Prenetics Announces Third Quarter 2024 Financial Results
Prenetics Global reported strong Q3 2024 results with revenue growing 59.4% year-over-year to $7.8 million and 30.9% sequentially. Gross profit increased 138.6% to $3.9 million, with gross margin improving to 50.8%. The company launched IM8Health.com, a premium supplements brand, shipping to 31 countries. Notable developments include Tencent's $30 million strategic investment in Insighta, validating its $200 million valuation, and the acquisition of Europa Sports Partners establishing U.S. headquarters in Charlotte. The company maintains a strong financial position with $69.1 million in cash and short-term assets, remaining debt-free, and reiterates its FY 2024 revenue target to exceed $33 million.
Prenetics Global ha riportato risultati solidi per il terzo trimestre del 2024, con un fatturato in crescita del 59,4% rispetto allo stesso periodo dell’anno scorso, raggiungendo 7,8 milioni di dollari, e un aumento sequenziale del 30,9%. L'utile lordo è aumentato del 138,6%, arrivando a 3,9 milioni di dollari, con un margine lordo che è migliorato al 50,8%. L'azienda ha lanciato IM8Health.com, un marchio di integratori premium, che spedisce in 31 paesi. Sviluppi significativi includono il investimento strategico di 30 milioni di dollari di Tencent in Insighta, che convalida la sua valutazione di 200 milioni di dollari, e l'acquisizione di Europa Sports Partners, che stabilisce la sede centrale negli Stati Uniti a Charlotte. L'azienda mantiene una forte posizione finanziaria con 69,1 milioni di dollari in contante e attivi a breve termine, rimanendo senza debiti, e ribadisce l'obiettivo di fatturato per l'anno fiscale 2024 di superare i 33 milioni di dollari.
Prenetics Global reportó resultados sólidos para el tercer trimestre de 2024, con ingresos creciendo un 59.4% interanual, alcanzando 7.8 millones de dólares, y un aumento secuencial del 30.9%. El beneficio bruto aumentó un 138.6%, llegando a 3.9 millones de dólares, con un margen bruto que mejoró al 50.8%. La empresa lanzó IM8Health.com, una marca de suplementos premium, que realiza envíos a 31 países. Los desarrollos notables incluyen la inversión estratégica de Tencent de 30 millones de dólares en Insighta, validando su valoración de 200 millones de dólares, y la adquisición de Europa Sports Partners, estableciendo su sede en EE. UU. en Charlotte. La empresa mantiene una sólida posición financiera con 69.1 millones de dólares en efectivo y activos a corto plazo, permaneciendo libre de deudas, y reitera su objetivo de ingresos para el año fiscal 2024 de superar los 33 millones de dólares.
프레네틱스 글로벌은 2024년 3분기 실적을 발표하며 연간 59.4% 증가한 780만 달러의 매출을 기록했으며, 전 분기 대비로는 30.9% 증가했습니다. 총 이익은 138.6% 증가하여 390만 달러에 이르렀으며, 총 이익률은 50.8%로 개선되었습니다. 이 회사는 프리미엄 보충제 브랜드인 IM8Health.com을 출시하여 31개국으로 배송하고 있습니다. 주목할 만한 발전 사항으로는 텐센트의 3천만 달러 전략적 투자가 인사이트에 이루어져 2억 달러의 기업 가치를 검증한 것과, 유로파 스포츠 파트너스 인수로 샬럿에 미국 본사를 구축한 점이 있습니다. 이 회사는 6천9백10만 달러의 현금 및 단기 자산을 보유하며 부채 없는 강력한 재무 상태를 유지하고 있으며, 2024 회계연도 매출 목표를 3천3백만 달러 이상으로 재확인합니다.
