Financials

Condensed Interim Consolidated Financial Statements For The Six Months Ended 30 June 2025

Condensed Interim Consolidated Statement Of Profit Or Loss And Other Comprehensive Income

Condensed Interim Statements Of Financial Position

Review of Performance

The Group recorded revenue increase of $3.5 million (26%) to $16.6 million for the six months ended 30 June 2025 ("1H2025"), compared to $13.2 million for the six months ended 30 June 2024 ("1H2024"). This growth was primarily driven by higher contributions from diagnostic imaging which grew by 58% to $10.6 million in 1H2025 (1H2024: $6.8 million), supported by strong demand at Shaw Centre. Diagnostic imaging remained the largest revenue contributor at over 60% of Group revenue for 1H2025. The newly opened Novena diagnostic imaging centre, which commenced operations in February 2025, also contributed to revenue, though it remains in its early phase of ramp-up. Medical wellness and health screening services were the second-largest contributor, underpinned by project tenders with Singapore government agencies and corporate wellness partnerships. Revenue from medical aesthetic services declined to $808,686 in 1H2025 (1H2024: $1.26 million), primarily due to reduced availability of one of the key aesthetic doctors during the period.

Personnel expenses rose by 10% to $8.0 million, mainly due to new hires required for the Novena diagnostic imaging centre. This also aligns with the Group's ongoing efforts to attract and retain skilled healthcare professionals in a competitive labour market to support current and future operations. Laboratory and consultancy fees increased by 61% to $3.3 million, mainly driven by higher diagnostic imaging volumes, largely in line with the 58% increase in revenue from diagnostic imaging. Facility and admin expenses increased by $0.6 million, from $0.1 million in 1H2024 to $0.7 million in 1H2025 due to new imaging partnerships with third parties initiated in the last quarter of 2024 to meet growing demand and expand service offerings.

Total depreciation increased by $0.8 million to $2.0 million, driven by the medical equipment and rental of the newly opened Novena diagnostic imaging centre, with the equipment financed under hire purchase and recognised as right-of-use assets. Finance costs increased by 87% to $0.5 million, mainly due to increase in interest on hire purchase and lease liabilities under SFRS(I) 16, related to the Novena imaging centre.

Share of results of associate, Positron Tracers Pte. Ltd., improved by $34,000 (25%), reflecting stronger sales compared to 1H2024.

Overall, while revenue grew strongly, higher operating costs associated with the Group's expansion impacted profitability. Consequently, the Group reported net loss of $0.6 million in 1H2025 (1H2024: $0.1 million). However, these were largely attributable to non-controlling interests as the Group reported $39,000 net loss attributable to owners of the Company (1H2024: a net loss of $104,000). Profitability was primarily affected by the newly opened Novena diagnostic imaging centre, which is still in its ramp-up phase. Excluding impact from Asiamedic Sunway Pte Ltd (Novena imaging centre), the Group would have been profitable in 1H2025. Nevertheless, EBITDA attributable to owners of the Company remained stable at $1.3 million, up from $1.28 million in 1H2024, supported by continued contributions from the Group's well established diagnostic imaging and medical wellness and health screening businesses.

Statements of Financial Position

Non-Current Assets

Plant and equipment increased to $4.5 million as at 30 June 2025, from $3.8 million as at 31 December 2024. The increase was mainly due to capital improvements at AsiaMedic's flagship imaging centre at Shaw Centre, including upgrades to imaging facilities, as well as the purchase of new medical equipment to enhance operational efficiency.

Investment in associate increased to $2.4 million from $2.2 million, attributable to the recognition of the Group's share of results of Positron Tracers Pte. Ltd. for the period from January to June 2025.

Right-of-use assets decreased to $20.6 million as at 30 June 2025, from $22.1 million as at 31 December 2024, mainly due to the depreciation charge of $1.5 million recognised during 1H2025. While new right-of-use assets were added for the Novena diagnostic imaging centre's premises and medical equipment, the impact was offset by the depreciation recognised in the period.

Current Assets

Current assets decreased to $15.3 million as at 30 June 2025, from $17.7 million as at 31 December 2024, mainly due to a decrease in cash and cash equivalents. Cash and cash equivalents stood at $4.9 million, compared to $8.0 million previously, reflecting continued investment in the Group's expansion, including payments for plant and equipment purchases, capital improvements, and the settlement of amounts relating to medical equipment acquired in 2024 under hire purchase for the new Novena diagnostic imaging centre. Trade receivables increased to $4.9 million, from $4.1 million, in line with higher revenue. Other receivables and deposits decreased mainly due to the cancellation of the shares under the selective capital reduction exercise effective on 9 June 2025 amounting to approximately $275,000 and the reclassification of around $160,000 to trade receivables. Other financial assets also increased slightly to $3.7 million, from $3.5 million.

