DXS International increases revenue in fiscal 2023 but sales progress proves slow
DXS International plc, the Surrey-based healthcare information company, said revenue had increased 3% in its fiscal year to end-April but added that sales progress was slow.
Reporting results for the 12 months to April 30, the company said revenue had come in at £3,391,219, compared to £3,285,050 in fiscal 2022.
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The company provides clinical decision support to GPs, nurses and retail pharmacies in the UK and said the "pace" of accessing the NHS market remained "challenging" mainly due to staff struggling to deal with treatment backlogs, strikes, staff shortages, restructuring and budget constraints.
The market expectation of £4.7 million annual revenue in the current financial year may no longer be achievable, said DXS, but added it remained "confident" that it will be achieved in calendar 2024.
CEO David Immelman said: "Sales progress is proving to be frustratingly slow, however there is no doubt that we have ‘first of type’ solutions that can deliver significant results for healthcare providers and their patients.
"We are continuing with our development of cutting edge healthcare solutions focused on delivering improved health outcomes more cost effectively in the UK and internationally. Accessing healthcare markets present many hurdles, however equally as we overcome each of these, we are acutely aware that our competition faces similar challenges.
"Our strategy is to remain super focused underpinned by the conviction of ultimately delivering results to our stakeholders and our shareholders."
Among the operational highlights of the year were a successful trial of the company's SMART Referral solution with a hospital fertility clinic, which reduced referral rejections from 36% to 0%.
The firm noted it had also implemented a free trial sales initiative for this solution along with its hypertension medicines optimisation solution.
DXS International had cash in the bank on April 30 of £371,978 (2022: £452,379).
