Tigermed saw clinical trial solutions revenue slide in the first half of the year offset by growth in clinical-related and lab services.
The Hong Kong-listed Chinese CRO shared its financials late last week, reporting a 3.2% increase in overall revenue to RMB 3,710.9 million during the reporting period. Adjusted net profit increased 2.2% to RMB 895.6 million.
Tigermed said that the contribution from clinical trial solutions decreased by 3.2% to RMB 2,103.4 million while the contribution from clinical-related and Lab Services grew 13% to RMB 1,607.5 million.
Commenting on the results Xiaochun Cao, Co-Founder, Executive Director, and President of Tigermed, said “we have taken the initiative to embrace the opportunities and challenges of the CRO industry in the first half of 2023.
"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."
Tigermed generates most of its revenue locally. According to its interim financials Chinese revenue increased by 24.2% to RMB 2,087.4 million while overseas revenue decreased by 15.2% to RMB 1,623.5 million.
Cao comments about globalization follow just weeks after the CRO opened an “International HQ” in Hong Kong. The contractor said the aim is to enable it to coordinate and manage global projects more efficiently, drive business expansion, and empower customers on a global scale.
It also pointed out that as prominent financial hub in the Asian-Pacific region “Hong Kong holds a significant position in the global healthcare sector with a competitive business environment and excellent culture of innovation.”
In the process of setting up the international HQ Tigermed received support from the Hong Kong Innovation, Technology, and Industry Bureau (ITIB) and the Office for Attracting Strategic Enterprises (OASES).
Tigermed established its Hong Kong office in 2011 and has partnered with local researchers and clinical sites. In August 2020, the CRO was listed on the Hong Kong Stock Exchange (HKSE).