Press Release: Yidu Tech Announces Annual Results for Fiscal Year 2021

Healthcare Author: Contributor, Yidu Tech Inc. Jul 01, 2021 02:36 PM (GMT+8)
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June 28, 2021 – Yidu Tech Inc. ('Yidu Tech' or the 'Company,' 2158:HKEX), a healthcare big data and artificial intelligence solutions provider, announced its audited consolidated financial results for the fiscal year ending March 31, 2021 ('FY2021' or the 'Period').

Yidu Tech annual financial results

Ms. Gong Yingying (Rujing), CEO, chairwoman and founder of Yidu Tech, remarked, "FY2021 was an extraordinary year for the company. Committed to our mission of making precision healthcare accessible to everyone, we continuously enhanced our data intelligence infrastructure and core capabilities in the three major areas of scientific research, diagnosis and treatment and management, and accelerated the transformation of data to insights on personalized healthcare and efficient clinical development solutions, thereby creating more value for stakeholders across the healthcare ecosystem."

In FY2021, Yidu Tech continued to solidify its healthcare big data infrastructure, YiduCore, to address the pain points of the healthcare industry undergoing digital transformation. During the period indicated, the company recorded total revenue of CNY 867 million, representing a YoY increase of 55.4%, and a gross margin of 37.8%, up by 11.5 percentage points YoY. Non-IFRS adjusted net losses narrowed by 14.7% YoY to CNY 275 million. As of March 31, 2021, YiduCore was covering more than 500 hospitals in over 20 provinces of China.

Yidu Tech continues to enrich its labelling system for various disease areas by collaborating with renowned hospitals and experts and utilizes symbolic knowledge inference models, deep learning and other AI technologies to constantly refine and qualify its real-world disease models. To date, the company has built disease registries covering over 50 fields of diseases to improve the efficiency and effectiveness of the production of research-grade evidence.

Yidu Tech delivered strong performance and maintained solid growth in total revenue and gross profit for its three key business segments during the period.

The Big Data Platform and Solutions segment recorded total revenue of CNY 402 million, representing a YoY increase of 8.1%, and a gross profit margin of 45.1%, up by 11.7 percentage points YoY.

The Life Sciences Solutions segment recorded total revenue of CNY 184 million, representing a YoY increase of 79.3%, and a gross profit margin of 21.7%, representing an increase of 8.3 percentage points. As of 31 March 2021, the number of active customers in this segment increased by 45.9% YoY to 108. The company also served 15 out of the top 20 global pharmaceutical companies by revenue in 2020.

The Health Management Platform and Solutions segment recorded total revenue of CNY 252 million, representing an increase of 353.1% YoY, and a gross margin of 40.7%. As of the end of the period, the number of paying users who made at least one purchase on Yidu's health management platform exceeded five million.

Looking forward, Ms. Gong said, "Yidu Tech is still a very young company. We strongly believe in 'data intelligence and green healthcare' and will invest relentlessly in strengthening our core capabilities and developing our ecosystem 'to make value-based precision healthcare accessible to everyone.'"