Tigermed Reports Full Year 2024 Results

Rhea-AI Summary

Tigermed (300347.SZ/3347.HK) reported its 2024 annual results with total revenue of RMB 6,603 million, showing a 10.6% YoY decrease. The company's adjusted net profit declined 42.1% YoY to RMB 855 million. However, net new bookings grew 7.3% YoY to RMB 8,423 million, with backlog reaching RMB 15,776 million (+12.0% YoY).

The company maintained its leading position with 12.8% market share in China's clinical CRO market, assisting in 28 Class I new drug and 6 innovative medical device approvals. Clinical Trial Solutions revenue decreased 23.8% YoY to RMB 3,178 million, while Clinical-related and Lab Services revenue increased 6.5% YoY to RMB 3,425 million.

Notable achievements include expanding global presence through acquisitions in Japan and China, launching AI initiatives, and managing 831 ongoing drug clinical trials. The company operates in 33 countries with 10,185 employees globally, including 1,626 overseas staff.

Positive

• Net new bookings grew 7.3% YoY to RMB 8,423M
• Backlog increased 12.0% YoY to RMB 15,776M
• Clinical-related and Lab Services revenue up 6.5% YoY
• Global expansion through strategic acquisitions in Japan, China, and Italy
• Assisted in 28 Class I new drug and 6 innovative medical device approvals

Negative

• Total revenue decreased 10.6% YoY to RMB 6,603M
• Adjusted net profit declined 42.1% YoY to RMB 855M
• Clinical Trial Solutions revenue fell 23.8% YoY

HANGZHOU, China, March 27, 2025 /PRNewswire/ -- Hangzhou Tigermed Consulting Co., Ltd. ("Tigermed" or the "company") (Stock code: 300347.SZ / 3347.HK), a leading global provider of integrated research and development solutions for biopharmaceutical and medical device industry, announced its annual results for the year ended December 31, 2024 (the "Reporting Period").

This press release is for information purposes only and is not intended to provide any representation, in whole or in part, of the relevant matters. Please refer to the 2024 annual results announcement and other relevant announcements published on the websites of the Shenzhen Stock Exchange (www.szse.cn) and the Stock Exchange of Hong Kong (www.hkexnews.hk) for further information. 

All financials disclosed in this document are presented in accordance with China Accounting Standards for Business Enterprises ("CASBE") except for those specifically noted otherwise.

The 2024 Annual Results of the Company has been audited.

Financial Highlights:

• During the reporting period, total revenue achieved RMB 6,603 million, representing a year-over-year ("YoY") decrease of 10.6%.
• Adjusted Net Profit Attributable to the Owners of the Company⁽¹⁾ declined by 42.1% YoY to RMB 855 million during the Reporting Period.
• Tigermed new bookings returned to steady growth in 2024, with the net new bookings reached RMB 8,423 million, representing a 7.3% YoY increase. The backlog of future contracted revenue reached RMB 15,776 million, representing a 12.0% YoY increase.
• Segment revenue generated from Clinical Trial Solutions reached RMB 3,178 million, reflecting a 23.8% YoY decrease.
• Segment revenue generated from Clinical-related and Lab Services reached RMB 3,425 million, marking a 6.5% YoY increase.

(1) Net profit attributable to shareholders of the Company after deducting extraordinary gain or loss

Business Highlights

In 2024, Tigermed further strengthened its innovation-driven strategy, maintaining its leading position in the China clinical CRO market with a market share of 12.8%⁽²⁾. During the reporting period, Tigermed assisted in 28 Class I new drug and 6 innovative medical device approvals in China. From 2004 to 2024, Tigermed provided services for 60% of Class I new drug approvals in China. In 2024, Tigermed North America's clinical operation business backlog and revenue continued to grow rapidly. As of December 31, 2024, Tigermed had 10,185 employees globally in 33 countries, including 1,626 overseas employees.

In 2024, through the acquisition of Medical Edge in Japan and TeddyLab in China, Tigermed further enhanced its global presence and one-stop service capabilities. Furthermore, Tigermed launched a long-term strategy for Artificial Intelligence (AI) application and AI-enabled business growth, and its in-house developed YiYa AI LLM platform was rolled out for commercial use.

In the clinical trial solutions field, as of December 31, 2024, Tigermed had 831 ongoing drug clinical trials and 614 ongoing medical device & IVD projects. In 2024, Tigermed regulatory affairs supported 63 MRCT IND applications, added 39 new U.S. FDA IND projects, and assisted in the commercial approval of 3 products in China. Pharmacovigilance ("PV") added 224 new projects and 179 new clients in 2024. Additionally, medical translation added 66 new clients, covering both pharmaceutical and medical device fields. E-Site established 74 strategic cooperation centers and 252 key cooperation centers.

In the clinical-related field, as of December 31, 2024, the Tigermed data management & statistical analysis ("DMSA") team had 842 ongoing projects with 407 global clients, and assisted in the commercialization of 15 innovative drugs in both China and overseas markets. In addition, Tigermed's site management ("SMO") business had 2,253 ongoing projects and provided SMO services for 15 Class I new drug approvals in China. Independent central imaging added over 60 new projects and more than 25 new clients.

