Prenetics reports revenue and gross profit increase with strong financial position

From GlobeNewswire: 2024-06-18 08:30:00

Prenetics Global Limited (NASDAQ: PRE) reported a first-quarter revenue increase of 30.2% and gross profit increase of 159.8% compared to the prior year. The company reaffirmed its 2024 revenue range of US$33 million to US$36 million, with strong financial position including US$86.6 million cash and short-term assets as of March 31, 2024.

The company’s CEO, Danny Yeung, emphasized a strategic pivot towards the U.S. consumer healthcare market. Prenetics showcased growth in revenue and gross profit, with no debt and improved adjusted EBITDA. The company is focusing on consumer healthcare with established dual headquarters in the U.S. to seize new opportunities both domestically and globally.

Recent business updates include a 30.2% increase in revenue, a 55.9% reduction in adjusted EBITDA loss, and significant progress in early cancer detection through Insighta venture. Insights from a pre-clinical study on Prostate cancer have shown promising results, leading to approval for a 1,500 person clinical trial starting in July 2024.



Read more at GlobeNewswire:: Prenetics Announces First Quarter 2024 Financial Results