Fintech PR

Tigermed Reports 2023 Interim Results

Published

1 year ago

August 25, 2023

HANGZHOU, China, Aug. 25, 2023 /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 2023, ended June 30, 2023 (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 2023 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 2023 Interim Results of the company has not been audited.

First Half 2023 Financial Performance

Total revenue achieved 3.2% year-over-year (“YoY”) growth to RMB 3,710.9 million during the Reporting Period.
Adjusted Net Profit Attributable to the Owners of the Company⁽¹⁾ increased by 2.2 % YoY to RMB 895.6 million during the Reporting Period^（¹^）.
Segment revenue generated from Clinical Trial Solutions decreased by 3.2% YoY to RMB 2,103.4 million.
Segment revenue generated from Clinical-related and Lab Services achieved 13% YoY growth and reached RMB 1,607.5 million.
Geographically, China’s revenue increased by 24.2% YoY to RMB 2,087.4 million. The company’s overseas revenue decreased by 15.2% YoY to RMB 1,623.5 million during the Reporting Period.

（1）Non-IFRS measure. Adjusted for (i) share-based compensation expense, (ii) net foreign exchange loss/(gain), (iii) amortization of intangible assets arising from acquisitions, and (iv) changes in fair value of financial assets at FVTPL

Business Highlight:

Tigermed maintained its strong position in the CRO industry in the first half of 2023 by providing comprehensive services and empowering global biopharmaceutical innovation with high quality and commitment. As of June 30, 2023, Tigermed had 772 ongoing drug clinical research projects, including over 40 ongoing clinical trials in the United States, 35 ongoing clinical trial projects in the EMEA (Europe, Middle East, Africa) region, and 31 ongoing clinical trial projects in South East Asia and Latin America regions.

During the reporting period, Tigermed regulatory affairs (RA) business had 940 accumulated project experience, added 18 new U.S. FDA IND projects, and assisted 7 products to be registered and approved in China. Furthermore, the Tigermed medical device team has served over 1,700 global clients with 5,700+ accumulated medical device and IVD registration projects, as well as 700+ clinical trial experiences.

Tigermed has achieved impressive growth in pharmacovigilance, medical translation, and real-world studies services in the first half of 2023. Notably, pharmacovigilance services added 75 newly signed projects and 59 new customers, providing safety monitoring solutions to both pre-NDA and post-market projects in both Europe and China. Medical translation added 52 new customers while expanding into the Japanese market in 2023. Real-World Study (RWS) business has reached multiple collaborations with global pharmaceutical companies. In terms of vaccine clinical service, Tigermed team has conducted 14 overseas COVID-19 vaccine projects and supported multiple innovative vaccines to carry out phase III protective efficacy research.

As of June 30, 2023, data management and statistical analysis had 296 customers and 859 ongoing projects. Additionally, Tigermed had 1,776 ongoing site management projects and provided services for 11 Class I innovative drug approvals in China in the first half of 2023. Furthermore, Tigermed Excellence for Clinical Trial Sites (“E-Site”) Program had 204 core collaborative sites and 61 green channel sites across China, forming a diversified and win-win strategic cooperation model.

Tigermed laboratory service has achieved great progress as of June 30, 2023. The Frontage Suzhou Safety Assessment Center obtained the GLP (Good Laboratory Practice) certification issued by the NMPA; the new 8,000+ square meters clinical trial manufacture center in Suzhou was officially put into operation; and ACME Biopharma, a subsidiary of Frontage, launched its Wuhan R&D center, offering comprehensive R&D services from target screening to pre-clinical pharmacology research.

During the reporting period, Tigermed DCTs (Decentralized Clinical Trials) Solutions were put into use across several therapeutic areas, such as oncology, Alzheimer’s disease, migraine, diabetes, COVID-19, etc., creating functions including remote follow-up, remote monitoring, remote informing, electronic patient report, etc. Furthermore, the company compiled The Tigermed DCT Global Regulatory Handbook, which became a regulatory reference and guide for DCT applications in global clinical research.

In the first half of 2023, Tigermed achieved a major milestone in its globalization efforts by establishing its International Headquarters in Hong Kong, which will enable the company to coordinate and manage global projects more efficiently and empower customers on a global scale.

As of June 30, 2023, Tigermed total number of employees reached 9,455, of which 1,525 were based overseas. During the reporting period, Tigermed had cumulative experience handling 120+ MRCT projects and 62 ongoing MRCTs. In addition, Tigermed acquired Marti Farm to further strengthen its ability to provide high-quality clinical services in Europe for global customers.

Tigermed has earned recognition from customers, industry, and media across the globe. During the reporting period, Tigermed has been honored with awards such as “Microsoft Digital Platform Best Practices Awards”, “Best Employer Brand on LinkedIn”, and “Best Medical Device Overseas Enabling Service Provider of 2023. Moreover, CSA Research ranked its medical translation business 51^stglobally (5th in mainland China and 14^th in the Asia Pacific) according to the 2023 CSA Research Largest Language Service Providers Ranking.

