Business
Prenetics Announces Second Quarter 2022 Financial Results and Raises Full Year Adjusted EBITDA Outlook
LONDON AND HONG KONG, Sept 9, 2022 - (ACN 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, Sept 9, 2022 - (ACN 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 second quarter ended June 30, 2022. -- Revenue of US$51.7 million in the second quarter of 2022-- Loss from operations of US$(17.9) million and adjusted EBITDA(1) of US$6.5 million in the same period-- Raises full year adjusted EBITDA guidance to the range of US$35 million to US$45 million, with corresponding full year revenue guidance in the range of US$255 million to US$275 million -- Strong cash and cash equivalents, short-term financial assets, trade receivables, deposits, prepayments and other receivables of US$215.3 million on balance sheet as of June 30, 2022-- Successfully launched two pipeline products, ColoClear and Circle SnapShot in the period, growing Prenetics beyond COVID-19 testing services-- Prenetics and Animoca Brands, the pioneer in Web3 signed an agreement to form a joint venture to create a decentralized digital health data platform on the Metaverse. Additional details to be announced in the fourth quarter of 2022Danny Yeung, CEO & Co-founder of Prenetics, said \"The current and next fiscal year are critical periods of transformative growth for Prenetics. With the full support of our management and board we have put into motion a sensible strategic plan which guides us in achieving our mission to decentralize healthcare. In doing so, we aim to further grow our business beyond diagnostic testing by penetrating prevention and personalized care segments. At present, our genetics and diagnostics testing services continue to be our strongest offering. The diagnostics segment is a major contributor to our total revenues and places us into a strong position to execute on our diversification initiatives through M&A. Organically, we expanded our product pipeline through the launch of ColoClear, a non-invasive stool DNA test for the early detection of colorectal cancer and Circle SnapShot, an at-home painless blood test, two major initiatives in placing the control of health into consumers' hands while in the comfort of their homes. At a global level, we continue to be in deep discussions with various M&A targets, especially in the areas of telehealth, personalized care and specializ...