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HANGZHOU, Aug 19, 2022 – (ACN Newswire) – New Horizon Health (6606.HK), China’s leading biotechnology company for early cancer screening, announced its half-year results for the year ended June 30, 2022 today.
Based on the financial information before the audit as of June 30, 2022, New Horizon Health achieved total revenue of RMB226 million in the first half of 2022, an increase of 414% over the same period in 2021; achieved a gross profit of RMB185 million , an increase of 650% over the same period in 2021; gross profit margin climbed to 82.0% from 56.2% in the first half of 2021. The Company’s adjusted net loss for the half-year was RMB106 million and the adjusted net loss rate( 1) narrowed significantly from 221% to 47%; the ratio of expenses to sales(1) dropped significantly from 161% to 86%, and the ratio of management expense to sales(1) dropped significantly from 80% to 23%. The Company’s total cash, including time deposits, cash, and cash equivalents, amounted to RMB1.65 billion.
The Company announced its cervical cancer screening product, CerviClear(TM), which had been launched in a large-scale prospective multi-center registered clinical trial in June 2022. CerviClear(TM) is the world’s first HPV cervical cancer screening product that provides painless and non-invasive urine self-sampling at home, covering a comprehensive range of 14 high-risk HPV viruses. The clinical trial for LiverClear(TM) is progressing well and is expected to be launched in the fourth quarter of 2022 or the first quarter of 2023. As of June 30, 2022, the Company’s R&D expenses(1) were RMB39.4 million, an increase of 111% over the same period in 2021.
“The results of the interim report were not easy to get. New Horizon Health’s team is faithful to its promise that it is able to do what it says and do what it does. The Company’s revenue in the first half of the year has exceeded last year’s full-year revenue. The performance growth is mainly attributed to the increase in revenue and gross profit of ColoClear and Pupu Tube, as well as the listing of UU Tube. The underlying logic of the high growth and high gross profit of the three products is that more and more people with high risk are accelerating the change of concept, attaching importance to the risk prevention and control of high incidence of cancer in personal and family health management, recognizing the important value of cancer early screening product compliance and willing to pay for it”, the Chairman and CEO of New Horizon Health, YeQing ZHU, said, “Cancer early screening products are both serious medical and consumer products, and the huge market opportunity is backed by the high barrier of research and development and compliance as well as the high investment in market education. The necessary condition for the approval of cancer early screening products under New Horizon Health is solid prospective large-scale multi-center registration clinical validation, which is the strong barrier of our diversified business strategy and the foundation of user trust.”
Normalization of COVID-19 epidemic accelerates the market education process for early screening at home: ColoClear and Pupu Tube continue to see 3-digit revenue growth
ColoClear achieved revenue of RMB73.6 million in the first half of 2022, representing an increase of 419% over the same period in 2021. The shipment volume in the first half of the year was approximately 294,600 kits, representing an increase of 143% over the same period in 2021. The increase in revenue of ColoClear was mainly due to the increase in volume sold and recognized as revenue and the increase in average recognition …
Full story available on Benzinga.com
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