We've issued research covering Diaceutics's results for the half-year to 30th June 2022. This period has strongly validated the transition to a platform model, which now represents c.76% of revenue, a level reached about a year ahead of expectations. Not only has revenue grown 25%, but its quality as significantly improved too: 37% of revenue is now derived from multi-year subscription contracts that auto-renew, with an annual break clause. Early indicators lead us to expect low churn and high renewal rates amongst these contracts, so we classify them as recurring revenue. The orderbook is now material for the first time, having grown 6-fold since December 2021 – and already includes £3.8m of revenue for 2H22 and £4.1m for FY23