Tag: AsiaMedic Limited

AsiaMedic partners with Sunway to establish new diagnostic imaging centre

  • The planned close to 6,000 sqft facility at Royal Square in Novena is expected to commence operations by November 2024 and will nearly double AsiaMedic’s diagnostic imaging capacity.
  • AsiaMedic’s continued capacity expansion follows three consecutive years of revenue growth which reached a record high for FY2023.

SGX Catalist-listed AsiaMedic Limited (the Company and together with its subsidiaries, the Group) announced that the Company’s wholly-owned subsidiary, AMC Healthcare Pte. Ltd (AMC), has entered into a shareholders’ agreement with Sunway Equity Holdings Pte. Ltd. (SEH) to set up and operate a new medical diagnostics imaging centre in Novena, Singapore.

Mr Arifin Kwek, Chief Executive Officer of AsiaMedic Limited and Ms Sarena Cheah, Executive Director of Sunway Berhad [L-R]
Mr Arifin Kwek, Chief Executive Officer of AsiaMedic Limited and Ms Sarena Cheah, Executive Director of Sunway Berhad [L-R]

AMC and SEH will establish AsiaMedic Sunway Pte. Ltd. to operate the new centre in Novena, which will provide a comprehensive range of general imaging as well as sub-specialised fields of radiology imaging such as computed tomography (CT) scans and magnetic resonance imaging (MRI) scans using the latest equipment.

Mr Arifin Kwek, Chief Executive Officer of AsiaMedic Limited, said, “The partnership with Sunway presents an opportunity for expansion of the Group’s diagnostic imaging business into Novena, which is a significant healthcare and medical services hub in Singapore. This will greatly complement the Group’s existing integrated medical centre at Orchard Road and enable us to serve more patients with greater convenience.”

The new diagnostic imaging centre will offer the same cutting-edge imaging services as the Group’s flagship centre at Orchard Road, which significantly expanded its capacity in September 2023 by being the first in Asia Pacific to operate the SIGNA™ Hero 3T MRI scanner. Once completed, the new centre in Novena will nearly double the Group’s diagnostic imaging capacity.

In FY2023, diagnostic imaging and radiology services revenue increased by 72% and contributed nearly 50% of Group revenue. Demand for the Group’s services remained strong across the entire spectrum of healthcare providers with an increase in referrals from clinics and hospitals.

Ms Sarena Cheah, Executive Director of Sunway Berhad, said, “We are confident in the long-term prospects of our partnership as AsiaMedic has a trusted track record and aptitude in providing tailored offerings to its patients. In addition, the new diagnostic imaging centre’s strategic location and close proximity to other healthcare providers will position us as the preferred choice for patients. This partnership will offer strategic benefits to Sunway and enhance our existing healthcare ecosystem.”

SEH is wholly-owned by Sunway City Sdn Bhd which in turn is wholly-owned by Sunway Berhad, one of Southeast Asia’s most prominent conglomerates and one of the leading private healthcare groups in Malaysia.

AsiaMedic continues to invest in the latest technology to enhance the patient experience and maintain its position as a preferred provider of diagnostic imaging radiology services. In March 2024, the Group became the first in Singapore to install the latest Revolution™ Apex Elite CT scanner. The Group will also continue to explore potential opportunities for further expansion and long-term growth.

This press release should be read in conjunction with the announcement uploaded on SGXNet.

For media and analysts’ queries, please contact:
Waterbrooks Consultants
Wayne Koo
T: (65) 9338 8166
E: wayne.koo@waterbrooks.com.sg

About AsiaMedic Limited
AsiaMedic Limited together with its subsidiaries (AsiaMedic or the Group) is a leading healthcare provider in Singapore which provides holistic solutions through integrated application of the latest medical technologies to prevent and detect early illnesses to achieve positive experiences and clinical outcomes for patients.

