free counter
World

Prenetics Announces Second Quarter 2022 Financial Results and Raises Full Year Adjusted EBITDA Outlook



LONDON AND HONG KONG, Sept 9, 2022 – (ACN Newswire) – Prenetics Global Limited (NASDAQ: PRE) (“Prenetics” or the “Company”), a worldwide leader in genomic and diagnostic testing, today announced its unaudited financial results for the next quarter ended June 30, 2022.

— Revenue of US$51.7 million in the next quarter of 2022

— Loss from operations of US$(17.9) million and adjusted EBITDA(1) of US$6.5 million in exactly the same period

— Raises full year adjusted EBITDA guidance to the number of US$35 million to US$45 million, with corresponding full year revenue guidance in the number of US$255 million to US$275 million

— Strong cash and cash equivalents, short-term financial assets, trade receivables, deposits, prepayments along with other receivables of US$215.3 million on balance sheet by June 30, 2022

— Successfully launched two pipeline products, ColoClear and Circle SnapShot in the time, growing Prenetics beyond COVID-19 testing services

— Prenetics and Animoca Brands, the pioneer in Web3 signed an agreement to create a jv to produce a decentralized digital health data platform on the Metaverse. Additional details to be announced in the fourth quarter of 2022

Danny Yeung, CEO & Co-founder of Prenetics, said “The existing and then fiscal year are critical periods of transformative growth for Prenetics. With the entire support of our management and board we’ve placed into motion a sensible strategic plan which guides us in achieving our mission to decentralize healthcare. In doing this, we try to further grow our business beyond diagnostic testing by penetrating prevention and personalized care segments.

At the moment, our genetics and diagnostics testing services continue being our strongest offering. The diagnostics segment is really a major contributor to your total revenues and places us right into a strong position to execute on our diversification initiatives through M&A. Organically, we expanded our product pipeline through the launch of ColoClear, a non-invasive stool DNA test for the first detection of colorectal cancer and Circle SnapShot, an at-home painless blood test, two major initiatives in placing the control of health into consumers’ hands within the comfort of these homes. At a worldwide level, we continue being in deep discussions with various M&A targets, especially in the regions of telehealth, personalized care and specialized clinics. The synergies which we believe we are able to build upon are anticipated to supply us the various tools had a need to build the world’s first global end-to-end healthcare ecosystem.”

Second Quarter 2022 Financial and Operational Highlights

— Revenue was US$51.7 million for the next quarter of 2022

— Loss from operations was US$(17.9) million for the next quarter of 2022. Contained in the loss were employee equity-settled share-based payment expenses of US$13.0 million along with other strategic financing, transactional expense and non-recurring expenses of US$8.8 million

— Gross margin was 42% for the next quarter of 2022

— Adjusted EBITDA was US$6.5 million for the next quarter of 2022

— Maintained strong balance sheet with cash and cash equivalents, short-term financial assets, trade receivables, deposits, prepayments along with other receivables of US$215.3 million to aid M&A and strategic growth initiatives

— Simple quarantine policy globally accelerated resumption of travel and continued COVID-19 testing service volumes, with further momentum in to the third and fourth quarter of 2022

— Significant progress with M&A discussions and geographic expansion

— Robust organic growth – official launch of ColoClear in June 2022 and Circle SnapShot in August 2022. Pipeline product Pet DNA likely to be launched in the fourth quarter of 2022

— Prenetics has performed and delivered a lot more than 23 million laboratory and at-home COVID-19 tests globally by June 30, 2022

First Half 2022 Financial Highlights

— Revenue was US$143.8 million for the half a year ended June 30, 2022, in comparison to US$136.5 million for the half a year ended June 30, 2021, representing a rise of 5% year-over-year, on the right track to beat FY2022 guidance

— Loss from operations was US$(18.4) million for the half a year ended June 30, 2022 in comparison to benefit from operations of US$25.9 million for the half a year ended June 30, 2021. Contained in the loss were employee equity-settled share-based payment expenses of US$22.3 million along with other strategic financing, transactional expense and non-recurring expenses of US$10.5 million

— Gross margin was 40% for the half a year ended June 30, 2022 in comparison to 42% for the half a year ended June 30, 2021

— Adjusted EBITDA was US$19.3 million for the half a year ended June 30, 2022 in comparison to US$32.6 million for the half a year ended June 30, 2021, achieving full year adjusted consensus estimates

Financial Outlook

Prenetics provides guidance predicated on market conditions and expectations for revenue and adjusted EBITDA, that is a non-IFRS financial measure.

For the 3rd quarter of 2022, we expect:

— Revenue to stay the number of US$65 million to US$70 million

— Adjusted EBITDA to stay the number of US$15 million to US$20 million

About Prenetics

Founded in 2014, Prenetics is really a major global diagnostics and genetic testing company with the mission to create health nearer to thousands of people globally and decentralize healthcare by making the three pillars – Prevention, Diagnostics and Personalized Care – comprehensive and accessible to anyone, whenever and anywhere. Prenetics is led by visionary entrepreneur, Danny Yeung, with operations across 9 locations, including UK, Hong Kong, India, South Africa, and Southeast Asia. Prenetics develops consumer genetic testing and early colorectal cancer screening; and COVID-19 testing, rapid point of care and at-home diagnostic testing and medical genetic testing. For more information about Prenetics, visit www.prenetics.com.

