SAM’s 2HFY2024 loss also deepened by 75% y-o-y to $16.2 million compared to $9.3 million in 2HFY2023.

The Singapore Institute of Advanced Medicine Holdings (SAM) has reported a loss after tax and total comprehensive loss for the year of $37.4 million for the FY2024 ended June 30, more than twice its losses of $18.1 million in year before.

SAM’s 2HFY2024 loss also deepened by 75% y-o-y to $16.2 million from $9.3 million in the 2HFY2023.

While revenue for the full year rose by 3% y-o-y to $16.6 million, the company posted a loss before tax of $37.4 million due mainly to higher other losses and fees, especially finance costs which rose by 377% y-o-y to $11.6 million.

As at June 30, the company had $78.7 million in net assets. Its net asset value (NAV) per share stood at 7.51 cents.

Cash and cash equivalents as at the same period stood at $3.2 million, down from $11.1 million as at June 30, 2023, as the company repaid term loans and used cash for working capital.

In its financial statement, SAM said there was a decrease in patients at its Lucky Plaza clinic compared to the expected increase stated in its offer document. This was attributed to the experience of the newer sonographers which reduces the possibility of seeing more patients, therefore limiting the screenings that can be done, says SAM.

Even though SAM expected to see increases in its diagnostic imaging services at its advanced medicine imaging (AMI) centre at 1 Biopolis Drive, demand for MRI services fell y-o-y due to its “lumpy nature” while demand for PET-CT scanning services increased.

In its offer document, SAM also said it expected more patients seeking treatments for theranostics services and more patients for its radiotherapy services, although it also saw fewer patients during the year.

However, it expected increasing enquiries for its proton beam therapy services and it saw a “rising number” of patients doing so during the year. Finally, the company said it expected to see an increase in charges for its healthcare services, which have increased over the past 12 months.

“In line with the industry, the group intends to increase the pricing for its imaging services in early-2025, thereby positively impacting profit margins going forward,” says SAM.

As at 9.07am, shares in SAM are trading flat at 7.5 cents.