DXS INTERNATIONAL PLC
Trading Update to 31 October 2020
DXS International plc ("DXS", the "Company"), the digital clinical decision support Company, is pleased to update shareholders with the following statement in respect of trading since the last update in April 2020.
DXS’s revenues are holding up well and are marginally up on those for the same period in the previous financial year. The company has maintained a healthy balance sheet with approximately £1 million in cash and continues to trade profitably.
However during these unprecedented CoVid-19 times our GP user base are facing numerous challenges including dramatically adapting the way that they interact with patients, managing the sickness absence of colleagues and staff and dealing with the increased mental health pressures of the current stressful environment impacting the GPs themselves as well as their patients.
While these COVID circumstances have not materially impacted DXS’s traditional business, they continue to slow down the planned market launches of our new solutions. The impact of the virus continues to be felt in our attempts to gain NHS approvals for our new solutions due to delays in NHS accreditation processes, namely for our ExpertCare and MyVytalCare products.
As a result of the current environment, we are engaging with GP practices more directly as the benefits to be gained by the practices relative to the investment are significant. For example complex hypertension medicine reviews currently consume the equivalent of approximately 2,700 full time GPs each year at an annual cost of £300 million. These time and financial costs can be mitigated by using DXS products to empower nurses and pharmacists to undertake tasks normally done by GPs. The current crisis serves to reinforce the urgent market need for our solutions and strengthens our resolve to get the solutions to market as soon as possible.
Our CompleteCare templates initiative – while also impacted by the effects of the virus - remains another point of focus and feedback from users in our pilot groups is positive.
The concepts around our comprehensive end-to-end Hypertension solution, that combines the features and functionalities of our ExpertCare and MyVytalCare products, are being tested with potential clinical end-users. In this regard, we have been successful in recruiting a full range of pilots. However, due to the CoVid-19 resurgence getting these pilots deployed and operating is slow and therefore we are expanding our pilot net in an effort to mitigate possible delays.
In summary, our assessment of the market needs and the ROI our solutions offer are on target. We continue to remain focused and are more convinced than ever that our solutions will provide exciting returns for our shareholders, although this may take longer than expected. Just as with vaccines, our unique ExpertCare solution requires successful pilots, and this is where our primary focus with this solution remains.
We will keep you updated on progress as we go. In this regard, we look forward to announcing our half year results before the end of November.
David Immelman, Chief Executive of DXS said: “We are exceptionally proud of our team, and that despite all the pressures that the NHS is facing, our services are still being utilised. Understandably our plans to roll out new products have been delayed, but conversations with the NHS continue and are testament to the quality of our products and depth of relationships between DXS team members and key people we speak with in the NHS. It is a direct result of how long we have worked with the NHS that the dialogue even continues during the headwinds that the NHS has been facing daily.”
The Directors of DXS International plc accept responsibility for this announcement
David Immelman (Chief Executive)
0207 101 7676
020 3764 2341
Note to Editors:
DXS International presents up to date treatment guidelines and recommendations, from Clinical Commissioning Groups and other trusted NHS sources, to doctors, nurses and pharmacists in their workflow and during the patient consultation. This effective clinical decision support ultimately translates to improved healthcare outcomes delivered more cost effectively which should significantly contribute towards the NHS achieving its projected efficiency savings.