Tigermed Reports 2023 Interim Results
- Total revenue achieved 3.2% YoY growth to RMB 3,710.9 million
- China's revenue increased by 24.2% YoY to RMB 2,087.4 million
- The company's overseas revenue decreased by 15.2% YoY to RMB 1,623.5 million
This press release is for information and summary only and is not intended to provide any representation, in whole or in part, of the relevant matters. For further information, please refer to the 2023 interim results and relevant announcements published on the websites of the Shenzhen Stock Exchange (www.szse.cn) and the Stock Exchange of |
All financials disclosed in this press release are prepared based on International Financial Reporting Standards (IFRS) except for those specifically noted otherwise. The 2023 Interim Results of the company has not been audited. |
First Half 2023 Financial Performance
- Total revenue achieved
3.2% year-over-year ("YoY") growth toRMB 3,710.9 million during the Reporting Period. - Adjusted Net Profit Attributable to the Owners of the Company(1) increased by 2.2 % YoY to
RMB 895.6 million during the Reporting Period（1）. - Segment revenue generated from Clinical Trial Solutions decreased by
3.2% YoY toRMB 2,103.4 million . - Segment revenue generated from Clinical-related and Lab Services achieved
13% YoY growth and reachedRMB 1,607.5 million . - Geographically,
China's revenue increased by24.2% YoY toRMB 2,087.4 million . The company's overseas revenue decreased by15.2% YoY toRMB 1,623.5 million during the Reporting Period.
（1）Non-IFRS measure. Adjusted for (i) share-based compensation expense, (ii) net foreign exchange loss/(gain), (iii) amortization of intangible assets arising from acquisitions, and (iv) changes in fair value of financial assets at FVTPL |
Business Highlight:
Tigermed maintained its strong position in the CRO industry in the first half of 2023 by providing comprehensive services and empowering global biopharmaceutical innovation with high quality and commitment. As of June 30, 2023, Tigermed had 772 ongoing drug clinical research projects, including over 40 ongoing clinical trials in
During the reporting period, Tigermed regulatory affairs (RA) business had 940 accumulated project experience, added 18 new
Tigermed has achieved impressive growth in pharmacovigilance, medical translation, and real-world studies services in the first half of 2023. Notably, pharmacovigilance services added 75 newly signed projects and 59 new customers, providing safety monitoring solutions to both pre-NDA and post-market projects in both
As of June 30, 2023, data management and statistical analysis had 296 customers and 859 ongoing projects. Additionally, Tigermed had 1,776 ongoing site management projects and provided services for 11 Class I innovative drug approvals in
Tigermed laboratory service has achieved great progress as of June 30, 2023. The Frontage Suzhou Safety Assessment Center obtained the GLP (Good Laboratory Practice) certification issued by the NMPA; the new 8,000+ square meters clinical trial manufacture center in
During the reporting period, Tigermed DCTs (Decentralized Clinical Trials) Solutions were put into use across several therapeutic areas, such as oncology, Alzheimer's disease, migraine, diabetes, COVID-19, etc., creating functions including remote follow-up, remote monitoring, remote informing, electronic patient report, etc. Furthermore, the company compiled The Tigermed DCT Global Regulatory Handbook, which became a regulatory reference and guide for DCT applications in global clinical research.
In the first half of 2023, Tigermed achieved a major milestone in its globalization efforts by establishing its International Headquarters in
As of June 30, 2023, Tigermed total number of employees reached 9,455, of which 1,525 were based overseas. During the reporting period, Tigermed had cumulative experience handling 120+ MRCT projects and 62 ongoing MRCTs. In addition, Tigermed acquired Marti Farm to further strengthen its ability to provide high-quality clinical services in
Tigermed has earned recognition from customers, industry, and media across the globe. During the reporting period, Tigermed has been honored with awards such as "Microsoft Digital Platform Best Practices Awards", "Best Employer Brand on LinkedIn", and "Best Medical Device Overseas Enabling Service Provider of 2023. Moreover, CSA Research ranked its medical translation business 51st globally (5th in mainland
Management Comment
"At Tigermed, we have taken the initiative to embrace the opportunities and challenges of the CRO industry in the first half of 2023," said Ms. Xiaochun Cao, Co-Founder, Executive Director, and President of Tigermed. "We focus on globalization, digitalization, and integration as our driving strategies for corporate development, and our comprehensive and reliable clinical research services have helped us build our global reputation. We are consistently striving to enhance service capabilities and scaling our global reach while remaining committed to offering our clients a professional and reliable experience that will ultimately benefit healthcare worldwide."
Forward-Looking Statements
The information communicated herein may contain certain "forward-looking statements", which are not historical facts but instead include predictions about future events based on our beliefs and information currently made available to us. Although we believe that these predictions are reasonable on the date hereof, future events are inherently uncertain and these forward-looking statements may turn out to be incorrect. Forward-looking statements involve risk and uncertainty by nature because they relate to events and will depend on circumstances that will occur in the future relating to, inter alia, our ability to compete effectively, our ability to develop and market new service offerings, our ability to expand into new markets, the risks associated with listed subsidiaries of the Company, unforeseeable international tensions, regulatory or governmental scrutiny in certain countries, the impact of emergencies and other force majeure events. We undertake no obligations to update forward-looking statements or to adapt them to future events or developments except as required by applicable laws or listing rules. Any investment in any securities issued by the Company or its subsidiaries will also involve certain risks. There may be additional material risks that are currently not considered to be material or of which the Company and its advisors or representatives are unaware. Against the background of these uncertainties, you should not rely on these forward-looking statements.
Non-IFRS Measure
To supplement our financial information which are presented in accordance with IFRS, we use adjusted net profit attributable to owners of the Company as an additional financial measure, which is not required by, or presented in accordance with IFRS. We define adjusted net profit attributable to owners of the Company as profit for the year attributable to owners of the Company before certain expenses and amortization. We define adjusted net profit attributable to owners of the Company as profit attributable to owners of the Company adjusted for (1) share-based compensation expense, (2) net foreign exchange loss/(gain), (3) amortization of intangible assets arising from acquisitions, (4) listing expenses incurred by our Group, and (5) increase in fair value of financial assets at FVTPL. Adjusted net profit attributable to owners of the Company is not an alternative to (i) profit before tax, profit for the year or profit for the year attributable to owners of the Company (as determined in accordance with IFRS) as a measure of our operating performance, (ii) cash flows from operating, investing and financing activities as a measure of our ability to meet our cash needs, or (iii) any other measures of performance or liquidity. We believe that this non-IFRS measure is useful for understanding and assessing underlying business performance and operating trends, and that the owners of the company and we may benefit from referring to this non-IFRS measure in assessing our financial performance by eliminating the impact of certain unusual, non-recurring, non-cash and/or non-operating items that we do not consider indicative of the performance of our business. However, the presentation of this non-IFRS measure is not intended to, and should not, be considered in isolation from or as a substitute for the financial information prepared and presented in accordance with the IFRS. You should not view the non-IFRS measure on a stand-alone basis or as a substitute for results under the IFRS, or as being comparable to results or a similarly titled financial measure reported or forecasted by other companies.
About Tigermed
Tigermed (Stock code: 300347.SZ/3347.HK) is a leading global provider of integrated research and development solutions for biopharmaceutical and medical device industry. With a broad portfolio of services and a promise of quality, from preclinical development to clinical trial to commercialization, we are committed to moving our customers through their development journey efficiently and cost-effectively. Tigermed Group currently represents a worldwide network of more than 100 subsidiaries and 180 service locations, with over 10,000 employees
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SOURCE Tigermed
