Diaceutics (DXRX) H1 2026 earnings summary

Executive summary

• Supported 18 of the top 20 global pharma companies, serving 55 customers across 103 therapeutic brands in H1 2026.

• Revenue grew 22% year-over-year on a constant currency basis to £17.5 million, with ARR up 79% to £29.4 million and order book up 38% to £43.7 million.

• Strategic repositioning under "Precision For All" expanded the addressable market from 250 to over 1,100 therapies, with 22% of H1 revenue from this segment.

• Relay (formerly PMx) ARR increased from £2.6 million at inception to £4.3 million at June 2026.

• Board remains confident in meeting 2026 expectations.

Financial highlights

• Revenue: £17.5 million (+22% constant currency), ARR: £29.4 million (+79%), order book: £43.7 million (+38%).

• Gross profit: £14.9 million (+23%), gross margin: 85% (+2 ppts), Adjusted EBITDA: £1.1 million (6.1% margin), operating loss: £4.0 million.

• Free cash flow: £0.7 million (improved by £3.1 million), cash at period end: £8.1 million, no debt.

• Net Revenue Retention reached 149%, gross ARR churn reduced to 6%, and recurring revenue represented 61% of total revenue.

• Recurring revenue in H1 grew 42% to £12.5 million.

Outlook and guidance

• 107% visibility on achieving FY 2026 median analyst consensus revenue estimates as of 31 August 2026.

• Board expresses confidence in delivering against 2026 expectations.

• H2 revenue expected to be higher, with a forecast H1:H2 split of 38:62, reflecting recurring revenue recognition.