cash
  • Company is expanding commercial team to attract larger contracts
  • Working also with smaller biotechs as well as large pharmas

 

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