PathXL Reports Record Financial Year Results

Results such as these and growth in users of digital pathology with software continue to highlight the digital pathology market landscape that makes a couple of points:

The value proposition is about software and continues to highlight the value of what is done with a digital pathology image once a slide is digitized.

A scanner agnostic approach continues to be of value and necessity for software companies and will require hardware manufacturers to also continue to be interoperable with software other than their own.  

Cloud computing and specific applications-based solutions for customers will drive continued use and further market adoption.  The value in digital pathology will be use-cased base limited only by customers’ needs and expectations that software companies will have to continue to respond to maximize the value of of the whole slide image beyond the creation of that image alone.

TissueMark, Xplore and Tutor Drive Growth of 70%

PathXL recently released advance notice for its fiscal 2016 ending March 31, 2016.   During the last 12 months the company has seen margin growth of 70% as a result of being selected by 21 new customers, representing over 6,000 new users of PathXL’s Digital Pathology Software. In addition to this, PathXL has also seen a large expansion of user licences across its existing customer base as institutions expand their digital pathology capacity to meet internal demand for imaging and analysis.

This represents the single largest number of new customer accounts within a 12 month period for the Company, and brings the overall number of users to approximately 50,000 worldwide.

This growth continues to be fuelled by PathXL’s award-winning software:

• TissueMark for automated detection and measurement of tumor burden on H&E images; this product has recently been awarded its first patent, and supports tissue quality evaluation in molecular pathology and NGS in solid cancers
• Xplore for comprehensive workflow needs of research organizations, consolidating digital pathology images and clinico-molecular data, supporting secure sharing of digital pathology big data across institutions nationally and internationally.
• Tutor for the most advanced support of digital pathology in education, with assessment and tablet device functionality replacing legacy education solutions.

“Fiscal 2016 will be PathXL’s most successful year ever, by far. This continued success is the result of our commitment to driving innovation in the digital pathology landscape, and the tireless commitment from our teams to provide true excellence in customer service.   We wish to thank our customers, new and long-standing, for their continued and enthusiastic support of our company.   These relationships are the key reason why our products continue to develop rapidly, meeting the exciting future that digital pathology offers.   We are truly proud to be doing our part to make a difference.” said Des Speed, CEO.   “As we now move into our new financial year we expect to welcome many more new customers into our ecosystem, to benefit from the innovative and scalable solutions we provide.”

PathXL is delighted to be working with globally recognized organizations across the commercial, clinical support and academic healthcare spectrum. New customers in the past year include some of the world’s most widely regarded private and public organizations such as Breast Cancer Now at the Institute of Cancer Research, Stirling University, the CRUK Accelerator project for national standardization in the UK and the University of North Carolina. A wide range of educational organizations have also selected PathXL as their digital pathology partner including UPMC, NHS Education England’s Genomics Education Programme, UCD, UT Austin, Cardiff University, Intellectual Ventures Lab, University of Glasgow, University Medical Centre Utrecht (UMCU), SLU, UKNEQAS’s Molecular Pathology and the British Neuropathological Society.

This year has also seen PathXL ranked in the top 50 fastest growing technology firms in Ireland by Deloitte for the 4th consecutive year and sole recipient of the new Deloitte Research & Development award.  Research and Development remains at the heart of PathXL’s core focus, enabling ground-breaking new products to be brought to market to support cancer research.

About PathXL

PathXL is a global pioneer in the use of web-based solutions for digital pathology and provides innovative software for use in research, healthcare and education applications worldwide. Taking a vendor agnostic approach to partnerships we strive to be the best in the world at what we do, while providing our customers with the most flexible, scalable and future proof solutions.