Diaceutics | FY23 results - executing on strategy
As previously disclosed, Diaceutics delivered revenue of £23.7m for FY23, up 22% YoY (+19% in constant currency) and ended the year with £16.7m in cash and net cash. The reported net loss of £1.7m was in line with our forecast. This was the first year of executing the accelerated growth strategy which was reflected in the growth in revenue, the transition to a higher proportion of recurring revenue driven by adoption of the enhanced DXRX platform while an expanded and reorganised marketing structure also delivered a 23% increase in precision medicine therapies using Diaceutics and the first enterprise wide engagements with six now in place and more likely to follow. FY24 has got off to a strong start and we expect another year of significant investment, for which the company is fully funded, and a return to profitability and net free cash flow generation from FY25, justifying the strong run the shares have enjoyed in what is a structurally advantaged business.
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