Business
Prenetics Announces Fourth Quarter and Full Year 2022 Financial Results, New Business Strategy Focused on Precision Oncology
LONDON AND HONG KONG, Mar 14, 2023 - (ACN Newswire) - - Prenetics Global Limited (NASDAQ: PRE) ("Prenetics" or the "Company"), a leading genomics and
About this update from Prenetics Global Limited
[{"type":"text","content":"LONDON AND HONG KONG, Mar 14, 2023 - (ACN 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 2022-- Revenue of US$52.3 million in the fourth quarter 2022-- Adjusted EBITDA of US$58.3 million in the full year 2022-- Adjusted EBITDA of US$12.1 million in the fourth quarter 2022-- Cash and other short-term assets of US$242.1 million as of December 31, 2022Recent 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 team has rehomed our focus back to our foundational genomics business. This has already been evidenced with the formation of our distinguished Scientific Advisory Board, our acquisition of ACT Genomics, enabling us to offer an FDA-cleared cancer genomics profiling test. Furthermore, I am immensely optimistic with our new business stra...