Business
Prenetics Announces Second Quarter 2023 Financial Results
HONG KONG, Sept. 15, 2023 (GLOBE NEWSWIRE) -- Prenetics Global Limited (NASDAQ: PRE) (“Prenetics” or the “Company”), a leading genomics-driven health sciences
About this update from Prenetics Global Limited
[{"type":"text","content":"HONG KONG, Sept. 15, 2023 (GLOBE NEWSWIRE) -- Prenetics Global Limited (NASDAQ: PRE) (“Prenetics” or the “Company”), a leading genomics-driven health sciences company, today announced financial results for the second quarter ended June 30, 2023, along with recent business updates. Second Quarter 2023 Financial Highlights Revenue from continuing operations of US$5.7 millionAdjusted EBITDA from continuing operations of US$(5.3) millionCash and other short-term assets1 of US$214.5 million as of June 30, 2023 First Half 2023 Financial Highlights Revenue from continuing operations of US$11.6 millionAdjusted EBITDA from continuing operations of US$(15.1) million \"We've always maintained that 2023 would be a transformative year for Prenetics, and our recent strides underscore that belief. We've channelled significant investments into areas where we see not just potential, but a clear path to dominance. Our collaboration with Prof. Dennis Lo, particularly in the realm of early cancer detection, stands as a testament to our commitment and vision. Today, our future business strategy is crystallized into three distinct yet interconnected units: prevention, early cancer detection, and targeted therapy. I am both extremely excited and optimistic about the trajectory we're on, and I believe that the best is yet to come for Prenetics,\" said Danny Yeung, Chief Executive Officer and Co-Founder of Prenetics. ______________________________ 1 Represents current assets, including cash and cash equivalents totaling US$177.2 million, financial assets at fair value through profit or loss of US$13.6 million, and trade receivables of US$5.6 million, amongst other accounting line items under current assets. Recent Highlights Completed transaction with Prof. Dennis Lo for Insighta as a 50/50 Joint Venture for Multi-Cancer Early Detection in July 2023. Prenetics provided US$100m in consideration, with US$80m in cash and US$20m of shares in Prenetics. Initial clinical trial data is promising. A large multi-country overseas clinical trial is set to begin in early 2024.ACT Genomics is expected to launch a 500-gene panel and a 100-gene panel comprehensive genomic profiling “liquid” biopsy test by the fourth quarter of 2023.ACT Genomics product development work continues for a Minimal Residual Disease (MRD) test is expected to be rolled out by Q2 2024.Multiple...