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Cavendish retained its buy rating and 26p price target on IXICO PLC (LSE:IXI, OTC:PHYOF, FRA:PYPB) after the neuroscience imaging and analytics company released a first-half trading update. The broker said the update shows strong continued revenue growth and that IXICO is trading in line with full-year expectations.
IXICO reported first-half revenues expected to reach £3.9 million, up 23% year on year. Cavendish attributed the growth to new contract wins, extensions, and increased biomarker analysis activity.
To meet the broker’s full-year forecast of £7.5 million, IXICO would need to deliver approximately £3.6 million of revenues in the second half. This implies year-on-year growth of 7.5% for the full year, which Cavendish described as a prudently conservative target at this stage of the fiscal year.
Cavendish highlighted the order book as the standout metric. IXICO expects the order book to reach £18.1 million at the close of March, up 38% versus the same point last year and the highest level reported since the close of the 2021 financial year.
The broker said the enlarged order book provides visibility on future revenue recognition and supports its confidence that IXICO can progress toward sustainable profitability.
Operationally, gross margin improved to 53% from 50%. The EBITDA loss narrowed to £0.5 million from £0.7 million, indicating operational leverage while the company continues to invest for growth.
Cavendish pointed to IXICO’s recently announced £10 million capital raise as a significant strategic development. The broker said it will fund the company’s Tech Bio strategy, which aims to expand the addressable market from an estimated $100 million within clinical trials to a $1 billion opportunity across the broader clinical healthcare market.
The strategy involves partnering IXICO’s IXI platform with contract research organisations and clinical trial management systems. Cavendish also noted IXICO’s recently announced collaboration with Medidata as the first concrete step in executing the plan.
At 7.25p, Cavendish’s 26p price target implies upside of 259%.
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