Sensyne Health FY trading comes in ahead of expectations

Clinical AI company Sensyne Health said on Thursday that its full-year trading performance had come in ahead of expectations.

Sensyne said unaudited revenues were pegged to be at least £9.0m for the year ended 30 April, well and truly ahead of the £2.1m reported a year earlier, driven by strong growth in contracts with life sciences companies, with recognition of the majority of the £4.8m minimum revenues from MagnifEye AI technology contract with Excalibur Health Services.

Cash and equivalents were £23.6m, down from £31.7m, excluding receipt of the majority of minimum revenue payments from its contract with Excalibur.

Chief executive Paul Drayson said: "Covid-19 has accelerated the demand for deeply curated real-world patient data and AI analytical tools to inform effective decision making in the delivery of patient care and the efficient development of new medicines.

"Sensyne Health's partnership model for the ethical use of patient data, in partnership with the NHS and US healthcare providers, has enabled it to build a leadership position in clinical AI that is reflected in our robust growth in data and revenues. The Company is now well placed to capitalise on this growth to become the global leader in the ethical application of clinical AI to patient data."

As of 1125 BST, Sensyne shares were up 2.27% at 158.0p.