This article only represents the author's own views.
Despite taking advantage of a special that program that lets money-losing innovative drug makers list in Hong Kong, many from the group continue to struggle in the current frosty market. But a whiff of spring is in the air as a small but growing number of those companies emerge from their cocoons with first-ever profits. New Horizon Health Ltd. (6606.HK) has become the latest such “butterfly” from the group, taking flight on soaring sales for its early cancer screening products.
The company’s results for the first half of 2023, released on Monday, showed not only soaring revenues, but also a move into the black. New Horizon’s revenue grew by 265% year-on-year during the six-month period, while its adjusted profit of 61.3 million yuan marked a major improvement from its adjusted loss of 106 million yuan a year earlier.