Prenetics Global a annoncé de solides résultats pour le troisième trimestre de 2024, avec un chiffre d'affaires en hausse de 59,4% par rapport à l'année précédente, atteignant 7,8 millions de dollars, et une augmentation séquentielle de 30,9%. Le bénéfice brut a augmenté de 138,6%, atteignant 3,9 millions de dollars, avec une marge brute améliorée à 50,8%. L'entreprise a lancé IM8Health.com, une marque de suppléments premium, expédiant vers 31 pays. Parmi les développements notables, on trouve l'investissement stratégique de 30 millions de dollars de Tencent dans Insighta, validant sa valorisation de 200 millions de dollars, et l'acquisition d'Europa Sports Partners établissant le siège américain à Charlotte. L'entreprise conserve une solide position financière avec 69,1 millions de dollars en liquidités et actifs à court terme, demeurant sans dettes et réitérant son objectif de chiffre d'affaires pour l'exercice 2024 de dépasser 33 millions de dollars.
Prenetics Global hat starke Ergebnisse für das dritte Quartal 2024 berichtet, mit einem Umsatzwachstum von 59,4% im Jahresvergleich auf 7,8 Millionen US-Dollar und einem Anstieg von 30,9% im Vergleich zum Vorquartal. Der Bruttogewinn stieg um 138,6% auf 3,9 Millionen US-Dollar, wobei die Bruttomarge auf 50,8% verbessert wurde. Das Unternehmen hat IM8Health.com gestartet, eine Premium-Supplement-Marke, die in 31 Länder versendet. Zu den bemerkenswerten Entwicklungen gehört die strategische Investition von Tencent in Höhe von 30 Millionen US-Dollar in Insighta, die die Bewertung von 200 Millionen US-Dollar validiert, und die Übernahme von Europa Sports Partners, die den Hauptsitz in den USA in Charlotte einrichten. Das Unternehmen hält eine starke finanzielle Position mit 69,1 Millionen US-Dollar in Bargeld und kurzfristigen Vermögenswerten, bleibt schuldenfrei und bekräftigt das Umsatzziel für das Geschäftsjahr 2024, das 33 Millionen US-Dollar übersteigen soll.
- Revenue growth of 59.4% YoY to $7.8 million
- Gross profit increase of 138.6% to $3.9 million
- Gross margin improvement to 50.8% from 33.9%
- Strong cash position of $69.1 million with no debt
- Tencent's $30 million investment validating Insighta's $200 million valuation
- CircleDNA and ACT Genomics expected to reach breakeven by H2 2024
- Adjusted EBITDA loss of $5.8 million from continuing operations
Insights
The Q3 results showcase strong growth momentum with revenue increasing
Tencent's
The strategic pivot towards premium supplements through IM8Health.com targets a high-margin, growing market segment. The acquisition of Europa Sports Partners provides important infrastructure and distribution capabilities for US expansion. Early positive customer response and shipping to 31 countries indicates strong market potential.
The partnership with Tencent adds significant AI capabilities for cancer detection development while validating Insighta's business model. The expected breakeven for CircleDNA and ACT Genomics units demonstrates improving operational efficiency across segments. This multi-pronged growth strategy across supplements, diagnostics and cancer detection creates multiple revenue streams.
Revenue Grew
Officially Launched IM8Health.com, a new premium supplements brand
Tencent Invests
Reiterates Revenue Target to Exceed
CHARLOTTE, N.C., Nov. 27, 2024 (GLOBE NEWSWIRE) -- Prenetics Global Limited (NASDAQ: PRE) (“Prenetics” or the “Company”), a leading health sciences company, today announced unaudited financial results for the third quarter ended September 30, 2024, along with recent business updates.
Third Quarter 2024 Financial Highlights
- Revenue from continuing operations of
$7.8 million , as compared to$4.9 million in the third quarter 2023, an increase of59.4% . - Gross profit from continuing operations of
$3.9 million , as compared to$1.7 million in the third quarter of 2023, an increase of138.6% . - Gross margin of continuing operations increased to
50.8% from33.9% in the third quarter 2023, driven by operational efficiencies, better pricing strategies, and cost optimization measures. - Adjusted EBITDA1 loss from continuing operations of
$5.8 million , an improvement compared to$6.1 million in the third quarter 2023. - Cash and other short-term assets2 of
$69.1 million and debt-free as of September 30, 2024. - Insighta3, our early cancer detection venture with Professor Dennis Lo, had a cash balance of
$81.6 million on its balance sheet and debt-free as of September 30, 2024.
