Clearbridge Health full-year loss widens almost 4 times to S$7.47m on fair value loss, one-off expenses

Jeremy Yee, executive director and chief executive officer of Clearbridge, expects to see cost savings in rental after SAM Lab moves by the second quarter of 2018.
Jeremy Yee, executive director and chief executive officer of Clearbridge, expects to see cost savings in rental after SAM Lab moves by the second quarter of 2018.PHOTO: CLEARBRIDGE HEALTH

SINGAPORE - Asia-focused healthcare precision medicine services provider Clearbridge Health Limited's fiscal 2017 net loss widened almost four times to S$7.47 million for fiscal 2017 from S$1.95 million the year before, mainly due to a fair value loss arising from a change in the valuation of an associated company and non-recurring expenses.

Loss per share worsened to 2.33 Singapore cents, from a loss per share of 0.94 Singapore cent in the previous year.

However, full-year revenue for Clearbridge - which listed on the Singapore Exchange's Catalist board in December 2017 following an initial public offering (IPO) - more than doubled to S$288,000 from S$123,000 for fiscal 2016.

This was driven by contribution from its medical clinics/centres as well as the laboratory testing services businesses of its two newly acquired subsidiaries - Clearbridge Medical Group and its subsidiaries, and SAM Laboratory, it said on Wednesday.

Net asset value per share stood at 12.67 Singapore cents, based on the group's post-IPO share capital of 481 million shares.

With the proceeds from its recent IPO and the acquisition of Clearbridge Medical and SAM Lab, Clearbridge is on a strong financial footing with cash and cash equivalents of S$27.74 million as at Dec 31, the medical services provider said.

Said Jeremy Yee, executive director and chief executive officer of Clearbridge: "FY2017 was a very busy year for the group given the restructuring and preparatory work leading to our IPO in December 2017. Going forward, I expect to see cost savings in rental when we move SAM Lab from its current location in Lucky Plaza to Mapex by the second quarter of 2018."

He added: "We are focused on making the benefits of precision medicine available and affordable for more people throughout the region." Clearbridge shares were trading S$0.015 or 2.8 per cent higher to S$0.56 as at 1.55pm.