Diaceutics, a diagnostics company based in the U.K., has announced a widened pretax loss for the first half of 2023. Despite experiencing higher costs, the company remains optimistic about meeting its full-year expectations.
CEO Transition
In addition to the financial update, Diaceutics also announced that its current Chief Executive Officer, Peter Keeling, will be stepping down from his role. Effective January 1, 2024, Ryan Keeling, the current Chief Innovation Officer, will take over as CEO. Ryan Keeling has been with the company since 2006 and joined the board in 2019.
Financial Performance
For the six-month period ending in June 2023, Diaceutics reported a pretax loss of £1.95 million ($2.4 million). This represents an increase compared to the same period last year when the loss stood at £1.1 million. However, the company experienced a growth in revenue, with figures rising from £7.5 million to £9.9 million.
Continued Growth and Outlook
Despite the financial challenges, Diaceutics highlighted its continued growth in customer demand for its insight and engagement solutions. This has resulted in an expanded order book and an increase in recurring revenue. As a result, the company remains confident in its ability to execute its growth strategy and capitalize on becoming the primary commercialization partner for pharmaceutical companies launching precision medicines.
In conclusion, while Diaceutics reported a widened pretax loss for the first half of 2023 and announced a CEO transition, the company remains optimistic about its future prospects and is committed to achieving its full-year objectives.