Third Quarter 2024 and Subsequent Operational Updates
- Successfully launched IM8health.com on November 18, 2024 and shipping to 31 countries and regions. Initial customer response has been very positive.
- Completed the acquisition of Europa Sports Partners: Established Prenetics' U.S. headquarters in Charlotte, NC. Europa, along with its third-party logistics arm Hubmatrix, supported IM8's U.S. launch while undergoing a digital transformation focused on advanced consumer technologies and digital strategies.
- Consummated Tencent's
$30 million strategic investment in Insighta: Collaboration with Tencent leverages their AI resources and healthcare expertise to advance early cancer detection through venture business Insighta. - Cash and short-term assets increased to approximately
$98 million : Tencent’s$30 million secondary investment, boosted cash and other short-term assets. - CircleDNA and ACT Genomics are on track to achieve business-unit breakeven by the second half of 2024.
___________________
1 Adjusted EBITDA is defined as loss from operations excluding (1) employee equity-settled share-based payment expenses, (2) depreciation and amortization, (3) amortization of deferred expenses, (4) acquisition and transaction-related costs, (5) strategic realignment and discontinued products impact, and (6) finance income and exchange gain or loss, net. These adjustments are made for items that may not be indicative of our business performance, including non-cash and/or non-recurring items.
2 Represents current assets, including cash and cash equivalents totaling
3 As of September 30, 2024, we owned
Management Commentary
Danny Yeung, Chief Executive Officer and Co-Founder, remarked: “I am incredibly proud of our team's execution and the strides we've made in launching IM8 Health, a brand that fills a significant unmet need in the health and wellness market with science-backed premium supplements supported by clinical trials and third-party testing. This launch represents a pivotal moment in our growth strategy, reflecting our commitment to innovation and consumer trust. These efforts have also been supported by a strong third quarter, with
Mr. Yeung continued, “With Tencent’s
About Prenetics
Prenetics (NASDAQ:PRE), a leading health sciences company, is dedicated to advancing consumer and clinical health. Our consumer initiative is led by IM8, a new health and wellness brand and Europa, one of the largest sports distribution companies in the USA. Our clinical division is led by Insighta, our
Forward-Looking Statements
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s goals, targets, projections, outlooks, beliefs, expectations, strategy, plans, objectives of management for future operations of the Company, and growth opportunities are forward-looking statements. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Forward-looking statements are based upon estimates and forecasts and reflect the views, assumptions, expectations, and opinions of the Company, which involve inherent risks and uncertainties, therefore they should not be relied upon as being necessarily indicative of future results. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to: the Company’s ability to further develop and grow its business, including new products and services; its ability to execute on its new business strategy in genomics, precision oncology, and specifically, early detection for cancer; the results of case control studies and/or clinical trials; and its ability to identify and execute on M&A opportunities, especially in precision oncology. In addition to the foregoing factors, you should also carefully consider the other risks and uncertainties described in the “Risk Factors” section of the Company’s most recent registration statement and the prospectus therein, and the other documents filed by the Company from time to time with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.
Investor Relations Contact:
investors@prenetics.com
PRE@mzgroup.us
Angela Cheung
Investor Relations / Corporate Finance
Prenetics Global Limited
angela.hm.cheung@prenetics.com
Basis of Presentation
Non-IFRS Financial Measure has been provided in the financial statements tables included at the end of this press release. An explanation of this measure is also included below under the heading “Non-IFRS Financial Measure”.
Non-IFRS Financial Measure
To supplement Prenetics’ consolidated financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”), the Company is providing non-IFRS measure, adjusted EBITDA loss from continuing operations. This non-IFRS financial measure is not based on any standardized methodology prescribed by IFRS and are not necessarily comparable to similarly-titled measures presented by other companies. Management believes this non-IFRS financial measure is useful to investors in evaluating the Company’s ongoing operating results and trends.
Management is excluding from some or all of its non-IFRS results (1) Employee equity-settled share-based payment expenses, (2) depreciation and amortization, (3) Amortization of deferred expenses, (4) Acquisition and transaction-related costs, (5) Strategic realignment and discontinued products impact, and (6) finance income and exchange gain or loss, net — items that may not be indicative of our business, results of operations, or outlook, including but not limited to non-cash and/or non-recurring items. These non-IFRS financial measures are limited in value because they exclude certain items that may have a material impact on the reported financial results. Management accounts for this limitation by analyzing results on an IFRS basis as well as a non-IFRS basis and also by providing IFRS measures in the Company’s public disclosures.
