Diaceutics reports progress in scaling US strategy

(Sharecast News) - Pharmaceutical and biotechnology specialist Diaceutics announced significant progress in scaling its US commercial strategy on Thursday, through a series of data partnership agreements.

The AIM-traded firm said that in the first half, it executed its first commercial data partnership, followed by four additional agreements in the second half.

It said the contracts collectively had a first-year total value of £1.13m, adding that they were already contributing to revenue growth and annual recurring revenue (ARR) expansion in 2024.

The partnerships extended Diaceutics' commercial reach across US marketplaces, leveraging co-selling models with partner sales teams.

Diaceutics said the strategy was focussed on promoting high-margin data products, such as the DXRX Signal, to new customer segments and pharmaceutical brands.

The directors said they believed the agreements positioned the company to broaden its market footprint and scale its operations effectively, further supporting its growth trajectory in the high-value data solutions market.

"We are really excited by these new agreements and the ability to offer our DXRX platform to a much wider audience and, in the process, grow and scale our market opportunity," said chief executive officer Ryan Keeling.

"We are pleased to see these partnerships contributing revenue and ARR ahead of plan in 2024."

At 1428 GMT, shares in Diaceutics were up 0.86% at 117p.

Reporting by Josh White for Sharecast.com.