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| | | | F-1 | | |
| | |
For the Years Ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||
Revenue
|
| | | | 322,921 | | | | | | 79,272 | | | | | | 16,034 | | |
Cost of care delivery
|
| | | | (289,672) | | | | | | (67,254) | | | | | | (19,810) | | |
Platform & application expenses
|
| | | | (42,829) | | | | | | (38,137) | | | | | | (23,569) | | |
Research & development expenses
|
| | | | (47,534) | | | | | | (54,711) | | | | | | (51,205) | | |
Sales, general & administrative expenses
|
| | | | (196,673) | | | | | | (94,681) | | | | | | (84,270) | | |
Recapitalization transaction expense
|
| | | | (148,722) | | | | | | — | | | | | | — | | |
Operating loss
|
| | | | (402,509) | | | | | | (175,511) | | | | | | (162,820) | | |
Finance costs
|
| | | | (14,291) | | | | | | (4,530) | | | | | | (1,116) | | |
Finance income
|
| | | | 326 | | | | | | 610 | | | | | | 1,015 | | |
Change in fair value of warrant liabilities
|
| | | | 27,811 | | | | | | — | | | | | | — | | |
Exchange gain / (loss)
|
| | | | 868 | | | | | | (2,836) | | | | | | 17,075 | | |
Net finance income (expense)
|
| | | | 14,714 | | | | | | (6,756) | | | | | | 16,974 | | |
Gain on sale of subsidiary
|
| | | | 3,917 | | | | | | — | | | | | | — | | |
Gain on remeasurement of equity interest
|
| | | | 10,495 | | | | | | — | | | | | | — | | |
Share of loss of equity-accounted investees
|
| | | | (2,602) | | | | | | (1,124) | | | | | | — | | |
Loss before taxation
|
| | | | (375,985) | | | | | | (183,391) | | | | | | (145,846) | | |
Tax benefit / (provision)
|
| | | | 1,474 | | | | | | (4,639) | | | | | | 5,559 | | |
Loss for the financial year
|
| | | | (374,511) | | | | | | (188,030) | | | | | | (140,287) | | |
Loss per share | | | | | | | | | | | | | | | | | | | |
Net loss per share, Basic and Diluted
|
| | | | (1.36) | | | | | | (0.77) | | | | | | (0.58) | | |
Weighted average shares outstanding, Basic and Diluted
|
| | | | 271,321,235 | | | | | | 242,935,770 | | | | | | 241,903,166 | | |
Selected Other Data (Unaudited): | | | | | | | | | | | | | | | | | | | |
Adjusted EBITDA(1)
|
| | | | (174,137) | | | | | | (146,155) | | | | | | (152,358) | | |
| | |
For the Year ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| | |
$’000
|
| |
$’000
|
| |
$’000
|
| |||||||||
Loss for the financial year
|
| | |
|
(374,511)
|
| | | |
|
(188,030)
|
| | | |
|
(140,287)
|
| |
Adjustments to calculate EBITDA: | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization expenses.
|
| | | | 35,004 | | | | | | 14,487 | | | | | | 2,496 | | |
Finance costs and income.
|
| | | | 13,965 | | | | | | 3,920 | | | | | | 101 | | |
Tax (benefit) / provision
|
| | | | (1,474) | | | | | | 4,639 | | | | | | (5,559) | | |
EBITDA
|
| | | | (327,016) | | | | | | (164,984) | | | | | | (143,249) | | |
Adjustments to calculate Adjusted EBITDA: | | | | | | | | | | | | | | | | | | | |
Recapitalization transaction expense
|
| | | | 148,722 | | | | | | — | | | | | | — | | |
Share-based compensation
|
| | | | 46,307 | | | | | | 9,557 | | | | | | 7,966 | | |
Change in fair value of warrant liabilities.
|
| | | | (27,811) | | | | | | — | | | | | | — | | |
(Gain) on remeasurement of equity interest
|
| | | | (10,495) | | | | | | — | | | | | | — | | |
(Gain) on sale of subsidiary
|
| | | | (3,917) | | | | | | — | | | | | | — | | |
Impairment expense.