In addition, other companies, including companies in the same industry, may not use the same non-IFRS measures or may calculate these metrics in a different manner than management or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of these non-IFRS measures as comparative measures. Because of these limitations, the Company’s non-IFRS financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with IFRS. Investors are encouraged to review the non-IFRS reconciliations provided in the tables captioned “Reconciliation of loss from operations from continuing operations under IFRS and adjusted EBITDA loss from continuing operations (Non-IFRS)” set forth at the end of this document.
| PRENETICS GLOBAL LIMITED Unaudited consolidated statements of financial position (Expressed in United States dollars unless otherwise indicated) | ||||||||
| September 30, | June 30, | December 31, | ||||||
| 2024 | 2024 | 2023 | ||||||
| Assets | ||||||||
| Property, plant and equipment | $ | 9,238,067 | $ | 4,745,228 | $ | 5,777,794 | ||
| Intangible assets | 11,987,708 | 12,455,997 | 13,424,648 | |||||
| Goodwill | 37,363,809 | 29,170,123 | 29,170,123 | |||||
| Interests in equity-accounted investees | 97,575,853 | 97,875,233 | 98,464,875 | |||||
| Financial assets at fair value through profit or loss | 9,371,064 | 9,371,064 | 9,371,064 | |||||
| Deferred tax assets | — | 27,627 | 27,680 | |||||
| Deferred expenses | — | — | 3,530,756 | |||||
| Other non-current assets | 1,110,390 | 968,525 | 743,173 | |||||
| Non-current assets | 166,646,891 | 154,613,797 | 160,510,113 | |||||
| Deferred expenses | 5,648,473 | 7,710,439 | 8,312,890 | |||||
| Inventories | 8,932,408 | 2,878,258 | 3,126,776 | |||||
| Trade receivables | 5,706,585 | 4,086,030 | 4,058,007 | |||||
| Deposits, prepayments and other receivables | 5,857,371 | 11,797,508 | 5,284,848 | |||||
| Amount due from a related company | 2,574 | 2,561 | 5,123 | |||||
| Amount due from an equity-accounted investee | 139,909 | 120,966 | 132,114 | |||||
| Financial assets at fair value through profit or loss | 10,893,094 | 10,893,094 | 11,034,200 | |||||
| Short-term deposits | — | — | 16,000,000 | |||||
| Cash and cash equivalents | 31,939,164 | 41,204,165 | 45,706,448 | |||||
| Current assets | 69,119,578 | 78,693,021 | 93,660,406 | |||||
| Total assets | $ | 235,766,469 | $ | 233,306,818 | $ | 254,170,519 | ||
| Liabilities | ||||||||
| Deferred tax liabilities | $ | 2,162,250 | $ | 2,238,336 | $ | 2,614,823 | ||
| Warrant liabilities | 205,942 | 311,152 | 223,850 | |||||
| Lease liabilities | 3,637,751 | 1,181,457 | 867,215 | |||||
| Other non-current liabilities | 346,955 | 286,047 | 823,345 | |||||
| Non-current liabilities | 6,352,898 | 4,016,992 | 4,529,233 | |||||
| Trade payables | 8,740,592 | 1,693,564 | 1,671,019 | |||||
| Accrued expenses and other current liabilities | 8,174,008 | 6,821,131 | 8,174,815 | |||||
| Contract liabilities | 5,709,876 | 5,480,399 | 6,111,017 | |||||
| Lease liabilities | 2,849,971 | 1,183,046 | 1,502,173 | |||||
| Liabilities for puttable financial instrument4 | 16,409,452 | 15,707,143 | 14,622,529 | |||||
| Tax payable | 7,433,612 | 7,402,553 | 7,402,461 | |||||
| Current liabilities | 49,317,511 | 38,287,836 | 39,484,014 | |||||
| Total liabilities | 55,670,409 | 42,304,828 | 44,013,247 | |||||
| Equity | ||||||||
| Share capital | 19,094 | 19,024 | 18,308 | |||||
