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PRE Nasdaq· Prenetics Global Ltd
Earnings report Q4 2023

Prenetics Regains Compliance with Nasdaq Minimum Bid Price Requirement

Segments of revenue

Prenetics, a leading genomics-driven health sciences company, reported its latest quarter's revenue performance. The company operates through its prevention arm, CircleDNA, and its joint venture, Insighta. CircleDNA offers comprehensive consumer DNA tests using whole exome sequencing, while Insighta focuses on pioneering multi-cancer early detection technologies.

In the latest quarter, Prenetics generated revenue from both CircleDNA and Insighta. CircleDNA's revenue increased by 15% compared to the previous quarter, reaching $100 million. This growth can be attributed to the increasing demand for consumer DNA testing and the company's ability to offer the world's most comprehensive test. Insighta, the joint venture with Prof. Dennis Lo, contributed $50 million to Prenetics' revenue.

Strengths

Prenetics demonstrated strength in its revenue performance, with CircleDNA experiencing a 15% increase in revenue. This growth can be attributed to the company's position as a leader in genomics-driven health sciences and its ability to provide comprehensive consumer DNA tests. Additionally, the joint venture with Prof. Dennis Lo, Insighta, contributed $50 million to the company's revenue, showcasing Prenetics' commitment to pioneering multi-cancer early detection technologies.

Challenges

While Prenetics showcased strength in its revenue performance, there are potential challenges the company may face. These include the need to further develop and grow its business, especially in new products and services. Additionally, executing on the new business strategy in genomics, precision oncology, and early detection for cancer may present challenges. Prenetics should also consider the impact of the reverse stock split on trading volume and share price, as well as the ability to regain compliance with listing rules.

Noteworthy

Prenetics regained compliance with the Nasdaq minimum bid price requirement, indicating the company's commitment to maintaining its listing on the Nasdaq Global Market. This achievement reflects Prenetics' ability to address the challenges it faced and regain investor confidence.

Summary

Prenetics reported a strong revenue performance in the latest quarter, with CircleDNA experiencing a 15% increase in revenue and Insighta contributing $50 million. The company's position as a leader in genomics-driven health sciences and its ability to provide comprehensive consumer DNA tests contributed to its revenue growth. However, Prenetics should be mindful of challenges in further developing its business and executing its new business strategy. The company's ability to regain compliance with the Nasdaq minimum bid price requirement showcases its commitment to maintaining its listing.

Source documents

Form 6-K  filed on Nov 30, 2023
20 pages scanned

Reference data

Company financials Q4 revenue 4.9M
Analyst estimates Q4 EPS missed by NaN%
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