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IXICO to be 'start-up ready' for customers after coronavirus outbreak

Snapshot

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

Quick facts: IXICO PLC

Price: 69.5 GBX

AIM:IXI
Market: AIM
Market Cap: £32.73 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

Revenues for the six months ended March 31 grew by a third to £4.6mln, while the order book was £15.3mln at the period-end.

It was swelled to £22.5mlm by a significant new contract win, announced on April 14, with its services being deployed in an open-label extension study of people with Huntington’s Disease.

IXICO closed out the first half in a strong financial position with £6.7mln in the bank.

 

What the boss says: Giulio Cerroni, chief executive

“Despite the COVID-19 headwinds, we are delighted to be able to report a seventh consecutive reporting period of greater than 20% revenue growth whilst building a record order book for the Company in these unprecedented times,”

 

Video

 

What the broker says

Analysts at Cenkos Securities said they thought the company was in a “robust position despite the current environment” and its long-term prospects “remain strong”.

Cenkos added that the £10.5mln contract win was “evidence of IXICO’s ability to operate and win new business” amidst the uncertainty caused by the pandemic.

 

Inflexion points

  • Paused activity to restart after coronavirus outbreak
  • Margins are increasing as more companies use its AI-based algorithms
  • Working also with smaller biotechs as well as large pharmas

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Watch

IXICO PLC 'scaling quickly' as it reports 33% growth in first half revenue

IXICO PLC's (LON:IXI) Giulio Cerroni discusses with Proactive London's Andrew Scott the brain imaging and neuroscience data specialist's first half results. For the six months ended 31 March, IXICO reported earnings of £700,000, up from £100,000 a year ago, while revenues surged 33% to...

6 days, 19 hours ago

2 min read