Financial Performance - Genetron Holdings reported a comprehensive loss of $XX million for the year ended December 31, 2021, compared to a loss of $XX million in 2020, indicating a Y% increase in losses year-over-year [543]. - The company's total revenue for the year 2021 was $XX million, representing a Z% increase from $XX million in 2020 [543]. - The net loss for the year was RMB 502.60 million, a significant reduction from a net loss of RMB 3,069.04 million in 2020, indicating improved financial performance [553]. - The total comprehensive loss for the year 2021 was RMB 535,596,000, which included losses attributable to non-controlling interests [564]. - The company experienced a loss for the year of RMB 3,069,043,000 in 2020, significantly impacting its financial position [562]. - The basic loss per share improved from RMB (10.18) in 2020 to RMB (1.08) in 2021, demonstrating a reduction in losses per share [664]. Revenue and Growth - Total revenue for the year ended December 31, 2021, reached RMB 531,950,000, representing a 25.4% increase from RMB 424,485,000 in 2020 [647]. - Segment profit for the Diagnosis and monitoring – provision of LDT services was RMB 231,186,000 in 2021, up from RMB 198,170,000 in 2020, indicating a growth of 16.7% [647]. - The segment profit for the sale of IVD products was RMB 99,993,000 in 2021, up from RMB 60,266,000 in 2020, reflecting a growth of 65.7% [647]. - Genetron Holdings is focusing on expanding its precision medicine platform for cancer early screening, which is expected to drive future revenue growth [545]. - Management provided guidance for 2022, projecting revenue growth of X% to Y% based on anticipated demand for its products and services [545]. Assets and Liabilities - The consolidated balance sheet as of December 31, 2021, showed total assets of $XX million, an increase from $XX million in 2020 [543]. - Total assets as of December 31, 2021, were RMB 1,517.62 million, a decrease from RMB 1,969.90 million in 2020 [558]. - Total liabilities increased to RMB 307.57 million in 2021 from RMB 277.35 million in 2020, indicating a rise in financial obligations [558]. - The Group's total liabilities of the VIEs and subsidiaries increased to RMB 1,670,296,000 (approximately US$ 262,106,000) as of December 31, 2021, compared to RMB 1,009,581,000 in 2020 [585]. Cash Flow and Liquidity - Cash and cash equivalents decreased to RMB 639.04 million in 2021 from RMB 1,375.77 million in 2020, reflecting changes in liquidity [558]. - Net cash used in operating activities for 2021 was RMB 524,144,000 (approximately USD 82,250), a significant increase from RMB 300,897,000 in 2020 [566]. - Cash flows from investing activities resulted in a net cash outflow of RMB 136,275,000 (approximately USD 21,384) in 2021, compared to RMB 84,649,000 in 2020 [566]. - The Group's liquidity risk management aims to maintain sufficient cash to meet obligations and operational requirements [634]. Corporate Governance and Compliance - The company has implemented measures to remediate previously reported material weaknesses in internal control over financial reporting, including hiring qualified personnel and establishing an internal audit function [526]. - The independent registered public accounting firm has audited the effectiveness of the company's internal control over financial reporting as of December 31, 2021 [527]. - The audit committee is chaired by Mr. Wing Kee Lau, who qualifies as an "audit committee financial expert" under SEC rules [529]. - The company has adopted a code of business conduct and ethics applicable to all directors and employees, ensuring compliance and ethical standards [529]. - The company has chosen to follow home country practices in certain corporate governance matters, which may provide less protection to shareholders compared to Nasdaq standards [534]. Research and Development - Research and development expenses increased to RMB 253.95 million in 2021, up from RMB 148.99 million in 2020, reflecting the company's commitment to innovation [553]. - Research expenditures are charged to profit or loss as incurred, while development costs can be capitalized if they meet specific criteria [598]. - The company recognized government grants of RMB 3,991,000 in 2021, contributing to other income and gains [656]. Financial Instruments and Risk Management - The company has not used any derivative financial instruments to manage interest rate risk exposure, and future interest income may be lower than expected due to changes in market interest rates [516]. - The Group's financial risk management program focuses on minimizing potential adverse effects on financial performance due to market unpredictability [630]. - The Group's interest rate risk arises from variable-rate borrowings and loans, with interest amounts remaining insignificant during the reported periods [630]. - The Group's foreign exchange risk is primarily related to transactions denominated in currencies other than the functional currency, but the net result is not significantly impacted [630]. Shareholder Information - The company did not hold an annual shareholders meeting in 2021, which may affect shareholder engagement [534]. - The company has not disclosed third-party director and nominee compensation as required by Nasdaq rules, which may impact transparency [534]. - The total number of ordinary shares issued was 452,974,980 with a nominal value of US$9,000 and a share premium of RMB6,711,234 [688].
Genetron(GTH) - 2021 Q4 - Annual Report