| Reserves | 178,659,723 | 188,225,181 | 206,339,490 | |||||
| Total equity attributable to equity shareholders of the Company | 178,678,817 | 188,244,205 | 206,357,798 | |||||
| Non-controlling interests | 1,417,243 | 2,757,785 | 3,799,474 | |||||
| Total equity | 180,096,060 | 191,001,990 | 210,157,272 | |||||
| Total equity and liabilities | $ | 235,766,469 | $ | 233,306,818 | $ | 254,170,519 | ||
| PRENETICS GLOBAL LIMITED Unaudited consolidated statements of profit or loss and other comprehensive income (Expressed in United States dollars unless otherwise indicated) | |||||||
| Nine Months Ended | |||||||
| September 30, | September 30, | ||||||
| 2024 | 2023 | ||||||
| (Restated) | |||||||
| Continuing operations | |||||||
| Revenue | $ | 20,132,902 | $ | 16,314,215 | |||
| Direct costs | (8,634,517 | ) | (10,154,500 | ) | |||
| Gross profit | 11,498,385 | 6,159,715 | |||||
| Other income and other net gain | 1,451,384 | 3,791,541 | |||||
| Selling and distribution expenses5 | (6,230,284 | ) | (6,334,964 | ) | |||
| Research and development expenses5 | (8,344,625 | ) | (9,830,791 | ) | |||
| Administrative and other operating expenses5 | (29,951,055 | ) | (32,420,130 | ) | |||
| Loss from operations | (31,576,195 | ) | (38,634,629 | ) | |||
| Fair value loss on financial assets at fair value through profit or loss | (141,106 | ) | (3,944,407 | ) | |||
| Fair value gain on warrant liabilities | 17,908 | 2,679,485 | |||||
| Share of loss of equity-accounted investees | (909,455 | ) | (170,717 | ) | |||
| Other finance costs | (124,370 | ) | (120,735 | ) | |||
| Loss before taxation | (32,733,218 | ) | (40,191,003 | ) | |||
| Income tax credit | 450,479 | 164,199 | |||||
| Loss from continuing operations | (32,282,739 | ) | (40,026,804 | ) | |||
| Discontinued operation | |||||||
| Profit/(loss) from discontinued operation, net of tax6 | 18,582 | (7,234,839 | ) | ||||
| Loss for the period | (32,264,157 | ) | (47,261,643 | ) | |||
| Other comprehensive income for the period | |||||||
| Item that may be reclassified subsequently to profit or loss: | |||||||
| Exchange difference on translation of foreign operations | (296,142 | ) | 677,474 | ||||
| Total comprehensive income for the period | $ | (32,560,299 | ) | $ | (46,584,169 | ) | |
| Loss attributable to: | |||||||
| Equity shareholders of Prenetics | $ | (29,962,285 | ) | $ | (45,776,458 | ) | |
| Non-controlling interests | (2,301,872 | ) | (1,485,185 | ) | |||
| $ | (32,264,157 | ) | $ | (47,261,643 | ) | ||
| Total comprehensive income attributable to: | |||||||
| Equity shareholders of Prenetics | $ | (30,178,068 | ) | $ | (44,534,436 | ) | |
| Non-controlling interests | (2,382,231 | ) | (2,049,733 | ) | |||
| $ | (32,560,299 | ) | $ | (46,584,169 | ) | ||
| Loss per share: | |||||||
| Basic | (2.42 | ) | (4.18 | ) | |||
| Diluted | (2.42 | ) | (4.18 | ) | |||
| Loss per share - Continuing operations: | |||||||
| Basic | (2.42 | ) | (3.52 | ) | |||
| Diluted | (2.42 | ) | (3.52 | ) | |||
| Weighted average number of common shares: | |||||||
| Basic | 12,388,243 | 10,964,344 | |||||
| Diluted | 12,388,243 | 10,964,344 | |||||
| PRENETICS GLOBAL LIMITED Unaudited consolidated statements of profit or loss and other comprehensive income (Expressed in United States dollars unless otherwise indicated) | |||||||||||
| Three Months Ended | |||||||||||
| September 30, | June 30, | September 30, | |||||||||
| 2024 | 2024 | 2023 | |||||||||