The Group is committed to helping clients through practical and personalised solutions delivered with the highest professional standards of service and expertise in a timely, safe and consistent manner. Conveniently located at Orchard Road, AsiaMedic is a preferred one-stop centre for:

  • Diagnostic imaging and radiology services
  • Medical wellness and health screening services
  • Primary healthcare services
  • Medical aesthetic services and products

For more information, please visit www.asiamedic.com.sg

AsiaMedic achieves record revenue of S$23.5 million for FY2023 amid expansion of its medical imaging and aesthetics businesses

SGX Catalist-listed AsiaMedic Limited (the “Company” and together with its subsidiaries, the “Group”) announced its financial results for the financial year ended 31 December 2023 (“FY2023”).

The Group’s FY2023 revenue increased by S$4.6 million or 25% from S$18.9 million for FY2022 to S$23.5 million due to the increase in revenue from the imaging and aesthetic businesses. The Group’s other income also increased by 71% to S$0.7 million due mainly to higher interest income from short- term investments and sub-lease income.

The Group’s EBITDA held steady at S$3.4 million for FY2023.

Mr Arifin Kwek, Chief Executive Officer of AsiaMedic Limited, said, “We are encouraged by the record high revenue achieved for FY2023 following three consecutive years of revenue growth.

The growing referrals from specialist clinics and hospitals reflect the Group’s position as a preferred provider of diagnostic imaging and radiology services. We will continue to invest in the latest technology to enhance the patient experience.”

In September 2023, the Group became the first in Asia Pacific to commence operations of the SIGNA™ Hero 3T MRI scanner which delivers higher image quality with improved efficiency, comfort, and productivity. In February 2024, the Group replaced its CT scanner with a new cutting-edge platform with best-in-class technology.

“Our immediate priorities are to ensure the smooth integration of the Group’s newly acquired medical aesthetics business, strengthening the operations of our primary healthcare services and intensify our collaboration with insurance companies to open new opportunities for the Group’s medical wellness and health screening services,” he added.

FY2023 Income Statement

With the increase in revenue, the Group’s consumables expenses increased by 12% to S$1.7 million, personnel expenses increased by 22% to S$12.2 million, laboratory and consultancy fees increased by 55% to S$3.6 million, and other operating expenses increased by 17% to S$2.8 million.

Depreciation of plant and equipment increased by 232% to S$0.9 million due to equipment purchased in FY2022 and FY2023, as well as depreciation charge with the reversal of impairment for equipment in 2H2022.

Depreciation of right-of-use assets increased due to the depreciation charge with the reversal of impairment of right-of-use assets in 2H2022, and the leasing of new clinic space at Orchard Building.

Finance costs increased by 75% to S$0.4 million due mainly to a higher interest rate applied for the lease modification recognised in 2H2022, the leasing of new clinic space at Orchard Building, and the bank financing obtained for the purchase of the MRI scanner in September 2023.

As a result of the above, the Group registered a net profit of S$1.9 million for FY2023, translating to a net margin of 8.2%.

Financial Position and Cashflow

The Group’s balance sheet remained resilient, with net assets increasing from S$10.9 million as at 31 December 2022 to S$13.3 million as at 31 December 2023.

For FY2023, the Group achieved strong net cash flow from operations of S$3.4 million, more than double compared with S$1.2 million recorded in FY2022 due to the improved performance of the imaging business and a lower working capital requirement in FY2023.

The Group continues to explore potential opportunities for further expansion and long-term growth.

This press release should be read in conjunction with the financial statements announcement for FY2023 uploaded on SGXNet.

For media and analysts’ queries, please contact:
Waterbrooks Consultants
Wayne Koo
T: (65) 9338 8166
E: wayne.koo@waterbrooks.com.sg

About AsiaMedic Limited

AsiaMedic Limited together with its subsidiaries (“AsiaMedic” or the “Group”) is a leading healthcare provider in Singapore which provides holistic solutions through integrated application of the latest medical technologies to prevent and detect early illnesses to achieve positive experiences and clinical outcomes for patients.

The Group is committed to helping clients through practical and personalised solutions delivered with the highest professional standards of service and expertise in a timely, safe and consistent manner. Conveniently located at Orchard Road, AsiaMedic is a preferred one-stop centre for:

· Diagnostic imaging and radiology services
· Medical wellness and health screening services
· Primary healthcare services
· Medical aesthetic services and products

For more information, please visit www.asiamedic.com.sg