Business
Prenetics Announces Fourth Quarter and Full Year 2022 Financial Results
New Business Strategy Focused on Precision Oncology LONDON and HONG KONG, March 14, 2023 (GLOBE NEWSWIRE) -- Prenetics Global Limited (NASDAQ: PRE)
About this update from Prenetics Global Limited
[{"type":"text","content":"New Business Strategy Focused on Precision Oncology\nLONDON and HONG KONG, March 14, 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 fourth quarter and full year ended December 31, 2022. Financial Highlights Revenue of US$275.8 million in the full year 2022Revenue of US$52.3 million in the fourth quarter 2022Adjusted EBITDA of US$58.3 million in the full year 2022Adjusted EBITDA of US$12.1 million in the fourth quarter 2022Cash and other short-term assets1 of US$242.1 million as of December 31, 2022 ________________1 Represents current assets, including cash and cash equivalents and short-term deposits totaling US$166.6 million, financial assets at fair value through profit or loss of US$17.5 million, and trade receivables of US$41.7 million, amongst other accounting line items under current assets. Recent Highlights Embarked on a new business strategy focused on precision oncology, as the Company exits the COVID-19 testing business.Acquired ACT Genomics, the first Asian company to receive FDA clearance for its comprehensive genomic profiling test for solid tumors, a significant milestone for Prenetics in executing its new focus in precision oncology.Formed a new Scientific Advisory Board with a diverse group of highly respected experts in precision oncology and genomics, to provide strategic input and guide the further development of Prenetics’ cancer genomics diagnostic platform.Reposition CircleDNA into a global consumer health business, leveraging on its 300,000+ global affluent customers and over 1 million subscribers as an entry way into the precision oncology. Danny Yeung, Chief Executive Officer and Co-founder of Prenetics, said: “Looking back over the last twelve months, we are pleased with our recent transformative progress. When the pandemic started three years ago, we made a strategic decision to pivot from our core genomics business to play a leading role in fighting COVID-19 in the United Kingdom and Hong Kong. We are extremely proud to have safe-guarded those communities with more than 28 million COVID-19 tests processed. It was truly a monumental team effort and something that I’m sure my team and I will remember for the rest of our lives. With the pandemic behind us, our te...