Management Comment

“At Tigermed, we have taken the initiative to embrace the opportunities and challenges of the CRO industry in the first half of 2023,” said Ms. Xiaochun Cao, Co-Founder, Executive Director, and President of Tigermed. “We focus on globalization, digitalization, and integration as our driving strategies for corporate development, and our comprehensive and reliable clinical research services have helped us build our global reputation. We are consistently striving to enhance service capabilities and scaling our global reach while remaining committed to offering our clients a professional and reliable experience that will ultimately benefit healthcare worldwide.”

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 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 Group currently represents a worldwide network of more than 100 subsidiaries and 180 service locations, with over 10,000 employees Asia Pacific, Europe, North & South America and Africa. We are devoted to building an integrated platform that enables the boundless possibilities for the healthcare industry, embracing challenges to fulfill our commitment to serving unmet patients’ needs, and ultimately saving lives.

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Fintech PR

Fraud Detection & Prevention Market to Reach $252.7 Billion, Globally, by 2032 at 24.3% CAGR: Allied Market Research

Published

2 hours ago

September 20, 2024

CISION (PR Newswire)

fraud-detection-&-prevention-market-to-reach-$2527-billion,-globally,-by-2032-at-24.3%-cagr:-allied-market-research

The introduction of big data analytics, cloud computing services, and an upsurge in mobile payment drive the growth of the market.

PORTLAND, Ore., Sept. 20, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Fraud Detection & Prevention Market by Component (Solution and Service), Deployment Mode (On-Premises and Cloud), Organization Size (Large Enterprises and Small and Medium-sized Enterprises) and Industry Vertical (BFSI, IT and Telecom, Retail, Healthcare, Government and Defense, Manufacturing, Transportation and Logistics and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the “fraud detection & prevention market” was valued at $29.5 billion in 2022, and is projected to reach $252.7 billion by 2032, growing at a CAGR of 24.3% from 2023 to 2032.

The introduction of big data analytics, cloud computing services, and an upsurge in mobile payment drive the growth of the market. In addition, the rise in the adoption of banking & financial sectors across the globe fuels the growth of the market. Moreover, continuous technological advancements are expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, the high cost of fraud detection and prevention solutions limits the growth of the fraud detection & prevention market.

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The solution segment held the highest market share in 2022.

By component, the solution segment dominated the market in 2022, this dominance is driven by the increasing demand for advanced technological solutions that can effectively detect, monitor, and prevent fraudulent activities across various industries such as banking, e-commerce, and insurance. Solutions like AI-based fraud detection, machine learning algorithms, and behavioral analytics have become critical tools in identifying potential fraud in real time and reducing financial losses. However, the service segment is expected to witness the largest CAGR of 28.0%, this growth is driven by the increasing need for specialized services such as consulting, implementation, and maintenance to help organizations effectively integrate and optimize fraud detection solutions.

The BFSI segment held the highest market share in 2022.

By industry vertical, the BFSI segment accounted for the largest share in 2022. This is primarily due to the high frequency and sophistication of fraud targeting financial institutions, making fraud detection and prevention solutions a critical need in the BFSI sector. Financial transactions, online banking, and digital payments are particularly vulnerable to cyberattacks, phishing schemes, and identity theft, driving the sector’s substantial investment in advanced fraud detection technologies. However, the retail segment is expected to witness the largest CAGR of 32.7%. This anticipated growth is driven by several factors. Retailers are increasingly targeted by fraudsters due to the high volume of transactions and the sensitivity of customer data involved. As e-commerce and digital transactions expand, the need for advanced fraud detection and prevention solutions becomes more critical.

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Regional Insights: The North America region held the highest market share in 2022.

By region, the fraud detection & prevention market was dominated by North America in 2022. North America, particularly the U.S., has a highly developed financial and technological infrastructure that supports advanced fraud detection solutions. The region’s significant investments in cybersecurity and fraud prevention technologies, combined with a high incidence of cyber threats, drive continuous innovation and adoption of sophisticated fraud management systems.

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Key Industry Developments

In February 2024, the U.S. Department of the Treasury announced that it has recovered over $375 million as a result of its implementation of an enhanced fraud detection process that utilizes Artificial Intelligence (AI) at the beginning of Fiscal Year 2023.
In April 2024, Cognizant collaborated with FICO, to launch a cloud-based real-time payment fraud prevention solution powered by FICO Falcon Fraud Manager. The joint offering would leverage both firms’ artificial intelligence (AI) and machine learning (ML) technology to help banks and other payment service providers in North America protect their customers from fraud in the growing world of instant digital payments.
In September 2022, Deutsche Bank collaborated with Visa, to help prevent online retail fraud. Merchants who process their e-commerce payments via Deutsche Bank can now use “Decision Manager,” an automated fraud detection system from Visa-owned company Cybersource.

