Tigermed Reports Full Year 2022 Results
Hangzhou Tigermed Consulting Co., Ltd. reported its annual results for 2022, highlighting a 35.9% year-over-year revenue growth, totaling RMB 7,085.5 million. Net profit before non-recurring items rose by 25.0% to RMB 1,539.5 million. Clinical Trial Solutions revenue grew by 37.8%, while overseas revenue surged 41.8%. The company achieved a year-end backlog of RMB 13,785.9 million, up 20.9% YoY. Tigermed expanded its global footprint with acquisitions and new operations, establishing a presence in over 50 countries. The launch of innovative digital tools for clinical trials is expected to enhance efficiency and growth moving forward.
- Revenue increased by 35.9% YoY to RMB 7,085.5 million.
- Net profit before non-recurring items rose by 25.0% to RMB 1,539.5 million.
- Adjusted non-IFRS net profit grew by 5.1% YoY to RMB 1,665.8 million.
- Clinical Trial Solutions revenue increased by 37.8% to RMB 4,125.2 million.
- Overseas revenue increased by 41.8% YoY to RMB 3,483.9 million.
- Year-end backlog reached RMB 13,785.9 million, up 20.9% YoY.
- None.
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 2022 annual results and relevant announcements published on the websites of the
All financials disclosed in this press release are prepared based on International Financial Reporting Standards (IFRS) except for those specifically noted otherwise.
The 2022 Annual Results of the Company has been audited.
Financial Highlights:
- Total revenue achieved
35.9% year-over-year ("YoY") growth to RMB 7,085.5 million during the Reporting Period. - Net profit attributable to the owners of the Company before non-recurring gains and losses increased by
25.0% to RMB 1,539.5 million during the Reporting Period. - Adjusted Non-IFRS net profit attributable to the owners of the Company increased by
5.1% YoY to RMB 1,665.8 million during the Reporting Period. - Segment revenue generated from Clinical Trial Solutions reached RMB 4,125.2 million and that from Clinical-related and Lab Services reached RMB 2,960.3 million, representing a YoY growth of
37.8% and33.4% , respectively. - Geographically,
China's revenue increased by30.7% YoY to RMB 3,601.6 million. The company's overseas revenue increased by41.8% YoY to RMB 3,483.9 million in 2022. - As of
December 31, 2022 , backlog as of year-end reached RMB 13,785.9 million, representing a20.9% YoY growth.
Business Highlights
The resilience of our business is demonstrated by our reinforced position as the leader of the clinical service industry in
As of
As of
In 2022, Tigermed laboratory services had more than 1,400 global experts and further expanded lab facilities in
In 2022, Tigermed made great strides in expanding its global reach. As of
During the reporting period, Tigermed had 250 ongoing overseas clinical trials, including 62 Multi-Regional Clinical Trials (MRCTs). As of
In 2022, Tigermed has accelerated new innovative and digital technologies in clinical development and achieved remarkable success. Tigermed successfully launched the Risk Based Quality Management (RBQM) platform Phase II and put it into operation to advocate better quality and improve clinical trial efficiency. Besides, the company's in-house developed e-Clinical trial Patient Management (eCPM) system was launched and used in multiple real-world study projects, meaningfully improving patient coverage and the efficiency of patient recruitment. Moreover, Tigermed Decentralized Clinical Trial ("DCT") solution was rolled out and is already in use for multiple clinical trials in
The commencement of construction on Tigermed global headquarters in 2022 marked a significant milestone for the company. In addition, Tigermed further enhance ESG governance in 2022 with recognition from respected institutions. Tigermed was rated
Management Comments
Dr.
Ms.
Mr.
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 currently represents a worldwide network of more than 100 subsidiaries and 180 service locations, with over 9,200 employees across 50 countries in
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SOURCE Tigermed
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