Business
Prenetics Announces First Quarter 2023 Financial Results
HONG KONG, June 05, 2023 (GLOBE NEWSWIRE) -- Prenetics Global Limited (NASDAQ: PRE) (“Prenetics” or the “Company”), a leading genomics and precision oncology
About this update from Prenetics Global Limited
[{"type":"text","content":"HONG KONG, June 05, 2023 (GLOBE NEWSWIRE) -- Prenetics Global Limited (NASDAQ: PRE) (“Prenetics” or the “Company”), a leading genomics and precision oncology company, today announced financial results for the first quarter ended March 31, 2023, along with recent business updates. First Quarter 2023 Financial Highlights Revenue of US$17.7 millionAdjusted EBITDA of US$(5.7) millionCash and other short-term assets1 of US$224.1 million as of March 31, 2023 _______________1 Represents current assets, including cash and cash equivalents and short-term deposits totaling US$186.2 million, financial assets at fair value through profit or loss of US$17.5 million, and trade receivables of US$5.7 million, amongst other accounting line items under current assets. Recent Business Updates Joel Neoh, highly successful serial entrepreneur, joins Prenetics as Chief Consumer Officer and Managing Director for CircleDNA.CircleDNA is poised to transform into a full-scale preventive and personalized healthcare management platform. This will involve expanding its portfolio to include a comprehensive suite of products and services, such as blood tests, telehealth services, bespoke supplements, and prescription drug deliveries, with launch by the fourth quarter of 2023.ACT Genomics is set to launch a liquid biopsy version of its comprehensive genomic profiling test by the fourth quarter of 2023. Together, with the FDA-cleared ACTOnco product, this new product will be highly complementary and will allow ACT Genomics to offer both a tissue and a liquid test for solid tumors. Danny Yeung, Chief Executive Officer and Co-founder of Prenetics, said, “2023 is a year of evolution for Prenetics as we execute our consumer health and clinical testing business strategy. Guided by our R&D team and Scientific Advisory Board, we are preparing for exciting product launches within CircleDNA and ACT Genomics by year-end. These innovations are projected to significantly bolster our fiscal health, enriching both our top and bottom lines. In order to bolster the strategic advancement in consumer health, we are thrilled to add Joel to our executive leadership team. Joel and I have known each other for more than 12 years and were been colleagues since both of our previous companies were acquired by Groupon in 2010. Joel’s proven track record as a successful serial entrepreneur...