Felicia Tan Mon, May 30, 2022
Healthcare specialist Livingstone Health Holdings has reported earnings of $3.02 million for the FY2022 ended March, reversing from the loss of $16.7 million in the FY2021, or 15 months ended March 31, 2021.
The previous year’s net loss included some $20.3 million in non-recurring reverse takeover (RTO) related expenses.
Earnings per share (EPS) for the FY2022 stood at 0.95 cent from the loss per share of 5.28 cents in the year before.
For the FY2022, revenue rose 41% y-o-y to $34.1 million, bolstered by the 43% y-o-y growth in Livingstone’s 2HFY2022 revenue of $18.2 million.
The higher revenue for the full year was due to higher contributions from various segments, as well as the addition of new specialisations and doctors.
The anaesthesiology & pain management segment added a doctor, while patient volume in the aesthetics & wellness segment increased following the easing of pandemic-related restrictions, contributing to revenue growth.
Other income for the FY2022 grew by 13% y-o-y to $1.19 million due to the grants received in relation to completion of the company’s RTO exercise.
Profit before exceptional items increased by 3% y-o-y to $4.2 million.
Profit before tax stood at $4.2 million, up from the loss before tax of $16.2 million due to the $18.9 million loss on the reverse acquisition in the year before.
For the period ended March, a final cash dividend of 0.12 cent per share has been declared, based on the enlarged share capital of some 436.4 million shares.
As at March 31, cash and cash equivalents stood at $5.4 million.
According to Livingstone, the company is intending to further its plans to build on its network in Cambodia following the recent reopening of borders. Livingstone had previously provided consultancy services to enhance patient care to and from Singapore.
Looking ahead, the company says it is remaining optimistic amid increasing local and foreign patient foot traffic as Singapore lifts safe-distancing measures and travel restrictions. At the same time, it will grow its footprint and pool of doctors organically, deepening its eco-system and also explore regional expansion.
“Despite the challenges of the pandemic, we have delivered a commendable performance in the year under review. This underscores the success of our post-RTO strategy and the resilience of the entire Livingstone Health team. We have proposed a dividend of 0.12 Singapore cent per# share to show our appreciation to shareholders for their support throughout the year,” says Dr Wilson Tay, CEO of Livingstone Health.
“We welcome the new doctors and new staff who have recently joined the company. I would also like to congratulate Dr Chua Hshan Cher who was appointed Deputy Chief Executive Officer in March 2022. His vast experience and concurrent role as medical director for PMG will help us accelerate the next level of growth.”
Shares in Livingstone closed flat at 14.5 cents on May 27.