Cordlife posts S$1.6 million Q3 net loss on revenue decline

CORDLIFE remained in the red for the third quarter ended September 2024, after having fallen into a net loss position for the first half of the fiscal year.

On Thursday (Nov 15), the embattled cord-blood bank reported a S$1.6 million Q3 net loss, from a net profit of S$1.4 million in Q3 FY2023.

Revenue fell 31 per cent to S$10.1 million from S$14.7 million on lower contributions from Singapore, which recorded only 15 days of operations for the period.

Cordlife announced that it resumed its cord-blood banking services in “a controlled manner” from Sep 15, following an extended suspension of new sample collection activities in Singapore, directed by the Ministry of Health (MOH).

For the nine-month period, the group recorded a net loss of S$13.9 million, from a S$3.6 million profit in the prior year. Revenue declined 55.1 per cent to S$19.3 million from S$43 million previously.

The group said it remains focused on achieving full resumption of its Singapore operations, having improved its processing and storage facility in Yishun by increasing laboratory and technical personnel, and by strengthening operational protocols.

Group executive director Chen Xiaolong, reporting that Cordlife now has “more robust capabilities and stronger operating procedures”, said the company now follows strict operating protocols, and “is working to regain the full trust of all stakeholders”.

Group chief executive Ivan Yiu said: “Having met MOH’s criteria to resume our cord blood banking services in a controlled manner in Singapore, we are confident the group is on the path to rebuilding our business foundation to drive business recovery.”

Shares of Cordlife closed flat at S$0.148 before the release of the business update.

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