Revenue increased 21.9% y-o-y to $26.91 million in FY2024 mainly due to increase in revenue from specialist clinics (SPs) and the general practitioners (GP) clinics.
The higher revenue was augmented by the incorporation of Alexandra Medical and Paincare Clinic and acquisition of Boon Lay Clinic & Surgery as well as majority of the established clinics, which turned in a higher top line.
The company recorded a net decrease in cash and cash equivalents of about $2.72 million during FY2024, resulting in cash and cash equivalents of $6.92 million as at June 30.
The company currently operates 19 clinics in Singapore, including 11 GP clinics, five SP clinics, two physiotherapy centers, and one traditional chinese medicine center.
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It is cautiously optimistic about its business outlook, despite significant challenges in the evolving healthcare insurance landscape. “As the landscape becomes more complex, the group plans to approach FY2025 with caution, recognising the difficulties in navigating these changes,” the company adds.
Shares in Singapore Paincare closed flat on Aug 29 at 12 cents.
