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Prenetics Announces Fourth Quarter and Full Year 2024 Financial Results, Provides 2025 Guidance
PREPrenetics(PRE) GlobeNewswire·2025-03-05 13:30

Core Insights - Prenetics Global Limited reported a significant revenue growth of 93.5% to 10.5millioninQ42024andayear−over−yearincreaseof40.910.5 million in Q4 2024 and a year-over-year increase of 40.9% to 30.6 million for the full year 2024 [1][9][13] - The company has cash and short-term assets totaling 84.8millionasofDecember31,2024,positioningitwellforfuturegrowthopportunities[1][6]−For2025,Preneticsprojectsfull−yearrevenuebetween84.8 million as of December 31, 2024, positioning it well for future growth opportunities [1][6] - For 2025, Prenetics projects full-year revenue between 73 million and 85million,drivenbythesuccessfullaunchofitsIM8Healthbrand[2][12]FinancialPerformance−InQ42024,Preneticsachievedagrossprofitof85 million, driven by the successful launch of its IM8 Health brand [2][12] Financial Performance - In Q4 2024, Prenetics achieved a gross profit of 4.6 million, up 73.1% from 2.7millioninQ42023,withagrossmarginof44.02.7 million in Q4 2023, with a gross margin of 44.0% [9][13] - The full-year gross profit for 2024 was 16.1 million, an increase of 82.6% from 8.8millionin2023,withagrossmarginimprovementto52.68.8 million in 2023, with a gross margin improvement to 52.6% from 40.6% [9][13] - Adjusted EBITDA loss for Q4 2024 was (6.8) million, slightly worse than (6.1)millioninQ42023,whilethefull−yearadjustedEBITDAlossimprovedto(6.1) million in Q4 2023, while the full-year adjusted EBITDA loss improved to (22.2) million from (24.8)millionin2023[9][13]BusinessStrategyandGrowth−Thecompanyisfocusingonitsconsumerhealthbrands,includingIM8,Europa,andCircleDNA,whichareexpectedtodrivesignificantgrowth[6][11]−IM8Healthhasquicklygainedtractioninthemarket,establishingastrongcommunityandpositioningitselfintheholistichealthsector[4][6]−Strategicacquisitions,suchasEuropa,areexpectedtocontributetorevenuegrowth,withEuropaprojectedtobreakevenbythesecondhalfof2025[5][6]FutureOutlook−Preneticsanticipatesarobustrevenueincreaseof350−450(24.8) million in 2023 [9][13] Business Strategy and Growth - The company is focusing on its consumer health brands, including IM8, Europa, and CircleDNA, which are expected to drive significant growth [6][11] - IM8 Health has quickly gained traction in the market, establishing a strong community and positioning itself in the holistic health sector [4][6] - Strategic acquisitions, such as Europa, are expected to contribute to revenue growth, with Europa projected to break even by the second half of 2025 [5][6] Future Outlook - Prenetics anticipates a robust revenue increase of 350-450% year-over-year for 2025, aiming for profitability by the end of Q4 2025 [6][12] - The company expects Q1 2025 revenue to be between 11.5 million and $13 million, with specific contributions from IM8, Europa, and CircleDNA [8][12]