Financial Performance - Revenue for 2022 reached $250.36 million, a 35.7% increase from $184.44 million in 2021[4] - Gross profit for 2022 was $89.19 million, representing a gross margin of 35.6%[4] - Adjusted net profit for 2022 was $36.17 million, up from $32.24 million in 2021, reflecting a 12.1% increase[4] - The company reported a net profit margin of 10.3% for 2022, consistent with the previous year[4] - The company's net profit increased by 37.0% from approximately $18.9 million in 2021 to approximately $25.9 million in 2022, maintaining a net profit margin of 10.3%[43] - Adjusted net profit increased by 12.4% from approximately $32.2 million in 2021 to approximately $36.2 million in 2022, with an adjusted net profit margin of 14.4% compared to 17.5% in 2021[45] - EBITDA rose by 35.5% from approximately $51.6 million in 2021 to approximately $69.9 million in 2022, with an EBITDA margin of 27.9% compared to 28.0% in 2021[46] - Adjusted EBITDA increased by 20.4% from approximately $60.8 million in 2021 to approximately $73.2 million in 2022, with an adjusted EBITDA margin declining from 33.0% to 29.3%[47] Assets and Liabilities - Total assets as of December 31, 2022, amounted to $550.59 million, compared to $475.84 million in 2021[4] - Total liabilities increased to $214.75 million in 2022 from $152.76 million in 2021[4] - Cash and cash equivalents decreased to $87.43 million in 2022 from $144.63 million in 2021[4] - Property, plant, and equipment increased by 26.8% from approximately $90.7 million in 2021 to approximately $115.0 million in 2022, driven by R&D and manufacturing capacity expansion[50] - Goodwill increased by 108.7% from approximately $71.5 million in 2021 to approximately $149.2 million in 2022, primarily due to the acquisition of Experimur and Clinical[52] Market Expansion and Strategy - The company plans to continue expanding its market presence and investing in new technologies[4] - Future guidance indicates a focus on increasing revenue through new product development and potential acquisitions[4] - The company aims to improve its adjusted net profit margin by optimizing operational efficiencies[4] - The company completed the acquisition of Experimur LLC and Frontage Clinical Services Inc., enhancing its capabilities and expanding into new research areas[8] - The company plans to expand its service capabilities through internal growth and acquisitions, focusing on key areas such as cell and gene therapy in 2023[10] - The company established a global project management team to manage clinical trials and provide logistical support for global pharmaceutical companies[16] Operational Developments - A new laboratory facility of approximately 25,000 square feet in Hayward, California, commenced operations in May 2022, significantly improving the company's bioanalytical and biomanufacturing service capabilities[9] - The company’s new API production facility in Weihai, China, has completed Phase I construction, covering 120,000 square feet and equipped with reactors totaling 50,000 liters[9] - The establishment of a frozen biorepository in Exton, Pennsylvania, supports clinical trial research with over forty -20°C and -70°C freezers[16] - The company enhanced its capabilities in targeted nucleic acid analysis and next-generation sequencing (NGS) during the reporting period[16] Employee and Workforce - The company has a workforce of 1,698 employees across over 23 locations in three countries as of December 31, 2022[9] - Employee costs for the fiscal year ended December 31, 2022, were approximately $102.9 million, compared to $73.7 million for the fiscal year ended December 31, 2021, indicating a rise of 39.6%[59] - Approximately 80% of the company's employees hold a bachelor's degree or higher, with 556 employees holding advanced degrees[59] Governance and Leadership - The company has a strong leadership team with diverse backgrounds in pharmaceuticals, finance, and investment banking, enhancing its strategic decision-making capabilities[66] - The board believes that the directors can dedicate sufficient time and effort to fulfill their responsibilities as independent non-executive directors, ensuring effective governance[66] - The company is committed to maintaining high professional standards in its board meetings and committee activities, ensuring accountability and transparency[66] - The board consists of seven directors, including a balanced mix of executive and independent non-executive directors[166] Risk Management - Key operational risks include dependency on client demand for outsourcing services, which is influenced by clients' financial performance and R&D spending[129] - Business risks include potential loss of contracts, inability to convert backlog into revenue, and financial risks from underestimating fixed-price contracts[130] - The company faces additional risks related to its acquisition strategy, including the ability to realize expected synergies and manage financial risks associated with debt[131] - The company has implemented various risk management procedures and guidelines to manage risks across key business processes, including financial reporting and compliance[194] Compliance and Regulatory - The company has established compliance policies and procedures to ensure adherence to applicable laws and regulations, with no known violations during the reporting period[151] - The company has adopted a standard code for securities trading by directors, confirming compliance during the reporting period[154] - The company has received annual confirmations of independence from all independent non-executive directors[85] Shareholder Information - As of December 31, 2022, the total distributable reserves available for shareholders amounted to approximately $97.3 million[81] - The group did not declare any final dividend for the reporting period[78] - The company has adopted a dividend policy to ensure sufficient reserves for future growth while allowing shareholders to participate in profit distribution[78] IPO and Financial Activities - The company raised approximately $193.2 million from its IPO, with a remaining unutilized net amount of about $11.6 million as of December 31, 2022[145] - 20% of the IPO proceeds, amounting to $38.6 million, was allocated to expand and enhance existing capacity to meet anticipated service demand[146] - The company reported a total of $181.6 million in actual utilization of IPO proceeds by December 31, 2022[146] Environmental and Social Responsibility - The company is committed to environmental responsibility and will implement further environmental measures to enhance sustainability[152] - The company values its employees as important assets and provides competitive compensation and training to enhance their understanding of corporate values[155]
方达控股(01521) - 2022 - 年度财报