Sensyne Health Trading Update
FY2021 trading performance ahead of market expectations
Real world patient database and revenues rapidly growing
Sensyne poised for accelerated international growth
Oxford, U.K. 27 May 2021: Sensyne Health plc (LSE: SENS) ("Sensyne" or the "Company"), the Clinical AI company, today announces an update on trading for the financial year ended 30 April 2021 ("FY 2021"), and an outlook statement.
UPDATE ON TRADING
· Robust financial performance: FY 2021 unaudited revenues of at least £9.0 million (FY 2020: £2.1 million audited).
· Strong revenue growth driven by contracts with life sciences companies, with recognition of the majority of the £4.8 million minimum revenues from MagnifEye AI technology contract with Excalibur Health Services ("Excalibur").
· Cash and cash equivalents were £23.6 million (unaudited) and excludes receipt of majority of minimum revenue payments from the Excalibur contract (FY 2020: £31.7 million audited).
· Fast growth of real world patient database: Acceleration in the growth of Sensyne's de-identified and anonymised real world patient database with access to total of 18.2 million unique records from the UK and the US.
· Access to c.8.5 million patient records in the UK, a three-fold increase during the financial year, following the signing of six new strategic research agreements ("SRAs") with NHS Trusts; provides coverage of c.13% of the UK population and a significant step towards the target of c.20%.
· In May 2021, the Company signed its first two US SRAs with leading healthcare providers St Luke's University Health Network, serving Pennsylvania and New Jersey, and Colorado Center for Personalised Medicine, providing access to 9.8 million patient records in the US.
· Sensyne now has one of the world's fastest growing longitudinal patient datasets, that includes the detailed phenotypic and genomic data needed for life sciences research.
· Life Science commercial agreements: Momentum continues in discovery sciences with new agreements announced with Alexion and Bristol Myers Squibb, and agreement signed with Excalibur Health for AI based diagnostics. Significant opportunity and good traction seen within business development pipeline including ongoing discussions with existing and new clients across the global pharmaceutical and diagnostic industries.
· Phesi collaboration: First commercial agreement as part of strategic collaboration with Phesi Inc., a clinical data specialist, signed with leading pharmaceutical company in May 2021. Additional commercial agreements for clinical trial optimisation expected during the current financial year.
· SENSIGHT Platform: Development of SENSIGHT platform to support rapid interrogation of the real world patient database and industrialisation of our offering to life science companies is on track for launch by mid-2021.
· Diagnostics: Development and launch of MagnifEye™, an AI diagnostic lateral flow test reader during the year. Exclusive licensing and collaboration agreement for lateral flow testing applications secured with Excalibur generating minimum revenues of £4.8 million. Additional commercial opportunities for MagnifEye being pursued in the UK and internationally.
· SENSE Platform: Development of the SENSE healthcare platform building a suite of advanced AI enabled tools for use by healthcare systems and the life science industry. Access to recently expanded real world patient datasets and specialist datasets expected to broaden this portfolio of AI enabled software tools.
· Regulatory milestones:. UK MHRA emergency use derogation for MagnifEye received in May 2021. SYNE-COV clinical algorithm for assessing risk for COVID-19 patients admitted to hospital achieved UKCA status in February 2021 and submission to the US Food and Drug Administration of SYNE-GDm in May 2021. SYNE-GDm was submitted for approval under the Medical Device Regulation in August 2020 and a decision is expected soon.
· GDm-Health solution: Patient remote monitoring software for gestational diabetes now used by 56 NHS Trusts helped care for 28,338 pregnancies since launch in the UK. US launch of GDm in partnership with Cognizant in December 2020; uptake has been slower than expected due to impact of Covid-19 pandemic on US healthcare systems and competitive market environment. Other partnership opportunities being explored to support uptake of this software solution in the US market.
Accelerating patient data strategy
With the signing of two US SRAs recently building on our rapidly growing UK datasets, Sensyne Health is now accelerating its strategy to be a global leader in clinical AI with one of the largest and fastest-growing sets of ethical, de-identified and anonymised real world patient data. Sensyne now has access to a total of 18.2 million unique records from in UK and the US.
Sensyne intends to continue to scale its dataset in a highly strategic manner to enhance its provision of high-quality longitudinal health data within the highest quality ethical framework exclusively focused on delivering improved patient care and accelerating medical research. New health care partners are expected to bring geographically diverse data in key therapeutic areas including cardiovascular, oncology and rare diseases. Different data types, including additional deep phenotypic, imaging and genomic data are expected to further enrich the database. In line with its previously announced strategy, Sensyne's focus will be on adding to its strong relationships in the UK and US, followed by expansion into Europe and Asia Pacific to support demand from existing and potential new life sciences customers.
The Company currently has a pipeline of growing SRA opportunities under active discussion with healthcare systems to access a further c.40 million unique patient records in the UK and US alone reinforcing that Sensyne is seen as a partner of choice for healthcare systems. As the recent US agreements show, international SRAs are structured to place a greater emphasis on the future royalty opportunity rather than other economic parameters and allow Sensyne to continue to scale its access to global health data sustainably.
Sensyne seeks to become a leader in the field by building an ethically-sourced real world dataset of c.100 million patient records by the end of 2024, representative of the patient populations in the key markets of interest to the life sciences industry.
Sensyne's robust financial performance, continued momentum with life sciences and the scale of the opportunities presented to it provides confidence in the future performance of the Company. Sensyne's rapidly growing patient databases and world-class expertise in clinical AI provide the foundation for substantial revenue growth and the potential to achieve global scale.
The Company anticipates this revenue growth to be driven by life sciences in the near term, taking a flexible approach to the overall mix and to perform in line with its expectations for FY2022 total revenue.
The Company continues to explore strategic opportunities, including acquisitions, that can leverage this strong organic growth and create additional shareholder value.
Lord (Paul) Drayson PhD FREng, Chief Executive Officer of Sensyne Health, commented: "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."
Notes for editors:
About Sensyne Health: https://www.sensynehealth.com/
Sensyne Health plc (LSE: SENS) is a clinical artificial intelligence company operating a unique business model - a for-profit plc making a positive social impact, sharing the financial returns it makes with health systems. The company applies clinical AI in the healthcare and life science industries. In healthcare, Sensyne delivers remote patient monitoring and real-time decision-making systems for healthcare organizations and their patients. In life sciences, Sensyne analyses large complex anonymized data sets to help life sciences companies accelerate the development of new medicines.
For more information please contact:
Sensyne Health (www.sensynehealth.com)
+44 (0) 330 058 1845
Lord (Paul) Drayson PhD FREng, Chief Executive Officer
Dr Richard Pye, Chief Financial Officer
Peel Hunt LLP (Nominated Adviser and Joint Broker)
+ 44 (0) 20 7418 8900
Dr Christopher Golden
Liberum (Joint Broker)
+ 44 (0) 20 3100 2000
Consilium Strategic Communications
+44 (0) 20 3709 5700