Diaceutics PLC (LSE:DXRX) reported a 22% year-on-year increase in revenue at constant currency for the first half of 2025, reaching £14.6 million—an 18% rise on a reported basis. The diagnostics commercialization firm maintained its full-year revenue growth target of 25%, which would bring total 2025 revenue to around £40 million.
While growth moderated in the final two months of the half, compared to the 35% growth rate seen in the first four months, Diaceutics continues to show progress in transitioning toward a subscription-driven model. Approximately 70% of revenue in H1 was recurring, up from 55% in fiscal year 2024.
The company’s order book stood at £29.4 million as of June 30, up 18% from the end of last year. Of this, £8.8 million is expected to convert to revenue in the second half of 2025, giving Diaceutics 79% visibility on full-year consensus forecasts—an improvement from 71% at the same point in 2024.
Annual Recurring Revenue (ARR) rose 16% year-over-year to £16.4 million, reflecting continued success in deepening client relationships. Diaceutics is now working across 74 therapeutic brands for 43 customers, up from 63 brands in H1 last year. Revenue per brand held steady at around £395,000 on an annualized basis.
Notably, the company secured an additional multi-year enterprise-wide contract worth £0.8 million in ARR, bringing its total to eight such deals spanning 35 brands.
Adjusted EBITDA for the first half was positive, and management remains confident in delivering full-year profitability. Market consensus projects £7.2 million in adjusted EBITDA (an 18% margin) and £1.0 million in net income for FY2025.
Gross cash at mid-year was £10.4 million, down from £12.7 million in December 2024 and £13.7 million in April, though management expects the balance to improve in H2, targeting at least break-even free cash flow for the full year.
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