Ixico, the data-analytics company, announced that it anticipates reporting that its fiscal 2023 performance was in line or slightly ahead of market expectations, despite a decline in revenue. Although the company's revenue for the year ending Sept. 30 fell to £6.5 million ($7.9 million) from £8.6 million the previous year, it foresees a return to double-digit revenue growth in fiscal 2025.
One of the main reasons for the decrease in revenue was the early termination of large client trials, combined with some delays in new client trial initiations. Nevertheless, Ixico's board expects its financial performance in fiscal 2024 to be similar to fiscal 2023, with a reduced level of cash utilization. This will be followed by a rebound in double-digit revenue growth in fiscal 2025 and beyond.
Although the number of new clinical trials starting in 2023 has declined across the industry, Ixico remains optimistic about market growth due to significant scientific and clinical advancements in neurological drug development, especially in Alzheimer's disease. As a result, the company is confident that 2024 will see an accelerated number of new clinical trial starts.
As of 0740 GMT, shares were down 0.4 pence, or 2%, at 19.0 pence.