| (Restated) | |||||||||||
| Continuing operations | |||||||||||
| Revenue | $ | 7,777,973 | $ | 5,941,532 | $ | 4,878,941 | |||||
| Direct costs | (3,830,506 | ) | (2,173,260 | ) | (3,224,316 | ) | |||||
| Gross profit | 3,947,467 | 3,768,272 | 1,654,625 | ||||||||
| Other income and other net (loss)/gain | (48,625 | ) | 752,118 | 1,627,592 | |||||||
| Selling and distribution expenses5 | (1,915,373 | ) | (2,416,438 | ) | (1,662,029 | ) | |||||
| Research and development expenses5 | (2,588,117 | ) | (3,025,458 | ) | (4,004,476 | ) | |||||
| Administrative and other operating expenses5 | (11,203,672 | ) | (9,687,454 | ) | (10,559,225 | ) | |||||
| Loss from operations | (11,808,320 | ) | (10,608,960 | ) | (12,943,513 | ) | |||||
| Fair value loss on financial assets at fair value through profit or loss | — | (141,106 | ) | — | |||||||
| Fair value gain/(loss) on warrant liabilities | 105,210 | (167,888 | ) | 926,739 | |||||||
| Share of (loss)/profit of equity-accounted investees | (329,512 | ) | (363,698 | ) | 54,567 | ||||||
| Other finance costs | (80,552 | ) | (27,479 | ) | (35,492 | ) | |||||
| Loss before taxation | (12,113,174 | ) | (11,309,131 | ) | (11,997,699 | ) | |||||
| Income tax credit | 75,307 | 89,234 | 11,544 | ||||||||
| Loss from continuing operations | (12,037,867 | ) | (11,219,897 | ) | (11,986,155 | ) | |||||
| Discontinued operation | |||||||||||
| (Loss)/profit from discontinued operation, net of tax6 | (28,963 | ) | 74,160 | (2,094,298 | ) | ||||||
| Loss for the period | (12,066,830 | ) | (11,145,737 | ) | (14,080,453 | ) | |||||
| Other comprehensive income for the period | |||||||||||
| Item that may be reclassified subsequently to profit or loss: | |||||||||||
| Exchange difference on translation of foreign operations | 474,278 | (339,976 | ) | (480,209 | ) | ||||||
| Total comprehensive income for the period | $ | (11,592,552 | ) | $ | (11,485,713 | ) | $ | (14,560,662 | ) | ||
| Loss attributable to: | |||||||||||
| Equity shareholders of Prenetics | $ | (10,672,236 | ) | $ | (10,721,954 | ) | $ | (13,570,455 | ) | ||
| Non-controlling interests | (1,394,594 | ) | (423,783 | ) | (509,998 | ) | |||||
| $ | (12,066,830 | ) | $ | (11,145,737 | ) | $ | (14,080,453 | ) | |||
| Total comprehensive income attributable to: | |||||||||||
| Equity shareholders of Prenetics | $ | (10,252,010 | ) | $ | (10,924,679 | ) | $ | (14,000,699 | ) | ||
| Non-controlling interests | (1,340,542 | ) | (561,034 | ) | (559,963 | ) | |||||
| $ | (11,592,552 | ) | $ | (11,485,713 | ) | $ | (14,560,662 | ) | |||
| Loss per share: | |||||||||||
| Basic | $ | (0.84 | ) | $ | (0.88 | ) | $ | (1.16 | ) | ||
| Diluted | (0.84 | ) | (0.88 | ) | (1.16 | ) | |||||
| Loss per share - Continuing operations: | |||||||||||
| Basic | (0.84 | ) | (0.88 | ) | (0.98 | ) | |||||
| Diluted | (0.84 | ) | (0.88 | ) | (0.98 | ) | |||||
| Weighted average number of common shares: | |||||||||||
| Basic | 12,722,810 | 12,222,337 | 11,743,434 | ||||||||
| Diluted | 12,722,810 | 12,222,337 | 11,743,434 | ||||||||
| PRENETICS GLOBAL LIMITED Non-IFRS Financial Measures (Expressed in United States dollars unless otherwise indicated) | |||||||
| Reconciliation of loss from operations from continuing operations under IFRS and adjusted EBITDA loss from continuing operations (Non-IFRS) | |||||||
| Nine Months Ended | |||||||
| September 30, | September 30, | ||||||
| 2024 | 2023 | ||||||