Current Liabilities

Current liabilities decreased to $8.6 million as at 30 June 2025, from $9.4 million as at 31 December 2024. The decrease was mainly due to lower other payables and accruals, which reflected the settlement of year-end accruals, partially offset by higher trade payables in line with increased business activity. Contract liabilities also declined to $0.5 million from $0.6 million, following the utilisation of prepaid packages during the period. Current borrowings rose slightly to $2.5 million from $2.4 million, reflecting the repayment schedule of existing facilities.

Net Current Assets

Net current assets decreased to $6.7 million as at 30 June 2025, from $8.3 million as at 31 December 2024, mainly reflecting the movements in cash, trade receivables, and current liabilities as explained above.

Non-Current Liabilities

Non-current liabilities decreased to $19.1 million as at 30 June 2025, from $20.4 million as at 31 December 2024. The decrease was mainly due to scheduled repayments of long-term borrowings. Provision for reinstatement remained broadly stable at $1.6 million, reflecting reinstatement obligations for the Group's leased premises. Deferred tax liabilities were unchanged.

Statements of Cash Flows

Net cash from operating activities amounted to $0.8 million in 1H2025, compared to a net cash outflow of $0.2 million in 1H2024. The improvement was mainly attributable to higher operating cash flows and better working capital management, supported by increased revenue and improved collections.

Net cash used in investing activities increased to $2.3 million in 1H2025, from $1.4 million in 1H2024. This was mainly due to higher capital expenditure, including the purchase of medical equipment and capital improvements for the Group's imaging centres, as well as settlement of amounts under hire purchase arrangements.

Net cash used in financing activities was $1.6 million in 1H2025, compared to a net cash inflow of $0.1 million in 1H2024. The outflow reflected higher repayments of borrowings and interest payments, with no new borrowings drawn during the period.

As a result of the above, the Group recorded a net decrease in cash and cash equivalents of $3.1 million in 1H2025, compared to a decrease of $1.5 million in 1H2024. Cash and cash equivalents stood at $4.9 million as at 30 June 2025, compared to $8.0 million as at 31 December 2024.

Commentary

Singapore's healthcare sector remains supported by long-term trends such as an ageing population and the growing emphasis on preventive care. However, the near-term operating environment is expected to remain challenging, driven by a tight labour market and rising manpower costs.

AsiaMedic's flagship imaging centre at Shaw Centre continues to be the Group's core growth driver, sustaining strong patient volumes with support from recent capital investments in upgraded diagnostic equipment and facility enhancements. The newly launched Novena diagnostic imaging centre, opened in early 2025, has expanded the Group's capacity and improved accessibility. While still in its ramp-up phase, Novena diagnostic imaging centre will allow the Group to tap on future growth in imaging demand.

With the flagship centre located in Orchard and the new imaging centre at Novena now fully operational, the Group is strategically positioned within Singapore's two key private healthcare hubs. This geographic complement enhances patient accessibility and supports growing demand from across the country, especially as both locations are well-established medical clusters.

Medical wellness and health screening remain the Group's second-largest contributor, underpinned by the government-awarded Grow Well SG programme, which commenced in January 2025. The programme provides recurring onsite school screenings, complementing steady demand from corporate wellness and insurer-affiliated packages, and reinforcing the stability of screening revenues.

These growth initiatives are supported by favourable sector dynamics. Singapore's diagnostic imaging market is estimated at around US$2.17 billion in 2024, projected to grow at a 16% CAGR through 2032. To address sector-wide manpower pressures, the Group continues to optimise workforce deployment alongside technology investments, supporting both efficiency and capacity growth¹.

Looking ahead, the Group remains focused on scaling its imaging and health screening businesses while strengthening operational capabilities and exploring selective growth opportunities. With expanded capacity and prudent cost and workforce management, AsiaMedic is well positioned to deliver sustainable growth and high-quality, patient-centred care over the next 12 months.

1. Source: Data Bridge Market Research, "Singapore Medical Imaging Market - Industry Trends and Forecast to 2031." and "Singapore Medical Imaging Market Size, Trends and Forecast to 2032". Information has been extracted from Data Bridge Market Research's website at https://www.databridgemarketresearch.com/ which is publicly accessible, and Data Bridge Market Research has not consented to the use of the information in this announcement.