HANGZHOU, China, Aug. 25, 2022 /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 interim results for the first half of 2022, ended June 30, 2022 (the “Reporting Period”).
This press release is for information and summary only and is not intended to provide any representation, in whole or in part, of the relevant matters. For further information, please refer to the 2022 interim results and relevant announcements published on the websites of the Shenzhen Stock Exchange (www.szse.cn) and the Stock Exchange of Hong Kong (www.hkexnews.hk).
All financials disclosed in this press release are prepared based on International Financial Reporting Standards (IFRS) except for those specifically noted otherwise. The 2022 Interim Results of the company has not been audited.
First Half 2022 Financial Highlights
Total revenue achieved 74.8% year-over-year (“YoY”) growth to RMB 3,594.2 million during the Reporting Period. Adjusted Non-IFRS net profit attributable to owners increased by 26.6% YoY to RMB 876.5 million during the Reporting Period(1). Segment revenue generated from Clinical Trial Solutions reached RMB 2,172.1 million and that from Clinical-related and Lab Services reached RMB 1,422.1 million, representing a YoY growth of 110.1% and 39.0%, respectively. Geographically, China’s revenue increased by 51.3% YoY to RMB 1,680.8 million. The company overseas revenue increased by 102.3% YoY to RMB 1,913.4 million during the Reporting Period.
(1) Non-IFRS measure
As of June 30, 2022, Tigermed had 607 ongoing drug clinical research projects, including 207 overseas projects, and 403 ongoing medical device projects(2). During the reporting period, Tigermed Regulatory Affairs had 1,124 accumulated projects, meanwhile, the number of new US FDA-related projects increased by 67%. As of June 30, 2022, Tigermed Pharmacovigilance added 177 new projects. Our Medical Translation business ranked 57th globally (5th in Chinese Mainland and 15th in Asia Pacific) in the 2022 CSA Research Largest Language Service Providers Ranking(3).
As of June 30, 2022, total number of Data Management & Statistical Analysis (“DMSA”) customers increased to 208, which is also the largest DMSA service provider in China with 13.4% market share(4). Besides, Tigermed had 1,469 ongoing projects for Site Management services and 164 E-site centers as well as 67 core centers for Excellent for Clinical Trial Sites (“E-Site”).
Frontage expanded bioanalytical, biologics bioassay, and biomarker services through a newly operational 25,000 sq. ft. facility in Hayward, CA. Frontage new facilities in Shanghai, Suzhou, and Wuhan for bioanalytical, central lab, DMPK, medicinal chemistry, non-GLP/GLP tox, and drug screening became operational in 1H2022.
During the reporting period, Tigermed continued to strengthen its industry leadership in the Clinical Service Market. According to Frost & Sullivan, Tigermed had the largest market share of 12.5% in China’s clinical outsourcing market in 2021(5). Moreover, Tigermed is the only China-based clinical service provider ranked among the global top 10 with a 1.3% market share in 2021(5). Tigermed provided services to 56.6% of all Class I innovative drug approvals in China from 2016 to 1H2022, and enabled successful approvals of 4 Class I innovative drugs in 1H 2022. Furthermore, Tigermed accounted for 12.5% of total Human Genetic Resource Administration of China (HGRAC) clinical research project filings in 2021-1H2022(6).
During the reporting period, Tigermed expanded its global footprint. As of June 30, 2022, Tigermed had 26 overseas subsidiaries and set up new subsidiaries in UK, Netherland, and Vietnam in 1H2022, representing a worldwide network in 53 countries across 5 continents. With the global presence and expertise, Tigermed acquired more than 50 new bookings for overseas clinical trials and registration projects as of June 30, 2022.
Tigermed was rated AAA, the highest ranking, in 2022 CNI ESG Ratings by Shenzhen Stock Exchange, which showcased the company’s strong commitment to embedding sound sustainability and ESG practices into corporate strategy. In addition, Tigermed updated its Branding Positioning, adhering to the mission “Advance human health through delivery excellence” with a new brand identity “Passion for Innovation”, which better demonstrated Tigermed international CRO brand image in all aspects and will take Tigermed forward to the future.
“In the first half of 2022, Tigermed achieved robust growth in business performance, which were driven by our successful implementation of globalization, digitalization, and innovation-driven strategy, despite the challenges posed by the COVID-19 pandemic,” said Ms. Xiaochun Cao, the President of Tigermed. “We will continue to leverage our competitive advantage of global clinical service capabilities and empower pharmaceutical innovation. Looking ahead, we will continue to build on our integrated platform to enable boundless possibilities for healthcare innovation, and to fulfill our commitment to serve unmet medical needs and save patients’ lives.”
(2) Including medical device and IVD clinical trial operation, medical monitoring, clinical trial design and medical writings
(3) Source: CSA Research
(4) Source: Expert interview, public information and Tigermed analysis
(5) Source: Frost & Sullivan; revenue used for calculation of market share in China includes clinical-related revenue from China subsidiaries for multinational CROs and total clinical-related revenue for China-based CROs; clinical-related revenue for Tigermed excludes revenue generated from laboratory services; 1 USD = 6.4517 RMB
(6) Source: Human Genetic Resource Administration of China (HGRAC) website, might not be exhaustive; a total of 4,040 filings between January 1, 2021 and June 30, 2022, of which 2,040 filings with clinical CRO involvement; filings refer to international collaboration filings including both filings for approvals and filings for records; includes all controlled subsidiaries of Tigermed and there maybe be one or more than one Tigermed projects that could not be captured from the HGRAC website
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.
To supplement our financial information which are presented in accordance with IFRS, we use adjusted net profit attributable to owners of the Company as an additional financial measure, which is not required by, or presented in accordance with IFRS. We define adjusted net profit attributable to owners of the Company as profit for the year attributable to owners of the Company before certain expenses and amortization. We define adjusted net profit attributable to owners of the Company as profit attributable to owners of the Company adjusted for (1) share-based compensation expense, (2) net foreign exchange loss/(gain), (3) amortization of intangible assets arising from acquisitions, (4) listing expenses incurred by our Group, and (5) increase in fair value of financial assets at FVTPL. Adjusted net profit attributable to owners of the Company is not an alternative to (i) profit before tax, profit for the year or profit for the year attributable to owners of the Company (as determined in accordance with IFRS) as a measure of our operating performance, (ii) cash flows from operating, investing and financing activities as a measure of our ability to meet our cash needs, or (iii) any other measures of performance or liquidity. We believe that this non-IFRS measure is useful for understanding and assessing underlying business performance and operating trends, and that the owners of the company and we may benefit from referring to this non-IFRS measure in assessing our financial performance by eliminating the impact of certain unusual, non-recurring, non-cash and/or non-operating items that we do not consider indicative of the performance of our business. However, the presentation of this non-IFRS measure is not intended to, and should not, be considered in isolation from or as a substitute for the financial information prepared and presented in accordance with the IFRS. You should not view the non-IFRS measure on a stand-alone basis or as a substitute for results under the IFRS, or as being comparable to results or a similarly titled financial measure reported or forecasted by other companies.
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 committed to moving our customers through their development journey efficiently and cost-effectively. Tigermed currently represents a worldwide network of more than 100 subsidiaries and 170 offices and sites, with over 9,000 employees across 53 countries in Asia Pacific, Europe, North & South America and Africa. We are devoted to building an integrated platform that enables boundless possibility for healthcare industry, embracing challenges to fulfill our commitment to serve unmet patients’ needs, and eventually saving lives.