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Get an access to the library of reports at any time from any device and anywhere. For more details, follow the link: https://www.alliedmarketresearch.com/library-access

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Fintech PR

KuCoin’s Alicia Kao Shares Insights on How AI is Accelerating Mass Crypto Adoption at TOKEN2049 Singapore

Published

2 hours ago

September 20, 2024

CISION (PR Newswire)

VICTORIA, Seychelles, Sept. 20, 2024 /PRNewswire/ — Alicia Kao, Managing Director at leading global cryptocurrency exchange, KuCoin, shared her vision on how crypto exchanges are the drivers that hold the keys to unlocking mainstream crypto adoption. Speaking at the OKX Main Stage at TOKEN2049 in Singapore on a panel session titled “Exchanges at the Helm: Driving Crypto from Niche to Mainstream,” Alicia shared that “accessing information about blockchain has become significantly easier…at KuCoin, we leverage complex data analysis algorithms using our trading bots to help users trade more efficiently.”

Industry stakeholders from all groups were in attendance for the panel, comprising investors, crypto enthusiasts, and more. The focus was on the crucial role of cryptocurrency exchanges in paving the way for crypto adoption and the eventual integration of digital assets into mainstream financial systems. Alicia and her fellow panelists explored both the challenges and opportunities that lay ahead for the crypto industry.

Alongside Alicia, the panel also featured leaders from leading crypto exchanges such as Ben Zhou, Co-Founder and CEO of Bybit; Gracy Chen, CEO of Bitget; Vivien Lin, Chief Product Officer of BingX; and Sonia Shaw, President of CoinW, and moderated by Michael Casey, Chairman of the Decentralized AI Society.

In addition to the panel discussion, KuCoin cemented its position as a leading centralised exchange (CEX) with a prominent presence on the show floor and activations that showcased the platform’s latest developments. The KuCoin Arcade also drew significant attention, offering an engaging and immersive experience with interactive crypto-themed games and activities.

“As we wrap up another edition of TOKEN2049 in Singapore, I’m once again filled with optimism for the future of the crypto industry. The energy, innovation, and collaboration displayed over the past two days have been immensely inspiring. At KuCoin, we will continue striving to be the driving force in this ever evolving space to build a more inclusive, decentralised, and prosperous financial future” added Alicia as TOKEN2049 concluded.

About KuCoin

Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 900 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 34 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/.

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Ultima Markets Wins Two Prestigious Awards at Global Forex Awards–Retail 2024!

Published

7 hours ago

September 20, 2024

CISION (PR Newswire)

ultima-markets-wins-two-prestigious-awards-at-global-forex-awards–retail-2024!

LIMASSOL, Cyprus, Sept. 20, 2024 /PRNewswire/ — Ultima Markets, a leading global forex and CFDs brokerage, is thrilled to announce its double success at the prestigious Global Forex Awards – Retail 2024. The company won two distinguished awards: “Best Affiliates Brokerage – Global” and “Best Fund Safety – Global.”

The awards were presented during the event in Limassol, Cyprus, where Jean Philippe, Board Advisor, Corporate Governance and Sustainability at Ultima Markets, accepted the honours.

The Global Forex Awards – Retail has celebrated excellence in trading innovation for seven consecutive years. Ultima Markets’ dual wins reflect its commitment to quality, client-centric strategies, and strong partnerships across the financial services sector.

The “Best Affiliates Brokerage—Global” award recognises Ultima Markets’ exemplary affiliate programme, which has successfully driven its global expansion. It is celebrated for its transparency and competitive rewards tailored to affiliate needs.

Receiving the “Best Fund Safety – Global” award highlights Ultima Markets’ efforts to safeguard client assets. Through its partnership with Willis Towers Watson, the company provides up to USD$1,000,000 in insurance per account, while its Financial Commission membership ensures clients access to up to €20,000 in compensation funds.

These recognitions underscore Ultima Markets’ priority to security and transparency, including segregated accounts and robust risk management practices. The broker also assures affiliate partners of exceptional standards.

Commenting on the awards, Jean Philippe said, “These recognitions reflect the exceptional work of our teams to ensure the safety of traders’ funds and our dedication to creating value for our partners and clients. We will continue to evolve and innovate to meet the market’s demands.”

Ultima Markets is renowned for its extensive range of trading products and personalised customer service, designed to meet clients’ diverse needs worldwide. The dual recognition marks a significant milestone in the company’s global growth and reaffirms its reputation for delivering fund safety and robust affiliate opportunities.

“We are delighted to be recognised with these awards, which reflect our mission to create a secure trading environment and build strong, rewarding partnerships,” said Jack Li, Ultima Markets’ Regional Business Director.

About Ultima Markets

Ultima Markets is a fully licensed, fast-growing broker offering access to 250+ financial instruments. With a team of 2,000+ professionals in 15 global offices, we serve clients in 172 countries. Check out more about our awards on Facebook, X, Instagram, LinkedIn and YouTube.