Belfast headquartered data analytics specialist Diaceutics has revealed details of its major push into the American market as it issued a trading update for 2024 which shows that every aspect of the business is flourishing.
The London AIM-listed company, a leading technology and solutions provider to the pharma and biotech industry, revealed that revenues soared by 39% in 2024 to £32.2 million, and said its order book of £24.9m and annual recurring revenue (ARR) of £16.8m “provides good visibility for continued strong growth in 2025″.
It comes just days after Diaceutics opened a new US headquarters in Newport, New Jersey, in close proximity to the majority of its life science customers in the north east of the country.
The US market now represents around 90% of Diaceutics’ revenue and the new base will facilitate the further expansion of its focused sales & marketing operations in America and follows on from the successful recruitment of a number of senior sales personnel in the region during 2024.
Diaceutics says the Newport base will provide a commercial hub, with associated facilities, for all the company’s US based personnel and will accommodate overseas personnel whilst they are travelling in the US.
In an interview with the Irish News in October, the company’s chief executive Ryan Keeling set out his ambition to float the company on the Nasdaq stock market in New York, given that most of its business takes place there.
He said then: “While our DNA remains in Belfast, ours is a US story. America is where this business will really shine. Companies in our sector are currently being sold there for 20- or maybe 25-time multiples, so my ambition is ultimately to list us on the Nasdaq.”
The planned expansion of Diaceutics’ US sales and marketing operations will lead to a significant number of new commercially-focused personnel joining the team, with the majority based at Newport
Madeline Brown, VP chief of staff at Diaceutics, said: “The US market is crucial to our future growth plans and we are excited to continue to grow our business and presence there.
“In 2024, we have had significant success recruiting senior US based sales and management personnel, and opening our US headquarters enables us to deepen our partnerships with US-based life science customers.”
The full year 2024 trading update also showed that Diaceutics has a strong balance sheet with cash of £12.7 million.
It also secured three multi-year enterprise-wide engagements with a total ARR of £4.3m in 2024, including its first commercialisation partner engagement (PMx), where Diaceutics is the primary partner for a customer launching an oncology precision medicine.
This brings the total number of enterprise-wide engagements secured to seven, across 32 therapeutic brands, with a total ARR of £10.6m.
An enterprise-wide engagement is characterised by a customer deploying the DXRX platform across three or more of the brands in their portfolio, or a customer engaging Diaceutics as the primary commercialisation partner for their precision medicine.
The DXRX platform adoption by pharma and biotech customers continues to drive business momentum with Diaceutics currently working with 18 of the top 20 global pharma companies across 56 therapeutic brands.
Diaceutics worked with a total of 52 customers and 85 therapeutic brands in 2024, an increase of 18% and 23% respectively on the previous year.
Mr Keeling said: “I am extremely pleased to report another strong year of performance and continued growth across our business. The investments we have made in sales and product innovation are showing returns ahead of plan and the team have executed strongly.
“This continued growth demonstrates the significant value our customers place on our solutions, reflected by the increasing number of therapeutic brands we are working with, and enterprise-wide engagements secured to date.
“Our strong commercial progress, delivered over the past two years during our accelerated investment in the business, has provided us with the solid foundation required to continue our impressive organic growth, and we expect to return to profitability in 2025.”