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Revenue quadruples in Sensyne Health trading update for 2021

Revenue quadruples in Sensyne Health trading update for 2021
Sensyne Health reported a quadrupling of revenue from £2.1m to £9.0m in its trading update for 2021.

Sensyne Health, the Clinical AI company, has announced an update on trading for the financial year ended 30 April 2021 and an outlook statement.

The company has reported robust financial performance in its 2021 unaudited revenues of at least £9.0 million compared to £2.1 million in the 2020 audited accounts.

The strong revenue growth was driven by contracts with life sciences companies, with the recognition of the majority of the £4.8 million minimum revenues from MagnifEye AI technology contract with Excalibur Health Services.

The company has also seen an acceleration in the growth of Sensyne’s de-identified and anonymised real-world patient database with access to 18.2 million unique records from the UK and the US.

Access to patient records in the UK trebled to c.8.5 million during the financial year, following the signing of six new strategic research agreements (“SRAs”) with NHS Trusts. It now 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.

With the signing of two US SRAs and a rapidly growing UK dataset, 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.

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 in line with its expectations for FY2022 total revenue.

Lord (Paul) Drayson PhD FREng, Chief Executive Officer Sensyne Health, 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.”

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