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DeepVerge achieves first profitable quarter after yearly revenues rocket 300%

Snapshot

 

  • Lead product is Labskin, a laboratory-grown skin that avoids animal testing.
  • Company has moved into real-time testing of water quality
  • Formerly known as Integumen
woman touching her skin

Quick facts: DeepVerge PLC

Price: 27.75 GBX

AIM:DVRG
Market: AIM
Market Cap: £47.97 m
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What it does

DeepVerge PLC (LON:DVRG), is a vertically integrated business, collaborating technology platforms with partners in AI, clinical research, medical device, life science and environmental science. These collaborators are building their own technology on top of the Labskin AI backbone.

Labskin allows skin-care, health-care, pharmaceutical manufacturers and cosmetic companies to test their products on human-like skin in a real-world environment with full access to multiple state-of-the-art partner technologies.

 

How it is doing 

In January, the company confirmed its first profitable quarter as well as highlighting a 300% increase in revenues to £4mln for 2020. DeepVerge also forecast revenues of £10mln for 2021.

In December it said a new R&D service designed to quickly validate the impact of ingredients such as probiotics and prebiotics on the skin microbiome has enjoyed significant success.

‘Soft launched’ in August, it generated £400,000 in completed sales in the fourth-quarter having inked agreements with 10 new clients that had previously not used the company’s Labskin offering.

The company designed and built its new service around three key platforms: its Labskin platform, which has the ability to grow human skin; its expertise in replicating the skin's microbial environment; and an AI technology that “helps with speed, accuracy and insights”.

 

What the boss says: chief executive Gerry Brandon

"Despite COVID-19, DeepVerge has had yet another strong year of 300%+ revenue growth, topped off with our first profitable quarter. The Group's business has evolved into two distinct but inter-linked business divisions, Labskin's life science offering and, following the acquisition of Modern Water in November 2020, a world-leading environmental health solution, underpinned by our AI as a service expertise.”

“The newly combined global footprint has extended Labskin's reach into the US, China and Japan, directly next to many of our largest clients. Group sales, including recurring revenues, look set to continue strong growth as our order book of existing and new clients expands across the US, Asia and Europe."

 

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