In the lab services field, as of December 31, 2024, Frontage Holdings, a subsidiary of Tigermed, successfully passed over 220 on-site inspections by China NMPA and the U.S. FDA and had cumulatively provided bioequivalence services for 90 approved drugs. Additionally, Frontage expanded its pharmacodynamics and analysis business in Europe with the acquisition of the preclinical DMPK and bioanalytical business of Accelera S.r.l. in Italy (GLP-accredited laboratory).

In 2024, the company made significant progress in its globalization strategy. As of December 31, 2024, Tigermed's cumulative MRCT experience reached 148 projects. The U.S. clinical operation team exceeded 120 people, covering 65 cities in 25 states, and collaborated with over 700 clinical trial centers and more than 100 cancer research centers across 45 states in the U.S. The European clinical operations team exceeded 110 people, operating in 20 countries. After the acquisition of the Japanese CRO company Medical Edge, the Japan-based clinical operation team expanded to 21 people, supporting 10 MRCT projects in Japan. In South Korea, Tigermed added 163 new clinical projects (drugs and devices) with over 40 new customers, further strengthening the company's influence in the Asia-Pacific region.

In 2024, Tigermed advanced from digitalization to intelligence, leveraging technology innovation to break efficiency barriers in traditional clinical trials. Tigermed launched multiple remote intelligent DCT platforms, including a remote monitoring system (CTRM), a subject eligibility discussion system (SEDS), and a safety report distribution and receiving system (Safety Portal). In 2024, 23% of Tigermed's ongoing clinical trials adopted the DCT hybrid model. Besides, Tigermed launched a self-developed intelligent translation system YiYa AI Intelligent Translation Platform, powered by deep learning and neural networks.

Upholding a win-win collaboration strategy, Tigermed partnered with global stakeholders to optimize resource allocation, earning high recognition from industry peers worldwide. In 2024, Tigermed initiated digital China and Africa digital cooperation and signed an MoU with Purpose Africa to advance clinical collaboration in the region. Furthermore, Tigermed established its Northern China headquarters in Beijing Tongzhou and launched the Tigermed Incubation Center in Jiaxing, further expanding its industry ecosystem.

The company remained committed to corporate social responsibility, maintaining an AA rating in MSCI ESG assessments. Also, Tigermed-Jyton was awarded the "2024 Future Medical Top 100 –Top 5 Best Customer Satisfaction Medical Device CRO" award, and Tigermed's subsidiary Yaxincheng was named as one of the "2024 Recommended Language Service Providers" and "Recommended
Emergency Translation and Language Service Providers."

Management Comments

"In 2024, technological innovation and unmet clinical needs propelled the global biopharmaceutical industry forward, bringing groundbreaking therapies and hope to patients worldwide," said Dr. Xiaoping Ye, Co-Founder and Chairman of Tigermed. "Navigating both opportunities and challenges, Tigermed remains steadfast in its long-term vision, expanding our global presence and enhancing our innovation-driven ecosystem. We remain committed to collaborating with global clients and partners to accelerate pharmaceutical innovation and improve patient outcomes."

Ms. Xiaochun Cao, Co-Founder, Executive Director, and President of Tigermed, stated: "Tigermed strengthens global operations by deepening local expertise and fostering international collaboration to build a more efficient clinical development ecosystem. By leveraging our extensive global network, we optimize operations, accelerate project delivery, and translate innovation into real-world impact. Simultaneously, we drive technological advancements and digital transformation to deploy intelligent solutions that enhance R&D efficiency and fuel global biopharmaceutical progress."

Mr. Hao Wu, Executive Director and Co-President of Tigermed, remarked: "In response to the rapidly evolving global R&D landscape, Tigermed remains committed to refining our integrated service ecosystem to meet clients' diverse needs. In 2024, we further strengthened our end-to-end capabilities, delivering tailored solutions that enhance R&D speed and competitiveness. Moving forward, we will drive service innovation forward, co-create value with global partners, and ensure that more patients worldwide benefit from medical advancements."

(2) Source: Frost & Sullivan

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.

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 collaborating with over 3,200 customers and committed to moving their development journey efficiently and cost-effectively. Tigermed currently represents a worldwide network of more than 180 locations with over 10,000 employees across Asia Pacific, Europe, North America, Latin America and Africa. We are devoted to building an integrated platform that enables the boundless possibilities for the healthcare industry, embracing challenges to fulfill our commitment to serving unmet patients' needs, and ultimately saving lives.

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SOURCE Tigermed

FAQ

What were Tigermed's (HNGZY) key financial results for 2024?

Revenue decreased 10.6% to RMB 6,603M, adjusted net profit fell 42.1% to RMB 855M, while new bookings grew 7.3% to RMB 8,423M.

How many ongoing clinical trials did Tigermed manage in 2024?

831 ongoing drug clinical trials and 614 ongoing medical device & IVD projects.

What was Tigermed's market share in China's clinical CRO market for 2024?

12.8% market share, maintaining its leading position in China's clinical CRO market.

How did Tigermed's Clinical Trial Solutions segment perform in 2024?

Clinical Trial Solutions revenue decreased 23.8% YoY to RMB 3,178 million.

What acquisitions did Tigermed complete in 2024?

Acquired Medical Edge in Japan and TeddyLab in China, plus Frontage acquired Accelera's preclinical business in Italy.