Revenue increased by 230.8% or S$5.11 million from S$2.21 million in Q1 FY2019 to S$7.32 million in Q1 FY2020, driven by growth across (i) medical clinics/centres and (ii) healthcare systems (provision of clinical laboratory services and renal care services) segments.

 

Excluding the non-recurring item such as fair value losses/gains on other investments, associate and other derivative financial instruments, fair value adjustments on contingent consideration, non-recurring expenses, share-based payment as well as foreign exchange loss/gain, the Group has recorded positive adjusted EBITDA of S$0.04 million in Q1 FY2020 as compared to adjusted EBITDA loss of S$1.15 million in Q1 FY2019.

 

&bull As disclosed in the Company&rsquo s offer document dated 11 December 2017, the Group has an option to purchase the interests held by SPRING Seeds Capital Pte. Ltd. (&ldquo SEEDS&rdquo ) in Biolidics Limited (the &ldquo Biolidics Call Option&rdquo ). The expiry of the Biolidics Call Option has been extended from 28 February 2020 to 28 November 2020.

 

&bull On 27 March 2020, the Company&rsquo s wholly-owned subsidiary, SAM Laboratory Pte Ltd (&ldquo SAM&rdquo ) entered into a conditional sale and purchase agreement with Biolidics Limited to dispose of the entire issued and paid-up capital of Biomedics Laboratory Pte. Ltd. (&ldquo Biomedics&rdquo ) held by SAM for a consideration of up to S$3.7 million (the &ldquo Proposed Disposal&rdquo ).

 

&bull As set out in the Company&rsquo s announcement dated 27 March 2020, the Proposed Disposal will enable the Group to, among others, better focus on distribution of clinical diagnostics tests by channelling resources to expanding its distribution capabilities across Asia. In addition, the Group will continue to have access to the services currently offered by Biomedics and other best-in-class technologies and workflows that Biomedics may offer while optimising its EBITDA-focused strategy to accelerate the adoption of precision medicine in the region.

 

&bull The COVID-19 outbreak had evolved into a global pandemic. Most businesses, including the usually resilient healthcare sector, have been affected adversely to varying degrees. While our medical centres/clinics and laboratories remained opened during 1Q FY2020, majority of our operations has experienced a smaller patient load as the movement of people was curtailed. In some countries, foreign patients are prohibited from coming to seek medical care and non-critical healthcare services are deferred in effort to contain the spread of the COVID-19 pandemic.

 

&bull In view of the above, we will continue to monitor the situation and its financial impact for the financial year ending 31 December 2020 and will provide updates should there be material developments affecting to the Group.