Sensyne Health PLC (AIM:SENS, FRA:DSH) said it could meet full-year expectations as trading picks up in the second half, adding the launch of the SENSIGHT platform is expected to have a significant impact on the efficiency of its activities.
The AI-focused group said it is confident of strong revenue growth over the full financial year, as there are over 25 opportunities in the pipeline with life science customers that have potential contract value that would top current market expectations.
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Referring to results for the year to 30 April 2021, the ethical clinical AI company said performance was hit by policy uncertainty around the use of mass testing for Coronavirus (COVID-19) that slowed the public and private sector adoption of the MagnifEye technology.
It added Sensyne is focused on the conversion of a small number of contracts with life sciences companies which remain under negotiation, as well as the development and launch of the SENSIGHT platform.
"Despite some significant headwinds and an increasingly competitive market environment, Sensyne delivered strong growth over the past year,” commented chief executive Lord (Paul) Drayson.
“Our business model for the application of ethical AI to the analysis of de-identified and anonymised patient data resonated with healthcare systems and the life sciences industry in both the UK and US, growing our patient dataset and revenues significantly."
In the 12 months ended 30 April, the group increased patient records to 8.9mln, with revenues rocketing over four-fold to £9mln.
Adjusted underlying loss widened to £19.9mln from £16mln the year before. Cash and cash equivalents at the end of the period were £23.6mln.