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Physiomics plc announced on 3 May 2024 that its total income for the financial year ending 30 June 2024 is now expected to fall between £600k and £650k. The company is in final negotiations for two projects with an aggregate value of approximately £350k, which the Board expects to sign in FY24, although the majority of revenue recognition is anticipated in FY25, leading to increased FY25 revenue expectations. To date, Physiomics has secured £225k of revenue for FY25, which is expected to rise to over £0.5 million upon signing these two contracts.
| Date | 3 May 2024 |
| Time | 07:00:08 |
| Category | Trading updates |
| ID | 0890N |
3 May 2024
Physiomics plc
("Physiomics" or the "Company")
Trading Update
Physiomics plc (AIM: PYC), a leading mathematical modelling and data science company supporting the development of new therapeutics and personalised medicine solutions, provides the following update on current trading.
Despite having a strong pipeline of potential new business, several large contracts have taken longer than expected to be signed and as a result the Company's total income for the financial year ending 30 June 2024 ("FY24") is now expected to fall in the range of £600k-650k.
The Company is in the final stages of negotiation for two projects (one with an existing client and one with a potential new client), the total value of which is expected to be, in aggregate, approximately £350k. Whilst the Board anticipates that the contracts for these two projects will be signed in FY24, the majority of the revenue is now expected be recognised in the Company's next financial year ending 30 June 2025 ("FY25"), and accordingly the Board's expectations for FY25 revenues have been correspondingly increased.
The Board notes that the Company has, to date, secured £225k of revenue in respect of FY25 which is expected to increase to over £0.5 million on the signing of the two aforementioned contracts.
Dr Pete Sargent, CEO, commented:
"Whilst we are clearly disappointed that the execution of these two large contracts has been delayed, we have a high level of confidence that they will be signed before the end of this financial year. Assuming that is achieved, and taking account of the anticipated value of these two contracts, the Company would then be going into its next financial year with one of its highest ever levels of signed projects."
Enquiries:
Physiomics plc
Dr Peter Sargent, CEO
+44 (0)1235 841575
Hybridan LLP (Broker)
Claire Louise Noyce
+44 (0) 203 764 2341
Strand Hanson Ltd (NOMAD)
James Dance & James Bellman
+44 (0)20 7409 3494
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended).
Notes to Editor
About Physiomics
Physiomics plc combines cutting edge PKPD and QSP modelling and data science techniques, along with deep biology expertise, to help biotech and pharma companies streamline their drug development journeys.
Our approach is to derive insight from all relevant data in order to de-risk decision making and optimise design research across discovery, pre-clinical and clinical studies.
Through use of bespoke models and our proprietary Virtual Tumour technology, the Physiomics team has informed the development of over 100 commercial projects, over 50 targets and 75 drugs. Clients include Merck KGaA, Astellas, Bicycle Therapeutics, Numab Therapeutics & CRUK.