Business
Prenetics Announces Record Third Quarter 2022 Financial Results and Raises Full Year 2022 Revenue and EBITDA Guidance
LONDON and HONG KONG, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Prenetics Global Limited (NASDAQ: PRE) (“Prenetics” or the “Company”), a global leader in genomic and
About this update from Prenetics Global Limited
[{"type":"text","content":"LONDON and HONG KONG, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Prenetics Global Limited (NASDAQ: PRE) (“Prenetics” or the “Company”), a global leader in genomic and diagnostic testing, today announced its unaudited financial results for the third quarter ended September 30, 2022. Third Quarter 2022 and Recent Highlights: Reported third quarter 2022 revenue of US$80 millionReported loss from operations of US$9 million, adjusted earnings1 of US$21 million and adjusted EBITDA2 of US$27 million in the third quarterAchieved gross margin of 59% in the third quarterAppointed Professor Robert Harris, founder and former CEO of Lakeside Healthcare Group, one of UK’s largest GP practices, as Executive Chairman of Prenetics EMEAEnded the third quarter with cash and other short-term assets3 of approximately US$250 millionObtained HSBC banking facilities of US$50 million for general corporate purposes and liquidity for potential acquisitions, demonstrating confidence from financial institutions Danny Yeung, Chief Executive Officer and Co-founder of Prenetics, said “I’m very proud of our strong results, demonstrating our continued growth, and reflecting the success we’ve had in performing over 26 million COVID-19 laboratory and at-home tests to date. Looking ahead, we expect to see continued demand in COVID testing to drive near term revenues. I’m also very excited to see our global clinical strategy taking shape, as we launch more tests into more clinics. As part of our UK restructuring, we’ve recently added Professor Robert Harris as our Executive Chairman for Prenetics EMEA. We are thrilled to be able to leverage his knowledge and experience as a co-founder and former CEO of Lakeside Healthcare Group, which he grew into one of the largest GP practices in the UK. We believe with the addition of Prof. Harris and our new UK strategy, we aim to provide clinical care to 1 million people by 2025. Lastly, we are now in final discussions for multiple acquisitions in the area of clinical cancer genomics, virtual care and primary care clinics which we believe would be highly synergistic and accretive to Prenetics as we continue on our mission to build an end to end health ecosystem. I look forward to providing key updates in the coming months. Professor Robert Harris, Executive Chairman of Prenetics EMEA, added “I am thrilled to join Prenetics as they conti...