|
| | | | 941 | | | | | | 6,436 | | | | | | — | | |
Exchange loss / (gain)
|
| | | | (868) | | | | | | 2,836 | | | | | | (17,075) | | |
Adjusted EBITDA
|
| | | | (174,137) | | | | | | (146,155) | | | | | | (152,358) | | |
| | |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
ASSETS | | | | | | | | | | | | | |
Non-current assets | | | | | | | | | | | | | |
Right-of-use assets
|
| | | | 7,844 | | | | | | 2,572 | | |
Property, plant and equipment
|
| | | | 24,990 | | | | | | 1,334 | | |
Investments in associates
|
| | | | — | | | | | | 8,876 | | |
Goodwill
|
| | | | 93,678 | | | | | | 17,832 | | |
Other intangible assets
|
| | | | 111,421 | | | | | | 78,853 | | |
Total non-current assets
|
| | | | 237,933 | | | | | | 109,467 | | |
Current assets | | | | | | | | | | | | | |
Right-of-use assets
|
| | | | 3,999 | | | | | | 1,942 | | |
Trade and other receivables
|
| | | | 24,119 | | | | | | 13,525 | | |
Prepayments and contract assets
|
| | | | 26,000 | | | | | | 8,841 | | |
Cash and cash equivalents
|
| | | | 262,581 | | | | | | 101,757 | | |
Assets held for sale
|
| | | | — | | | | | | 3,282 | | |
Total current assets
|
| | | | 316,699 | | | | | | 129,347 | | |
Total assets
|
| | | | 554,632 | | | | | | 238,814 | | |
EQUITY AND LIABILITIES | | | | | | | | | | | | | |
EQUITY | | | | | | | | | | | | | |
Ordinary share capital
|
| | | | 16 | | | | | | 10 | | |
Preference share capital
|
| | | | — | | | | | | 3 | | |
Share premium
|
| | | | 922,897 | | | | | | 485,221 | | |
Share-based payment reserve
|
| | | | 80,371 | | | | | | 32,185 | | |
Retained earnings
|
| | | | (837,986) | | | | | | (469,504) | | |
Foreign currency translation reserve
|
| | | | (27) | | | | | | 1,675 | | |
Total capital and reserves
|
| | | | 165,271 | | | | | | 49,590 | | |
Non-controlling interests
|
| | | | — | | | | | | (1,231) | | |
Total equity
|
| | | | 165,271 | | | | | | 48,359 | | |
LIABILITIES | | | | | | | | | | | | | |
Non-current liabilities | | | | | | | | | | | | | |
Contract liabilities
|
| | | | 70,396 | | | | | | 57,274 | | |
Deferred grant income
|
| | | | 7,236 | | | | | | 7,488 | | |
Lease liabilities
|
| | | | 8,442 | | | | | | 2,011 | | |
Loans and borrowings
|
| | | | 168,601 | | | | | | — | | |
Deferred tax liability
|
| | | | 1,019 | | | | | | — | | |
Total non-current liabilities
|
| | | | 255,694 | | | | | | 66,773 | | |
Current liabilities | | | | | | | | | | | | | |
Trade and other payables
|
| | | | 22,686 | | | | | | 7,745 | | |
Accruals and provisions
|
| | | | 36,856 | | | | | | 18,636 | | |
Claims payable
|
| | | | 24,628 | | | | | | 3,890 | | |
Contract liabilities
|
| | | | 23,786 | | | | | | 18,744 | | |
Deferred grant income
|
| | | | 1,208 | | | | | | — | | |
Lease liabilities
|
| | | | 4,190 | | | | | | 2,488 | | |
Loans and borrowings
|
| | | | 185 | | | | | | 70,357 | | |
Warrant liability
|
| | | | 20,128 | | | | | | — | | |
Liabilities directly associated with the assets held for sale
|
| | | | — | | | | | | 1,822 | | |
Total current liabilities
|
| | | | 133,667 | | | | | | 123,682 | | |
Total liabilities
|
| | | | 389,361 | | | | | | 190,455 | | |
Total liabilities and equity
|
| | | | 554,632 | | | | | | 238,814 | | |