Prenetics Global Limited (NASDAQ: PRE) shares began the day, week, month and quarter on the plus side. The Hong Kong-based genomics-driven health sciences company announced unaudited financial results for the fourth quarter and full year ended December 31, 2023, along with recent business updates.
Revenue from continuing operations of US$21.7 million in the full year 2023, an increase of 65.2% as compared to the full year 2022. Revenue from continuing operations of US$5.4 million in the fourth quarter 2023, an increase of 90.8% as compared to the fourth quarter 2022.
Adjusted EBITDA from continuing operations was US$(24.8) million in the full year 2023. Adjusted EBITDA from continuing operations were US$(6.2) million in the fourth quarter 2023.
Cash and other short-term assets of US$93.7 million as of December 31, 2023. Additionally, Insighta, our 50/50 joint venture in early cancer detection with Professor Dennis Lo, had a cash balance of US$79.1 million in its balance sheet as of December 31, 2023.
“This past year,” read this morning’s news release, “also marked the completion of a pivotal 500-person clinical trial with Insighta, our early cancer detection venture with Prof. Dennis Lo, yielding very positive results. We expect to publish these findings towards the end of 2024, and we are gearing up for an even more extensive overseas clinical trial beginning in Q3 of this year. Details of this will be shared in the next earnings update.”
PRE shares gained seven cents, or 1.7%, to $4.12.