Enquires:

Investors:

investors@prenetics.com

Media:

Strategic PR Group

Vicky Lee +852 2864 4834 Email: vicky.lee@sprg.com.hk

Corinne Ho +852 2114 4911 Email: corinne.ho@sprg.com.hk

Holly Szeto +852 2864 4853 Email: holly.szeto@sprg.com.hk

www.sprg.com.hk

(1) Adjusted EBITDA (non-IFRS) represents (loss)/profit from operations under IFRS before equity-settled share-based payment expenses, depreciation and amortization, other strategic financing, transactional expense and non-operating recurring expense, and finance income, exchange gain or loss. Start to see the section titled “Unaudited Financial Information and Non-IFRS Financial Measures” and the table captioned “Reconciliation of (Loss)/Profit from Operations under IFRS and Adjusted EBITDA (Non-IFRS)” for additional information.

Forward-Looking Statements

This document contains forward-looking statements within this is of Section 27A of the Securities Act and Section 21E of the Exchange Act which are predicated on beliefs and assumptions and on information available to Prenetics, and in addition contains certain financial forecasts and projections.

All statements apart from statements of historical fact within this document, including, however, not limited by, statements about Prenetics’ future outcomes of operations and budget, plans for new product development and geographic expansion, objectives of management for future operations, projections of market opportunity and revenue growth, competitive position, and technological and market trends, are forward-looking statements. In some instances, it is possible to identify forward-looking statements by the next words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “target,” “seek” or the negative or plural of the words, or other similar expressions which are predictions or indicate future events or prospects, but not all forward-looking statements contain these words. These statements are based on estimates and forecasts and reflect the views, assumptions, expectations, and opinions of Prenetics, which involve inherent risks, uncertainties along with other factors that could cause actual results, degrees of activity, performance or achievements to be materially not the same as those expressed or implied by these forward-looking statements. Such estimates, assumptions, expectations, forecasts, views or opinions, whether identified in this document, ought to be thought to be indicative, preliminary and for illustrative purposes only and really should not be relied upon to be necessarily indicative of future results. Several risks and uncertainties might lead to actual leads to differ materially from those within any forward-looking statement, including however, not limited by: changes in applicable laws or regulations applicable to Prenetics; developments linked to the COVID-19 pandemic; the regulatory environment and changes in laws, regulations or policies where Prenetics operate; Prenetics’ capability to successfully compete in highly competitive industries and markets; Prenetics’ capability to continue steadily to adjust its offerings to meet up market demand; Prenetics’ capability to attract customers to select its products and grow its ecosystem; political instability in the jurisdictions where Prenetics operates; the entire economic environment and general market and fiscal conditions in the jurisdiction where Prenetics operates; and Prenetics’ capability to execute its strategies, manage growth and keep maintaining its corporate culture since it grows. As well as the foregoing factors, it’s also advisable to carefully think about the other risks and uncertainties contained in Prenetics’ filings with the U.S. Securities and Exchange Commission (the “SEC”) every once in awhile.

Forward-looking statements speak only by the date they’re made. Prenetics will not undertake any obligation to update any forward-looking statement, whether because of new information, future developments, or elsewhere, except as required under applicable law.

Website

Prenetics intends to utilize its website as a distribution channel of material company information. Financial along with other important information concerning the Company is routinely posted on and accessible through the business’s website at https://www.prenetics.com/. Accordingly, we recommend one to monitor the investor relations part of our website at https://ir.prenetics.com/ along with following our pr announcements, SEC filings, and public conference calls and webcasts. Furthermore, you might automatically receive email alerts along with other information about the business once you enroll your email at the “Request Email Alerts” portion of our investor relations page at https://ir.prenetics.com/. However, the excess information contained on our website isn’t section of our SEC filings.

Basis of Presentation

Unaudited Financial Information and Non-IFRS Financial Measures has been provided in the financial statements tables included by the end of this news release. An explanation of the measures can be included below beneath the heading “Unaudited Financial Information and Non-IFRS Financial Measures.” Unaudited Financial Information and Non-IFRS Financial Measures

To supplement Prenetics’ consolidated financial statements prepared relative to International Financial Reporting Standards (“IFRS”), the business offers non-IFRS measures, Adjusted EBITDA, adjusted gross profit and adjusted profit for the time. These non-IFRS financial measures aren’t predicated on any standardized methodology prescribed by IFRS and so are not necessarily much like similarly-titled measures presented by others. Management believes these non-IFRS financial measures are of help to investors in evaluating the business’s ongoing operating results and trends.

Management is excluding from some or most of its non-IFRS operating results (1) Equity-settled share-based payment expenses, (2) depreciation and amortization, (3) finance income and exchange gain or loss, and (4) other discretionary items dependant on management. These non-IFRS financial measures are limited in value since they exclude certain items which could have a material effect on the reported financial results. Management makes up about this limitation by analyzing results on an IFRS basis in addition to a non-IFRS basis and in addition by giving IFRS measures in the business’s public disclosures.

Furthermore, others, including companies in exactly the same industry, might not utilize the same non-IFRS measures or may calculate these metrics in another manner than management or might use other financial measures to judge their performance, which could decrease the usefulness of the non-IFRS measures as comparative measures. Due to these limitations, the business’s non-IFRS financial measures shouldn’t be considered in isolation from, or as an alternative for, financial information prepared relative to IFRS. Investors should review the non-IFRS reconciliations provided in the tables captioned “Reconciliation of Loss from Operations under IFRS and Adjusted EBITDA (Non-IFRS)”, “Reconciliation of Gross Profit under IFRS and Adjusted Gross Profit (Non-IFRS)” and “Reconciliation of Loss due to equity shareholders of Prenetics under IFRS and Adjusted Profit for the time (Non-IFRS)” established by the end of the document.

Topic:News release summary

Source: Prenetics Global Limited


Sectors:BioTech, Healthcare & Pharm

http://www.acnnewswire.com

From the Asia Corporate News Network

Copyright 2022 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.


Read More

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker