Genetron Health Reports Unaudited Financial Results for the Second Quarter of 2020
Beijing, China, August 6, 2020 — Genetron Health (the “Company”) (NASDAQ: GTH), a leading precision oncology company in China, today announced its unaudited financial results for the second quarter of 2020.
Financial and Operational Highlights for the Second Quarter of 2020:
1. Total revenue in the second quarter reached RMB 101.7 million, representing a 40.3% year-on-year increase compared to the same period in 2019 (RMB 72.49 million).
2. Revenue from diagnostic and monitoring services in the second quarter reached RMB 93.9 million, representing a year-on-year increase of 52.1%.
3. Gross profit margin increased to 63.1%, compared with 47.8% in the same period last year
4. Genetron Health Demonstrated Industry-Leading Technical Prowess at the 2020 American Association for Cancer Research (AACR) Annual Meeting
5. Genetron Health and Thermo Fisher Scientific Deepen Strategic Partnership to Launch Joint Promotion in China
6. In June, Genetron Health’s COVID-19 test kit received Emergency Use Authorization from the U.S. FDA
7. Dr. Hu Yunfu, Former Senior FDA Expert, Appointed Chief Medical Officer of Genetron Health, Further Strengthening the Company’s Management Team
8. Completed initial public offering, with net proceeds of approximately US$235 million
Mr. Wang Sizhen, Co-founder and CEO of Genetron Health, stated, “In the second quarter of 2020, thanks to the effective containment of the pandemic, China’s economy and people’s lives gradually returned to normal, leading to a rebound in Genetron Health’s business. However, a resurgence of COVID-19 cases in Beijing at the end of the quarter had a certain impact on our operations. Despite numerous challenges, Genetron Health delivered satisfactory results, with strong revenue growth, excellent gross margin performance, and an optimized cost structure, demonstrating the exceptional execution capabilities of our team and the resilience of our business.”
Mr. Wang Sizhen also stated, “Looking ahead to the second half of 2020, the entire industry continues to face significant challenges due to the uncertainty surrounding the progression of the COVID-19 pandemic. Nevertheless, we remain confident that our company’s business performance will continue to improve. Benefiting from our successful listing on the NASDAQ in the United States, our balance sheet has been significantly strengthened. Genetron Health will continue to firmly execute its long-term strategic guidelines while maintaining flexibility and agility to respond to the rapidly changing market environment. We plan to continually enrich our portfolio of diagnostic and monitoring products, develop a pipeline of early screening products with high clinical value, and promote collaborations with more pharmaceutical companies. Genetron Health will focus on expanding the market coverage and penetration of precision medicine, thereby creating long-term value for our shareholders.”
For the complete financial report of Genetron Health for the second quarter ended June 30, 2020, please visit the company’s investor website (ir.genetronhealth.com) or the official website of the U.S. Securities and Exchange Commission (www.sec.gov).
About Genetron Health
Genetron Health (NASDAQ: GTH) is a leading precision oncology company in China, dedicated to cancer genomics research and applications. The company is committed to transforming cancer diagnosis and treatment by leveraging advanced molecular biology and big data analytics capabilities. Genetron Health has established a comprehensive portfolio of products and services that span the entire cancer care continuum, from early screening and diagnostic testing to treatment recommendations, as well as monitoring and prognosis management. Additionally, Genetron Health collaborates with global pharmaceutical companies to provide customized products and services. For more information, please visit ir.genetronhealth.com.
Safe Harbor Statement
This press release contains Genetron Health’s expectations, plans, and forward-looking statements regarding the future. Such statements are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties, as well as numerous factors that could cause actual results to differ materially from those described in any forward-looking statement. Other statements containing words such as “anticipate,” “believe,” “expect,” “plan,” and similar expressions also constitute forward-looking descriptions. Additional information regarding these and other risks and uncertainties is included in the company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release should not be construed as representing the company’s views as of any date after the date of this announcement. Genetron Health anticipates that future events and developments may cause its assumptions and expectations to change; however, except as required by applicable law, the company undertakes no obligation to update any forward-looking descriptions, whether as a result of new information, future events, or otherwise.