IXICO, the neuroscience imaging and biomarker analytics specialist, enjoyed a positive reaction in its share price on Tuesday after delivering a solid first half, with revenues climbing 23% to £3.9m in the six months to 31 March 2026, up from £3.2m a year earlier.
IXICO shares were 16% higher at the time of writing.
Gross margin nudged up to 53% from 50%, while the EBITDA loss narrowed to £0.5m as new contract wins and higher analysis volumes began to outweigh continued investment under the company’s ‘Innovate, Lead, Scale’ strategy.
These were all good numbers, but the order book was the most interesting stat, jumping 38% year-on-year to £18.1m, pointing to a healthier pipeline going into the second half.
The firm has the war chest to push its strategy forward after raising £10m in late April.
Management expects full-year 2026 results to be at least in line with market expectations, with the strengthened order book and broader commercial footprint providing a reasonable degree of visibility for the remainder of the year.
Bram Goorden, CEO of IXICO, said: “The first half of the 2026 financial year saw strong continued revenue growth driven by new contract wins and extensions, and increased biomarker analysis activity.”
“This momentum, combined with improved operational leverage, has delivered an increase in gross margin while our order book has also grown significantly, providing good visibility of future revenues.
“While we continue to invest for growth, we have reduced our EBITDA loss year-on-year, demonstrating progress towards profitability. I am also very excited about the recently completed capital raise which aims at driving increased value from our IXITM platform as a premium technology. We IXICANs are a mission driven team and for us to be in the middle of the current surge in research into neurodegenerative diseases means everything.”