Tigermed Reports Strong 2021 Full-Year Results

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Mar 28, 2022, 07:10 ET

HANGZHOU, China, March 28, 2022 /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 annual results for the year ended December 31, 2021 (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 2021 annual 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.

Tigermed 2021 annual results highlight its significant achievements in top-line growth, value creation for stakeholders, and global expansion footprint.

Total revenue achieved 63.3% year-over-year ("YoY") growth to RMB 5,213.5 million during the Reporting Period.
Adjusted Non-IFRS net profit attributable to owners increased by 60.6% YoY to RMB 1,585.3 million during the Reporting Period.
Segment revenue generated from Clinical Trial Solutions reached RMB 2,993.7 million and that from Clinical-related and Lab Services reached RMB 2,219.8 million, representing a YoY growth of 97.1% and 32.7%, respectively.
Geographically, China's revenue increased by 44.5% YoY to RMB 2,756.1 million. The company overseas revenue increased by 91.1% YoY to RMB 2,457.4 million in 2021.
During the Reporting Period, the company new bookings reached RMB 9,645.5 million, representing a 74.2% YoY growth.

As of December 31, 2021, Tigermed served 567 ongoing drug clinical trials and 341 medical device projects. During the reporting period, Tigermed completed 148 medical device projects and contributed to successful marketing approvals for 3 innovative medical devices and 2 artificial intelligent medical device software. In 2021, New IND projects increased by 59% YoY, and new US FDA-related IND projects increased by 417% YoY. Meanwhile, strong demands from customers on Emerging Services are always evolving to accelerate drug development, including Medical Translation, Medical Imaging, E-Site, Pharmacovigilance, Real World Study, and more.

In 2021, Tigermed digitalization strategy was encouragingly achieved with more breakthroughs in science and technology. During the Reporting Period, Tigermed launched its in-house Risk-Based Quality Management ("RBQM") system to improve clinical trial efficiency, data quality, and better protect the safety of trial subjects. In 2021, Tigermed also rolled out its all-in-one centralized digital clinical trial platform Tailinyan, comprising Clinical Trial Management System, Electronic Data Capture, Clinical Trial Remote Monitoring, and eSource Record, etc., significantly improved the efficiency of clinical trial solutions to better engage with customers, investigators, patients, and other participants.

In 2021, Tigermed continued its global expansion journey and served as the trusted partner from China to the world and vice versa. Tigermed has been building its differentiated capabilities and local operation expertise in major overseas markets. As of December 31, 2021, Tigermed represented a worldwide network of more than 8,300 employees in 52 countries across 5 continents. The company had 132 ongoing single region overseas clinical trials, primarily in South Korea, Australia, and the US as well as 50 ongoing MRCTs conducted in the Asia Pacific, North America, Europe, Africa, and Latin America with various therapeutic areas including oncology, vaccine, central neuro system, cardiovascular, and rare diseases, etc.

In addition, Tigermed embedded sound sustainability and ESG practices into corporate strategy, for example, Tigermed sponsored Hepatitis B Zero Maternal Transmission Program in 135 hospitals, benefiting more than 30,000 families. Tigermed was also committed to maintaining a culture of diversity and inclusion in which 43% of board members and 60% senior management team are female, and employees from all backgrounds could fully contribute to the growth and success of its business. By providing professional knowledge and services as well as delivering values to society, Tigermed has been recognized by global customers, industry, and society, including Frost & Sullivan "2021 China Clinical CRO Competitive Strategy Leadership Award ", "Future 50 2021" by Fortune, etc.

"With a demonstrated track record for project delivery and operational excellence, we are well-positioned to capture the opportunities in this thriving industry," said Dr. Xiaoping Ye, Co-Founder, and Chairman of Tigermed. "We are devoted to continuing to build a full-spectrum research and development organization to address growing customer demands and enable scientific breakthroughs to meet the needs, many of which are unmet, of patients globally. Reflecting on the past year 2021, we continued the strong momentum to serve our customers to bring critical and innovative products to market, from laboratory services to clinical trials, from project initiation to delivery, from orphan drug to vaccine. We are proud of the achievements we made and values we created for our stakeholders – patients, customers, professionals, communities, and shareholders."

Ms. Xiaochun Cao, Co-Founder, Executive Director, and President of Tigermed, said, "We achieved strong business growth in 2021 through our full-service platform. With over 8,000 talented employees all over the world, we see extraordinary possibilities to further increase our positive impact in the clinical research industry. This was reflected not only from financial results but also from the increasing number of customers, fast-growing RFP number, and a broader portfolio of service offerings. As we look ahead to what comes next, there is so much that gives us great confidence about our future. We will continue to deliver the highest standard of services, as a globally trusted partner, to help bring innovative therapies to patients."

Mr. Hao Wu, Executive Director, and Co-President, said, "Tigermed is an organization with a unique culture that provides a distinctive experience and industry-leading quality results that go beyond customers' expectations. For 18 years, we have always striven for excellence, do the right thing, and make the impossible possible, that's what we pursue relentlessly."

Forward-Looking Statements

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.

Non-IFRS Measure

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.

About Tigermed

Tigermed (Stock code: 300347.SZ/3347.HK) is a leading provider of innovative clinical research solutions across the full life cycle of biopharmaceutical and medical device products globally. With a broad portfolio of services and a promise of quality, from clinical development to commercialization, we are committed to moving our customers and patients through their development journey efficiently and cost-effectively. Tigermed currently represents a worldwide network of more than 80 subsidiaries and 170 offices and sites, with over 8,300 employees across 52 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.

SOURCE Tigermed