Business
Financial Results for year ended 30 September 2023
Financial Results for year ended 30 September 2023.
About this update from Ixico Plc
[{"type":"text","content":"\n\n5 December 2023\nIXICO plc\n(\"IXICO\" or the \"Group\")\n \nFinancial Results for year ended 30 September 2023, Board chair retirement & Notice of AGM\n \nIXICO plc (AIM: IXI), the medical imaging advanced analytics company delivering insights in neuroscience, announces its results for the year ended 30 September 2023 (\"FY23\").\n \nThe Group has continued to develop its capabilities in 2023. The validation of its next generation TrialTracker imaging platform, as well as the launch of new MRI and PET imaging analysis solutions exemplify investments that further strengthen the Group's offering to the neurological clinical trials market. This infrastructure also enables the integration of new, partner technologies that will complement and augment the Group's internal capabilities to address new markets and so expand the Group's addressable market.\n \nFinancial:\n \nThe Group has delivered financial earnings in line with market expectations and retains a strong, debt free, cash balance in an especially challenging year for the biopharmaceutical industry. Financial performance marginally outperformed the trading update provided in September following a strong final month of the year.\n \n· £6.7 million revenues (2022: £8.6 million). The reduction on the prior period principally reflects the final year of impact of the previously announced early cessation of large client trials coupled with a slower pace of new client contract wins reflecting a challenging market backdrop;\n \n· Gross margin of 49% (2022: 61%) reflects the lower revenues and an increased proportion of early phase trials requiring lower volumes of automated, AI-assisted, image analysis;\n \n· EBITDA1 loss of £0.8 million (2022: £1.5 million profit);\n \n· Closing, debt-free, cash of £4.0 million (2022: £5.8 million), after investments in long-term technology and data of £1.9 million (2022: £2.2 million); and\n \n· Closing balance sheet value of £11.4 million (2022: £12.5 million).\n \nOperational & Commercial:\n \n· Completed the PET analysis of the landmark 1,000 participant BioHermes study for the ...