Editor’s Note: This article has been revised to include the financial results of Prenetics for the first quarter of 2023 and additional quotes from company executives.
Malaysia, June 5: Prenetics Global Limited (NASDAQ: PRE), a leading genomics and precision oncology company, has made significant announcements regarding its expansion and strategic appointments.
The company has appointed Joel Neoh as the Managing Director of CircleDNA and Chief Consumer Officer of the group.
This move reflects Prenetics’ commitment to further develop CircleDNA into a prominent consumer preventive healthcare platform.
The company aims to revolutionize the preventive healthcare landscape by integrating consumer health and genetics, advanced cancer detection technology, and targeted therapy for cancer treatment.
CircleDNA, renowned for its comprehensive consumer DNA tests, has been experiencing substantial growth in developed markets like the US and UK, as well as in Southeast Asia.
The rising affluence in Southeast Asia has increased consumer focus on health consciousness, particularly in the post-COVID era, which has further fueled CircleDNA’s expansion in the region.
In line with its growth strategy, CircleDNA is diversifying into the domain of preventive and personalized healthcare management.
This expansion includes forming local partnerships to offer a wide range of services such as blood tests, telehealth services, personalized supplements, and online-to-offline healthcare services.
Over the next 12 months, CircleDNA plans to introduce new products and services, showcasing its commitment to a comprehensive and holistic approach to health management.
With a solid consumer base of over 300,000 individuals already in place, CircleDNA aims to expand its reach to millions worldwide.
Neoh expressed his enthusiasm for joining Prenetics and CircleDNA, emphasizing the potential to positively impact people’s lives by promoting health and preventive care.
He acknowledged the remarkable support he has received as an entrepreneur in Southeast Asia and expressed a strong desire to give back to the community through health-related initiatives.
In addition to the appointment of Neoh, Prenetics also shared its financial results for the first quarter of 2023.
The company reported revenue of US$17.7 million and adjusted EBITDA of US$(5.7) million. Prenetics holds cash and other short-term assets of US$224.1 million as of March 31, 2023.
Danny Yeung, CEO and Co-founder of Prenetics, highlighted the company’s evolution in 2023, focusing on its consumer health and clinical testing business strategy.
With upcoming product launches within CircleDNA and ACT Genomics by the end of the year, guided by the R&D team and Scientific Advisory Board, Prenetics aims to strengthen its fiscal health and enhance its position in the market.
Yeung expressed confidence in the addition of Joel to the executive leadership team, citing his proven track record as a successful serial entrepreneur and his deep consumer insights.
He believes that under Joel’s leadership, CircleDNA will experience significant growth and establish itself as a leading global consumer health business.
Neoh expressed his commitment to positively influencing people’s health and showcasing the importance of prevention and well-being.
Leveraging the existing customer base of over 300,000 individuals, he believes Prenetics can make a difference in the lives of millions globally.
By collaborating with global scientists, doctors, and clinicians, Prenetics aims to provide a suite of preventive and personalized healthcare solutions to empower individuals to lead longer, happier, and healthier lives.
The strategic appointments and expansion plans demonstrate Prenetics’ dedication to driving innovation and growth in the field of preventive healthcare, with a focus on consumer-centric approaches and advanced technology for early cancer detection and treatment.
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