Business
Prenetics Announces First Quarter 2024 Financial Results
First Quarter Revenue Increased 30.2% and Gross Profit Increased 159.8% from Prior Year Quarter Confirms Strategic Pivot Targeting the U.S. Consumer
About this update from Prenetics Global Limited
[{"type":"text","content":"First Quarter Revenue Increased 30.2% and Gross Profit Increased 159.8% from Prior Year Quarter Confirms Strategic Pivot Targeting the U.S. Consumer Healthcare Market Reaffirms 2024 Revenue Range of US$33 million to US$36 million LOS ANGELES, June 18, 2024 (GLOBE NEWSWIRE) -- Prenetics Global Limited (NASDAQ: PRE) (“Prenetics” or the “Company”), a leading health sciences company, today announced unaudited financial results for the first quarter ended March 31, 2024, along with recent business updates. First Quarter 2024 Financial Highlights Revenue from continuing operations of US$6.4 million in the first quarter 2024, an increase of 30.2% as compared to the first quarter 2023.Gross profit from continuing operations of US$3.8 million in the first quarter 2024, an increase of 159.8% as compared to the first quarter 2023.Adjusted EBITDA from continuing operations of US$(4.1) million in the first quarter 2024, an improvement of 55.9% as compared to the first quarter 2023.Cash and other short-term assets1 of US$86.6 million as of March 31, 2024. Additionally, Insighta2, our 50/50 joint venture in early cancer detection with Professor Dennis Lo, had a cash balance of US$79.8 million in its balance sheet as of March 31, 2024. Danny Yeung, Chief Executive Officer and Co-Founder of Prenetics remarked: “The first quarter of 2024 marked a good start for our company, showcasing solid growth in revenue and gross profit. These results demonstrate firm governance of our financial position with no debt supported by a resilient and talented team. As we enter the second half of 2024, we are making significant strides in our strategic realignment with a keen focus on the consumer healthcare market in the USA. Our purpose remains dedicated to our science first approach in our pivot to consumer healthcare to broaden accessibility to science based health and wellness. To support this growth, we have established dual headquarters with a presence in the US which will position us to seize new opportunities both domestically and globally. We look forward to sharing more details on the new direction of Prenetics in the near future,” concluded Mr. Yeung. Recent Business Updates Continued improvement on financial performance, achieving 30.2% increase in revenue from continuing operations, a 55.9% reduction in adjusted EBITDA loss, and ended the quarter wit...