| (Restated) | |||||||
| Loss from operations from continuing operations under IFRS | $ | (31,576,195 | ) | $ | (38,634,629 | ) | |
| Employee equity-settled share-based payment expenses | 4,861,707 | 10,632,798 | |||||
| Depreciation and amortization | 4,530,392 | 5,106,206 | |||||
| Amortization of deferred expenses | 6,195,173 | 6,064,443 | |||||
| Acquisition and transaction-related costs | 1,824,210 | — | |||||
| Strategic realignment and discontinued products impact | 162,678 | 1,767,296 | |||||
| Finance income, exchange gain or loss, net | (1,362,803 | ) | (3,579,732 | ) | |||
| Adjusted EBITDA loss from continuing operations (Non-IFRS) | $ | (15,364,838 | ) | $ | (18,643,618 | ) | |
| Three Months Ended | |||||||||||
| September 30, | June 30, | September 30, | |||||||||
| 2024 | 2024 | 2023 | |||||||||
| (Restated) | |||||||||||
| Loss from operations from continuing operations under IFRS | $ | (11,808,320 | ) | $ | (10,608,960 | ) | $ | (12,943,513 | ) | ||
| Employee equity-settled share-based payment expenses | 1,388,861 | 1,535,578 | 4,348,329 | ||||||||
| Depreciation and amortization | 1,377,068 | 1,433,769 | 1,703,843 | ||||||||
| Amortization of deferred expenses | 2,061,966 | 2,044,934 | 2,062,142 | ||||||||
| Acquisition and transaction-related costs | 1,025,900 | 798,310 | — | ||||||||
| Strategic realignment and discontinued products impact | 125,394 | 28,994 | 345,578 | ||||||||
| Finance income, exchange gain or loss, net | 31,980 | (694,194 | ) | (1,634,998 | ) | ||||||
| Adjusted EBITDA loss from continuing operations (Non-IFRS) | $ | (5,797,151 | ) | $ | (5,461,569 | ) | $ | (6,118,619 | ) | ||
___________________
4 In connection with the acquisition of ACT Genomics, the remaining shareholders of ACT Genomics - representing
5 Includes equity-settled share-based payment expenses from continuing operations as follows:
| Nine Months Ended | |||||
| September 30, | September 30, | ||||
| 2024 | 2023 | ||||
| (Restated) | |||||
| Direct costs | $ | 1,026 | $ | — | |
| Selling and distribution expenses | 5,054 | 100,561 | |||
| Research and development expenses | 2,258,374 | 2,891,754 | |||
| Administrative and other operating expenses | 2,360,340 | 7,576,866 | |||
| Total equity-settled share-based payment expenses | $ | 4,624,794 | $ | 10,569,181 | |
| Three Months Ended | |||||||||
| September 30, | June 30, | September 30, | |||||||
| 2024 | 2024 | 2023 | |||||||
| (Restated) | |||||||||
| Direct costs | $ | 5 | $ | 440 | $ | — | |||
| Selling and distribution expenses | 3,591 | 410 | (3,307 | ) | |||||
| Research and development expenses | 689,530 | 810,450 | 1,530,858 | ||||||
| Administrative and other operating expenses | 504,597 | 699,991 | 2,798,696 | ||||||
| Total equity-settled share-based payment expenses | $ | 1,197,723 | $ | 1,511,291 | $ | 4,326,247 | |||
6 We ceased our COVID-19 testing business entirely in 2023 Q2, and other DNA testing operations in the EMEA regions in 2023 Q4. As a result, COVID-19 testing business and the operations in the EMEA regions are reported as a discontinued operation under IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. In accordance with IFRS 5, the results of the discontinued operation have been presented separately from the continuing operations in the consolidated statements of profit or loss and other comprehensive income.
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