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Highlights

  • First-half revenues rose 26% to £3.2 million, driven by the "Innovate, Lead, Scale" strategy.

  • Gross margins improved to 49.6%, and EBITDA loss narrowed to £700,000.

  • IXICO secured new contracts and expanded U.S. leadership amid global growth plans.

IXICO PLC (LSE:IXI, OTC:PHYOF) has released its first-half performance for the six months ending 31 March 2025, with the neuroscience imaging specialist saying it remains on course to meet or exceed its full-year expectations. The company credited its strategic focus on commercial and technological execution for the positive results.

Revenues increased by 26% year-on-year to £3.2 million, up from £2.5 million in the same period last year. The rise was attributed to early benefits from IXICO’s “Innovate, Lead, Scale” strategy, which is aimed at enhancing commercial execution, advancing technology capabilities, and broadening the company’s reach across therapeutic areas and global markets.

Gross margin rose to 49.6%, compared to 40.2% a year earlier, while the loss before interest, tax, depreciation and amortisation (EBITDA) narrowed significantly to £700,000 from £1.3 million. Cash reserves stood at £5 million, doubling from the prior year, bolstered by a £3.7 million capital raise completed in October. The company’s order book also grew modestly to £13.1 million, up from £12.7 million.

IXICO CEO Bram Goorden said: “The first half of 2025 indicates that our ‘Innovate Lead Scale’ strategy has created the foundations for a return to growth… It has been a positive first six months defined by disciplined commercial execution, scientific innovation and truly differentiated technology development.”

The company, which uses artificial intelligence to analyse brain scans in clinical trials for neurological diseases, noted operational progress in multiple areas. Advances were reported in studies targeting Alzheimer’s and Parkinson’s diseases. IXICO also made new senior appointments in the United States.

Following the reporting period, IXICO signed a new contract with a global pharmaceutical company to provide neuroimaging analytics for a phase I trial in Huntington’s disease—a rare, inherited neurodegenerative disorder.

The company said it expects the full benefits of its ongoing strategy to become more visible during the second half of 2025 and into 2026. It continues to position itself as a technology-driven partner for biopharmaceutical firms engaged in the development of treatments for complex neurological conditions.