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Diaceutics upgrades annual outlook on revenue, earnings as restructuring takes shape
StockMarketWire.com
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Data analytic company Diaceutics upgraded its annual outlook on revenue and earnings after restructuring its business.
For the year to 31 December 2020, the company expected revenue and adjusted earnings before interest, taxes and depreciation to be approximately £12.6 million and £0.5 million, up from £13.4 million and £2.2 million respectively.
This was ahead of revised market expectations, the company said.
The company said significant progress had also been made on DXRX, the company's proprietary diagnostic network platform for precision medicine, since its successful launch on schedule on 28 October 2020.
The company repositioned employees to support the platform business model, reduced staff numbers during the second half of the year. Along with a restructure, with an exceptional charge of approximately £0.4 million, the company delivered an annual cost saving of £1.9 million for 2021.
'The business restructure along with our strong balance sheet, and position within the increasingly digital precision medicine marketplace, will enable Diaceutics to pursue growth and strategic opportunities as they arise,' the company said.
At 9:02am: (LON:DXRX) share price was 0p at 140p
Story provided by StockMarketWire.com
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