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Investing.com -- Diaceutics (LON:DXRX) PLC shares climbed 3% as the company reported a significant increase in its annual revenue, surpassing analyst expectations. The precision diagnostics data analytics firm announced FY 2024 revenue of £32.2m, indicating a robust growth of 36% YoY and outperforming the FactSet consensus by 7%.
The company's second half of the year was particularly strong, with revenue growth of 44% YoY, reflecting sustained commercial momentum that has reportedly continued into 2025.
The company, which now collaborates with 18 of the top 20 global pharmaceutical companies, revealed a rise in its customer base and therapeutic brands, with figures up 18% and 23% YoY to 52 and 85, respectively.
Despite a year-on-year consistent total order book, the firm experienced a 44% increase in orders expected to be realized within the next year, offering 46% visibility on 2025E consensus revenue estimates. Diaceutics' recurring revenues, which represent approximately 55% of group revenue, saw an increase of 23% YoY to £16.8m at the end of 2024.
Furthermore, the company anticipates its FY adjusted EBITDA to be marginally ahead of analyst consensus estimates at £2.8m, boasting a 9.3% margin. This aligns with Diaceutics' guidance towards achieving earnings profitability by 2025 as it concludes a 2-year accelerated investment phase initiated in January 2023.
Although the gross cash position at the end of 2024 was £12.7m, down from £16.7m the previous year, it met the company's guidance for maintaining a minimum of £12m gross cash during the investment period.
RBC analysts commented on the company's performance, stating, "We are encouraged by Diaceutics' strong commercial momentum, delivering +44% YoY revenue growth in H2."
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