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Clearbridge Health full-year loss widens almost 4 times to S$7.47m on fair value loss, non-recurring expenses
ASIA-FOCUSED healthcare precision medicine services provider Clearbridge Health Limited's fiscal 2017 net loss widened almost four times to S$7.47 million for fiscal 2017 from S$1.95 million the year before, mainly due to a fair value loss arising from a change in the valuation of an associated company and non-recurring expenses.
Loss per share worsened to 2.33 Singapore cents, from a loss per share of 0.94 Singapore cent in the previous year.
However, full-year revenue for Clearbridge - which listed on the Singapore Exchange's Catalist board in December 2017 following an initial public offering (IPO) - more than doubled to S$288,000 from S$123,000 for fiscal 2016.
This was driven by contribution from its medical clinics/centres as well as the laboratory testing services businesses of its two newly acquired subsidiaries - Clearbridge Medical Group and its subsidiaries, and SAM Laboratory, it said on Wednesday.
Net asset value per share stood at 12.67 Singapore cents, based on the group's post-IPO share capital of 481 million shares.
With the proceeds from its recent IPO and the acquisition of Clearbridge Medical and SAM Lab, Clearbridge is on a strong financial footing with cash and cash equivalents of S$27.74 million as at Dec 31, the medical services provider said.
Said Jeremy Yee, executive director and chief executive officer of Clearbridge: "FY2017 was a very busy year for the group given the restructuring and preparatory work leading to our IPO in December 2017. Going forward, I expect to see cost savings in rental when we move SAM Lab from its current location in Lucky Plaza to Mapex by the second quarter of 2018."
He added: "We are focused on making the benefits of precision medicine available and affordable for more people throughout the region."
Clearbridge shares were trading S$0.015 or 2.8 per cent higher to S$0.56 as at 1.55pm.