HANGZHOU, China, Aug. 28, 2024 /PRNewswire/ -- Hangzhou Tigermed Consulting Co., Ltd. ("Tigermed" or the "company") (Stock code: 300347.SZ / 3347.HK), a leading provider of clinical research solutions across full lifecycle of global biopharmaceutical and medical device products, announced its interim results for the first half of 2024, ended June 30, 2024 (the "Reporting Period").
This press release is for information purposes only and is not intended to provide any representation, in whole or in part, of the relevant matters. Please refer to the 2024 interim results announcement and other relevant announcements published on the websites of the Shenzhen Stock Exchange (www.szse.cn) and the Stock Exchange of Hong Kong (www.hkexnews.hk) for further information.
All financials disclosed in this press release are presented in accordance with China Accounting Standards for Business Enterprises ("CASBE") except for those specifically noted otherwise.
Clear QoQ Improvement Seen from Q2 2024 Performance
Total revenue achieved 1,698 million RMB, a quarter-on-quarter increase of 2.3%
Gross Profit reached 705 million RMB, a quarter-on-quarter increase of 12.2%
Net profit attributable to shareholders of the Company after deducting extraordinary gain or loss※ reached 337 million RMB, a quarter-on-quarter increase of 11.3%.
First Half of 2024 Financial Performance
During the reporting period, total revenue achieved 3,358 million RMB
During the reporting period, gross profit achieved 1,333 million RMB
During the reporting period, net profit attributable to shareholders of the Company after deducting extraordinary gain or loss(1) achieved 640 million RMB
Segment revenue generated from Clinical Trial Solutions reached 1,637 million RMB
Segment revenue generated from Clinical-related and Lab Services reached RMB 1,721 million.
※Non-recurring gains and losses refer to the transactions and occasions that are not directly related to the normal operation of the Company. It is indirectly related to the normal operation of business, but due to its special and occasional nature, it affects people's ability to make normal judgments on the Company's operating performance and profitability.
Business Highlight:
Tigermed has maintained its leading position in China's clinical service market, holding a 12.8% market share in 2023. Notably, it was the only Chinese CRO to rank among the global top 10 that year, with a global market share of 1.4%(1). As of June 30, 2024, Tigermed had a total of 9,348 employees across 37 countries. During the reporting period, Tigermed accumulated experience in handling over 133 multi-region clinical trials (MRCTs) and is currently executing 55 MRCT projects.
On a global scale, Tigermed's clinical operations and new orders in North America continued to grow rapidly. The U.S. clinical operations team expanded to nearly 100 employees and managed over 45 ongoing clinical trials, including more than 25 MRCTs. In the Asia-Pacific region, Tigermed strengthened its capabilities by acquiring the Japanese CRO company Medical Edge and enhancing its data management, statistical analysis, and clinical data information system services in Japan and the broader Asia-Pacific region. In the Europe/Middle ...
