Idu Technology announces interim results for fiscal year 2024 with strong performance from life science solutions

Recently, IDu Technology (2158.HK) announced its results for the first half of the fiscal year 2024. The company's total revenue for the first half of fiscal 2024 was RMB356 million, and its gross margin increased by 12.1 percentage points year-on-year to 38.2%, a record high for the same period. Adjusted net loss narrowed to 54.1 million yuan, down 75.9% from a year earlier. Among them, the life science solutions segment performed strongly.

During the reporting period, the revenue of the life science solutions segment of Yidu Technology reached RMB 170 million. Gross profit margin was 27.8%, up 13.3 percentage points year-on-year, and operating efficiency was further improved.

As of September 30, 2023, the Life Science Solutions segment, which serves primarily pharmaceutical, biotechnology, medical device and other partners in clinical development, had conducted 296 clinical studies and had conducted 221 prospective and retrospective real-world studies. The company's intelligent clinical trial management organization service has covered 304 clinical trial institutions. The revenue retention rate of the company's top 10 customers is 128.2%, and 15 of the 20 leading multinational pharmaceutical companies are customers of the company.

In view of the problems existing in traditional clinical trials, such as low recruitment rate, poor compliance, slow progress of clinical trials, and high cost of drug research and development, under the guidance of patient-centered drug research and development, based on YiduCore's core capabilities, and the accumulation of top hospitals and expert networks in the big data platform and solution segment, IDU Technology has independently developed integrated intelligence The service platform mainly includes research ward platform (iGCP) and remote Intelligent Clinical Trial System platform (DCT). During the reporting period, based on the self-developed integrated intelligent service platform, Yidu Technology completed the TAB014I1 clinical trial of Zhake Ophthalmology and the patient recruitment of a wet age-related macular degeneration clinical trial of a biomedical company in advance, and continued to rapidly promote the progress of two phase III clinical trials.

With the accumulated experience in the field of disease and the constantly iterated and upgraded intelligent service platform based on YiduCore, IDU Technology continues to strengthen its core competitiveness in the life science industry, continuously improve the re-purchase rate of customers, and shorten the distance between molecules and patients. During the reporting period, Yidu Technology once again successfully won the bid for the Phase Ib clinical research project of a certain type of new drug in a large biological drug company and the phase I clinical trial project of andrology in an innovative drug company. In addition, with the synergy between the sectors and in-depth research in the field of eye diseases, the company won the bid for the IIT research project of pediatric dietary prevention and control of myopia in the Optometry Hospital affiliated to Wenzhou Medical University.

Based on its rich real-world research capabilities and experience, Yidu Technology has successively won three highly technically demanding retrospective real-world research projects related to cancer and pain from an MNC client, and has established exclusive strategic cooperation intentions in this research field. In addition, with the accumulated rich experience and strong technical strength, the company successfully won the bid for a listed pharmaceutical company to use real-world evidence to help expand the indication of traditional Chinese medicine products.

Ms. Gong Rujing, Executive Director, Chairman and founder of Yidu Technology, said, "Yidu Technology will continue to adhere to the original intention of 'green healthcare', adhere to long-term philosophy, focus on profitability, adhere to independent innovation and high-quality development, strengthen synergies among business segments, and bring more value to participants in the healthcare ecosystem."