Instem plc Trading Update (5111Z)
13 Gennaio 2020 - 08:00AM
UK Regulatory
TIDMINS
RNS Number : 5111Z
Instem plc
13 January 2020
Instem plc
("Instem" or the "Company")
Trading Update
Instem (AIM: INS.L), a leading provider of IT solutions to the
global life sciences market, is pleased to announce a trading
update for the year ended 31 December 2019 (the "Period").
Financial Highlights
Organic growth was strong, with revenues c.12% higher than 2018
and EBITDA during the Period in line with management's
expectations. Recurring revenue increased as the transition towards
Software as a Service (SaaS) continued, resulting in further
improved earnings visibility. Technology-enabled outsourced
services grew strongly during the Period.
Net cash at 31 December 2019 was GBP5.9m.
Operational Highlights
Data Collection, Regulatory Solutions and Informatics all
performed well with the positive market backdrop and strong
positioning underpinning momentum.
As expected, the combination of regulation and repeat orders
accounted for continued strong growth within our SEND (Standard for
the Exchange of Nonclinical Data) technology-enabled outsourced
services. In addition, our Study Management business benefited from
further increases in order volume with recurring revenue and
renewal rates remaining high.
Our AI powered Informatics service demonstrated continued
progress, principally driven by the increasing application of
artificial intelligence across the Pharmaceutical industry. Growing
demand for Target Safety Assessments ("TSA") has been core to this
business and is now complemented by November's earnings enhancing
acquisition of Leadscope Inc., which extends the Company's reach,
provides strong cross selling opportunities and improves our
visibility of earnings. The Leadscope integration plan is
progressing well.
Outlook
The Company has established a highly scalable platform with
improved operational gearing as growth is delivered. Key
opportunities moving forward are centred on continued organic
revenue growth, further margin improvement and accretive M&A.
Strong performance across our operations, combined with healthy new
business pipelines, underpin management's confidence that the
momentum achieved during 2019 will continue into the current
year.
Phil Reason, CEO of Instem plc, commented: "The Company
continues to benefit from a buoyant market and remains well placed
across all parts of the life sciences industry, from discovery to
post marketing. We have developed a strategy that sees the business
benefiting from increasing levels of recurring revenues and a broad
portfolio of products, enabling increased cross-selling
opportunities. Added to this, the move to SaaS provides for
improved margins and quality of earnings. As such, we look forward
to updating the market with further developments in the current
year."
For further information, please contact:
Instem plc +44 (0) 1785 825 600
Phil Reason, CEO
Nigel Goldsmith, CFO
N+1 Singer (Nominated Adviser
& Broker) +44 (0) 20 7496 3000
Richard Lindley
Rachel Hayes
Walbrook Financial PR +44 (0) 20 7933 8000
Nick Rome instem@walbrookpr.com
Tom Cooper
Nicholas Johnson
About Instem
Instem is a leading provider of IT solutions & services to
the life sciences market delivering compelling solutions for Study
Management and Data Collection; Regulatory Solutions for
Submissions and Compliance; and Informatics-based Insight
Generation.
Instem solutions are in use by over 500 customers worldwide,
including all the largest 25 pharmaceutical companies, enabling
clients to bring life enhancing products to market faster. Instem's
portfolio of software solutions increases client productivity by
automating study-related processes while offering the unique
ability to generate new knowledge through the extraction and
harmonisation of actionable scientific information.
Instem products and services now address aspects of the entire
drug development value chain, from discovery through to market
launch. Management estimate that over 50% of all drugs on the
market have been through some part of Instem's platform at some
stage of their development.
To learn more about Instem solutions and its mission, please
visit www.instem.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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