According to the Hong Kong Stock Exchange, Novak Health Technology Holdings Limited (Novotech Health Holdings Ltd.) was disclosed by the Hong Kong Stock Exchange on Sept. 5, Zhitong Financial APP learned. Goldman Sachs Group and UBS are co-sponsors through the listing hearing on the Hong Kong Stock Exchange.
Company profile
Novi Health Technology Holdings Co., Ltd. is a contract research organization specializing in serving biotechnology companies in the Asia-Pacific region. The company's services are specifically designed for biotechnology research and development, and the company can benefit from the growing R & D needs of biotechnology and small and medium-sized pharmaceutical customers.
According to Frost Sullivan, in 2020, the company's market share in clinical contract research organizations in the Asia-Pacific region was about 2.3%, and the Asia-Pacific region accounted for about 20% of the global market for clinical contract research organizations in the same year. According to the same source, in terms of revenue, the company accounted for 4.1% of the market share of biotechnology companies and small and medium-sized pharmaceutical companies in the Asia-Pacific clinical contract research organization market in 2020, which accounted for 51.8% of the Asia-Pacific clinical contract research organization market in the same year.
Business profile
Novi Health's integrated contract research organization platform provides clinical trial services, ranging from pre-clinical consulting services to post-clinical trials, providing effective end-to-end clinical development solutions to the company's biotechnology customers. The company's comprehensive services include: the company's core clinical trial services (CCS), including clinical trials, bioequivalence and pharmacodynamics studies, and drug development consulting services; and the company's related clinical trial services (RCS), including its laboratory, clinical center management organization ("SMO"), flexible insourcing ("FLEX") and phase I clinical trial unit services.
The company has a network of about 900 clinical trial sites and has accumulated experience in more than 3700 clinical contract research projects, including phase I to IV clinical trials and bioequivalence studies. As of December 31, 2020, 95% of the top 20 clinical trial sites in the Asia-Pacific region (calculated by the number of clinical trials applied for by the industry) had partnered with companies.
Novak Health has leased 29 properties with a total floor area of approximately 22264 square meters in Greater China, Korea, Australia and some other jurisdictions for office space or laboratory services and other clinical related services. The company does not currently own any permanent property.
Financial overview
Revenue for 2018, 2019, 2020 and the three months ended March 31, 2021 was $94.904 million, $123 million, $166 million and $52.276 million, respectively. The company's net losses in 2018, 2019 and the three months ended March 31, 2020 and 2021 were $13.158 million, $4.106 million, $11.221 million and $14.558 million, respectively, compared with a net profit of $6.696 million in 2020.
In addition, in 2018, 2019, 2020 and the three months ended March 31, 2021, the Company's adjusted EBIT (non-International Financial reporting Standards) was-$7.281 million, $4.754 million, $38.072 million and $9.664 million, respectively, and the Company's adjusted EBITDA (non-International Financial reporting Standards) was $15.445 million, $25.104 million, $57.39 million and $15.096 million, respectively.
