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Prenetics Global Limited Class A Ordinary Share (symbol: PRE) is a prominent diagnostic and genetic testing company with a unique focus on genomics and precision oncology. The company has developed an integrated platform that facilitates early cancer detection, targeted therapy, and direct-to-consumer genetic testing services.
The company operates in two main segments. The prevention segment encompasses the design and sale of genetics testing products, including update services, and stool-based DNA tests for early colorectal cancer screening. The diagnostic segment includes the sale of COVID-19 testing services and products, as well as precision oncology services. A majority of the company's revenue is generated from the diagnostics segment.
Geographically, Prenetics operates primarily in Hong Kong and the United Kingdom, with the majority of its revenue coming from Hong Kong.
In recent developments, Prenetics has announced a major joint venture named Insighta with Professor Dennis Lo. This collaboration aims to revolutionize multi-cancer early detection. Insighta will leverage cutting-edge technology developed by the Centre for Novostics, supported by the InnoHK Initiative of the Innovation and Technology Commission of the Hong Kong SAR Government. By 2030, the early cancer detection screening market in Asia is projected to be worth USD 6 billion annually.
Professor Dennis Lo, a renowned figure in the scientific community, brings a wealth of experience and groundbreaking technologies to Insighta. His contributions will include his pioneering work in non-invasive prenatal testing (NIPT), which has become a standard of care globally. Prenetics will provide robust capital resources amounting to USD 100 million, with an equal split between cash and stock. The joint venture aims to introduce the Presight test for lung and liver cancers by 2025, with plans to expand to over 10 different cancers by 2027.
Prenetics' CEO, Danny Yeung, expressed his excitement about the joint venture, emphasizing its potential to significantly impact global health by making early cancer detection more accessible and cost-effective. The initial focus will be on Mainland China, Hong Kong, and other parts of Asia, with plans to collaborate with healthcare institutions and governments worldwide.
In addition to Insighta, Prenetics' other initiatives include CircleDNA, offering the world's most comprehensive consumer DNA test, and ACT Genomics, which has achieved FDA clearance for comprehensive genomic profiling of solid tumors.
Overall, Prenetics continues to prioritize innovation in genomics-driven health sciences, aiming to enhance life through early cancer detection, prevention, and treatment.
Prenetics Global Limited (NASDAQ: PRE), a leader in genomic and diagnostic testing, announced its participation in the BTIG MedTech, Digital Health, Life Science & Diagnostic Tools Conference from February 14 to 16, 2023. Founded in 2014, Prenetics aims to decentralize healthcare by making consumer health, clinical care, and medical genomics accessible worldwide. The company operates in nine locations, including the UK, Hong Kong, and India, and offers services such as genetic testing, colorectal cancer screening, and COVID-19 testing. The event underscores Prenetics' commitment to innovation in health and diagnostics.
F.N.B. Corporation (NYSE: FNB) has declared a quarterly cash dividend of
Prenetics Global Limited (NASDAQ: PRE) announced a leadership change with Dr. Bayju Thakar appointed as CEO of Prenetics EMEA, effective immediately. This strategic move is aimed at enhancing the company’s growth in the complex EMEA healthcare market. Dr. Thakar, former CEO of Doctor Care Anywhere, brings over 20 years of healthcare experience and a strong digital health background. With an emphasis on expanding into primary care, IVF, and personalized cancer diagnostics, Prenetics seeks to leverage its robust balance sheet for both organic and inorganic growth opportunities across the region.
Prenetics has acquired a majority stake in ACT Genomics, enhancing its entry into the $80+ billion precision oncology market. ACT Genomics received FDA clearance for its ACTOnco genomic profiling test, the first of its kind from an Asia-based company. This comprehensive test analyzes 440 cancer-related genes to guide therapy decisions for solid tumors, potentially transforming cancer care in Asia. The FDA authorization may lead to insurance coverage and further R&D investment by Prenetics, reflecting a commitment to personalized medicine.
Prenetics Global Limited (NASDAQ: PRE) announced the acquisition of a majority stake in ACT Genomics Holdings for $20 million and 19.9 million shares. This strategic purchase integrates germline and somatic testing, enhancing Prenetics' offerings in the rapidly growing US$80 billion precision oncology market. ACT is expected to contribute US$25-30 million in revenue for 2023, solidifying Prenetics' position in cancer diagnostics. The acquisition is set to complete by December 30, 2022, pending usual conditions.
On November 30, 2022, Prenetics Global Limited (NASDAQ: PRE) announced a $20 million share repurchase program authorized by its board, effective over the next 24 months. This strategic move aims to enhance shareholder value amidst recent stock volatility. Additionally, Prenetics will be included in the MSCI Global Micro Cap Index (Hong Kong), marking a significant milestone. The company expects FY2022 revenues between $270-280 million and adjusted EBITDA of $47-53 million, demonstrating strong financial fundamentals and a robust balance sheet with $250 million in net current assets.
Prenetics Global Limited (NASDAQ: PRE) announced its Q3 2022 financial results, reporting revenues of US$80 million and a loss from operations of US$9 million. The company achieved an adjusted earnings of US$21 million and adjusted EBITDA of US$27 million with a gross margin of 59%. Prenetics ended the quarter with approximately US$250 million in cash. The company raised its full-year revenue guidance to US$270 million to US$280 million and adjusted EBITDA to US$47 million to US$53 million, reflecting strong growth and strategic expansion plans.
Prenetics Global Limited (NASDAQ: PRE) reported second-quarter revenue of US$51.7 million, with a loss from operations of US$(17.9) million. The company achieved an adjusted EBITDA of US$6.5 million and raised its full-year guidance for adjusted EBITDA to US$35 million to US$45 million, with revenue expectations set between US$255 million and US$275 million. The firm launched two new products and has a strong balance sheet with US$215.3 million in cash and equivalents as of June 30, 2022. Upcoming initiatives include a partnership to create a decentralized health data platform.
Prenetics Global Limited (NASDAQ: PRE) announced its Q1 2022 financial results, highlighting a 60.2% year-over-year revenue increase to US$92.0 million. The company reported a loss from operations of US$0.6 million but achieved a record adjusted EBITDA of US$12.7 million. With over US$260 million in cash following its Nasdaq listing, Prenetics is well-positioned for growth, particularly with upcoming product launches including ColoClear and Circle Snapshot. The firm is also making strides in M&A discussions aimed at enhancing its telehealth and personalized care offerings.
Prenetics has officially listed on Nasdaq under ticker symbol PRE as the first Hong Kong unicorn on May 18, 2022, following its business combination with Artisan Acquisition Corp. The transaction yields at least US$260M to support Prenetics' growth, facilitating strategic acquisitions and expansion into EMEA and Southeast Asia. Prenetics reported a 323% year-on-year revenue increase for FY2021, totaling US$275.9 million. The company is advancing M&A discussions in Europe and Southeast Asia, with an aim to enhance its genomic and diagnostic testing services.
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