GENSCRIPT BIO(01548)2024-03-10 10:15Financial Performance - For the fiscal year ending December 31, 2023, the group's revenue was approximately 625.7 million for the fiscal year ending December 31, 2022[2]. - The group's gross profit for the fiscal year ending December 31, 2023, was approximately 304.1 million for the fiscal year ending December 31, 2022[2]. - The adjusted net loss for the fiscal year ending December 31, 2023, narrowed to approximately 359.4 million in the previous year[3]. - The group reported a loss attributable to equity holders of approximately 226.9 million in the previous year[3]. - Total revenue for the year ended December 31, 2023, was 625,698 thousand in 2022, representing a year-over-year increase of approximately 34.2%[19]. - The company reported a net fair value gain of 355.1 million in 2023, compared to a net loss of about 298.2 million[73]. Revenue Breakdown - The external revenue from non-cell therapy business was approximately 509.0 million in the previous year[2]. - The external revenue from cell therapy business surged to approximately 116.7 million in the previous year[2]. - Revenue from the Life Sciences Services and Products segment was approximately 360.5 million for the year ended December 31, 2022[52]. - Revenue from biopharmaceutical development services was approximately 125.0 million for the year ended December 31, 2022[54]. - Revenue from industrial synthetic biological products increased by 11.4% to approximately 16.6 million[57]. - Cell therapy revenue surged by 143.7% to approximately 143.9 million, primarily due to collaboration and licensing agreements with Janssen[59]. Expenses and Costs - The group's total operating expenses, including R&D, were approximately 390.1 million in the previous year[7]. - The cost of services and products for 2023 was 139,052 thousand in 2022, reflecting an increase of about 53.6%[21]. - Employee benefits expenses, including salaries and wages, totaled 439,971 thousand in 2022, reflecting an increase of approximately 16.0%[21]. - Administrative expenses increased by 16.9% to approximately 174.3 million, while adjusted selling and distribution expenses increased by 4.9%[66]. Assets and Liabilities - Total non-current assets increased to 781,433 thousand in 2022, representing a growth of 32.4%[10]. - Current assets rose to 1,764,950 thousand in 2022, marking an increase of 33.3%[10]. - The total liabilities decreased from 1,342,948 thousand in 2023, a reduction of 8.5%[11]. - The company’s equity increased to 1,362,668 thousand in 2022, an increase of 50%[12]. - The total equity as of December 31, 2023, was 1,463,216,000 in 2022, representing a growth of approximately 31.9%[47]. - The company's total liabilities decreased to 1,279,713,000 in 2022, indicating a reduction of approximately 48%[38]. Cash Flow and Financing - Cash and cash equivalents increased significantly to 1,023,999 thousand in 2022, reflecting a growth of 41.3%[13]. - The net cash flow from operating activities was negative at (120,292) thousand in 2022, indicating a decline in operational cash flow[13]. - The investment activities resulted in a net cash outflow of (443,296) thousand in 2022, showing a decrease in investment spending[13]. - Financing activities generated cash inflow of approximately 783.4 million[80]. - The total interest-bearing loans and borrowings as of December 31, 2023, were 261,006,000 in 2022, reflecting an increase of about 10%[41]. Research and Development - The company continues to invest in research and development to enhance its product offerings and market position[6]. - Research and development expenses increased by 10.9% to approximately 390.1 million in 2022, primarily due to increased investment in talent and ongoing clinical trial activities[68]. - The company plans to invest in R&D to enhance technology and production capabilities for cell and gene therapies and other advanced therapies[53]. - The company will continue to invest in synthetic biology R&D to expand market opportunities and optimize production efficiency[110]. Strategic Initiatives - The company aims to improve global production capacity and provide localized supply chain solutions in the U.S., Singapore, and China to support long-term growth[53]. - The company plans to expand production capacity globally to meet strong customer demand, including investments in molecular biology and protein business capacity[98]. - The company has established a direct sales network covering over 100 countries, with significant revenue contributions from the U.S. (162.5 million)[49]. - The company aims to enhance operational efficiency through digital transformation and lean management systems[110]. Shareholder and Governance - The company has decided not to declare any dividends for the year ended December 31, 2023, consistent with the previous year[24]. - The board of directors did not recommend a final dividend for the year ending December 31, 2023, to retain resources for business development[114]. - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and risk management[119]. - The annual general meeting is scheduled for May 17, 2024, with a suspension of share transfer registration from May 13 to May 17, 2024, to determine voting eligibility[121].