Sensyne Health PLC (LON:SENS) said revenues in the year to April just ended more than quadrupled as a contract for its MagnifEye AI technology with Excalibur started to come through.
MagnifEye is an AI diagnostic lateral flow test reader that was granted emergency UK approval in May and where Sensyne has a minimum revenue, £4.8mln contract with Excaliber.
Turnover for the year will be at least £9mln (FY 2020: £2.1mln) said the AIM-listed group with cash and equivalents at the year-end of £23.6mln.
Sensyne added that it was also seeing strong growth in its patient database and now had 18.2mln unique de-identified and anonymised records from the UK and the US.
In the UK, the company said it now has access to 8.5mln patient records, a three-fold increase during the financial year following the signing of six new strategic research agreements (SRAs) with NHS Trusts.
These deals provide coverage of 13% of the UK population and a significant step towards the target of 20%.
In May 2021, the company also signed its first two US SRAs with leading healthcare providers St Luke's University Health Network, serving Pennsylvania and New Jersey, and Colorado Center for Personalised Medicine, providing access to 9.8mln patient records in the US.
Sensyne is targeting a dataset of 100mln patient records by the end of 2024, which would be representative of the patient populations in the key markets of interest to the life sciences industry.
Revenue growth this year will continue to be driven by life sciences in the near term, though it will take a flexible approach to the overall mix and expects to perform in line with its expectations for the overall total.
Strategic opportunities and acquisitions are also being considered, it said.
Lord Drayson, chief executive, added:: "COVID-19 has accelerated the demand for deeply curated real-world patient data and AI analytical tools to inform effective decision making in the delivery of patient care and the efficient development of new medicines.
"Sensyne Health's partnership model for the ethical use of patient data, in partnership with the NHS and US healthcare providers, has enabled it to build a leadership position in clinical AI that is reflected in our robust growth in data and revenues.
"The company is now well placed to capitalise on this growth to become the global leader in the ethical application of clinical AI to patient data."