Prenetics Announces Third Quarter 2024 Financial Results
From GlobeNewswire: 2024-11-27 08:30:00
Prenetics Global Limited reported a 59.4% revenue growth to $7.8 million in Q3 2024 compared to the prior year. They also launched IM8health.com, a new premium supplements brand. Tencent invested $30 million in Insighta for early cancer detection. The company aims to exceed $33 million in revenue for FY 2024.
The third quarter results also showed a 138.6% increase in gross profit to $3.9 million. Cash and short-term assets reached $69.1 million with no debt. Insighta had $81.6 million in cash. IM8health.com is shipping to 31 countries. Europa Sports Partners acquisition supports US expansion.
CEO Danny Yeung highlighted IM8 Health’s launch and revenue growth. Tencent’s investment boosts Insighta’s valuation to $200 million. Prenetics is confident in surpassing the FY 2024 revenue target. The company focuses on innovation, consumer trust, and global health impact through its various divisions.
Adjusted EBITDA loss improved in Q3 2024. Non-IFRS financial measures are provided, excluding certain items for better evaluation of ongoing operations. Loss from operations decreased compared to previous quarters. Equity-settled share-based payment expenses were also reported. Discontinued operations were due to ceasing COVID-19 testing and other DNA testing operations.
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