Livingstone Health Holdings Limited (&ldquo Livingstone&rdquo ) is a multidisciplinary healthcare group in Singapore, operating a network of primary care and specialist clinics. The Group provides a comprehensive range of services, including anaesthesiology, pain management, internal medicine, orthopaedic surgery, podiatry, physiotherapy, aesthetics and wellness treatments. It operates through three main segments, Primary Healthcare, Specialist Healthcare, and Others, supported by an integrated care model that captures patients at multiple touchpoints and promotes cross-referrals. Livingstone recorded a clear earnings turnaround in FY2025, returning to profitability on the back of higher patient volumes, additional revenue from new clinics, and cost efficiencies following the Phoenix Medical Group acquisition. The Group&rsquo s network of experienced resident doctors, with an average age in the early 40s, provides both stability and a long professional runway, positioning Livingstone well for sustained patient growth and retention over the long term.

 

Investment Thesis: Livingstone&rsquo s growth prospects are supported by: 1) an earnings rebound in FY2025 2) the strategic acquisition of Phoenix Medical Group, which enlarges its GP network and enhances cross referral opportunities 3) ongoing expansion of service capabilities through specialist recruitment and partnerships to capture increasing healthcare demand 4) favourable structural tailwinds from Singapore&rsquo s ageing population, rising healthcare expenditure, and government-led Healthier SG initiatives 5) a stronger balance sheet, underpinned by its S$1.0m net cash position and a S$3.0m term loan facility to fund expansion.

 

Financial Highlights: In FY2025, Livingstone recorded a 9.0% yoy increase in revenue to S$27.6m, driven by growth across all business segments. EBITDA* surged from S$0.5m to S$2.9m, with EBITDA margin expanding from 1.8% to 10.6% on higher revenue contribution and improved operating efficiency. Net profit attributable to owners of the company recovered to S$0.6m from a loss of S$2.9m, supported by the EBITDA uplift and a reversal of impairment losses. Operating cash flow strengthened significantly to S$4.3m from S$0.9m, reflecting stronger earnings and working capital management.

 

Business Developments In FY2025, Livingstone completed the acquisition of Phoenix Medical Group, significantly enlarging its GP clinic footprint and enhancing its primary to specialist referral capabilities. It also launched a majority-owned specialist clinic focused on nerve and muscle disorder diagnostics, broadening its subspecialty coverage. Integration efforts continued with the consolidation of Atlas Podiatry, increasing the Group&rsquo s stake to 85% to deepen control and operational synergies. To support expansion, the Group completed a private placement and a rights-cum-warrants issue, raising approximately S$2.8m in net proceeds. The Group also secured a S$3.0m term facility to fund growth projects and strengthen working capital. Management adopts a measured approach to technology adoption, viewing artificial intelligence as a complementary tool to enhance efficiency and support clinical care, with near-term applications aimed at improving doctors&rsquo productivity while maintaining its differentiation through experienced resident doctors across all GP clinics. These developments, alongside the recruitment of additional specialists, position Livingstone to scale its operations and capture rising demand in Singapore&rsquo s healthcare sector.

 

Key Risks Key risks include execution and integration challenges from recent acquisitions such as Phoenix Medical Group and Atlas Podiatry, where slower-than-expected integration or operational gaps could erode expected synergies and efficiencies. The Group operates in a competitive healthcare market where retaining specialist talent and sustaining patient volumes are vital to maintaining margins. Rising staff costs, rental expenses, and medical consumable prices may create margin pressure if not offset by revenue growth or productivity gains. Regulatory changes, including potential shifts in HealthierSG policies, could affect patient flows, reimbursement, or service mix.

The Catalist-listed group is prioritising quality over rapid expansion 

[SINGAPORE] Livingstone Health : PRH 0% is not in a rush to grow.

 

Much like the lithops &ndash a hardy succulent also known as a living stone, from which the company takes its name &ndash the Singapore-based healthcare group is taking a slow and steady approach to expansion.

 

The Catalist-listed company, which went public in 2021, operates 20 clinics in the Republic, staffed by 22 medical specialists and practitioners. It also runs a health-screening centre, two medical aesthetics clinics, a podiatry clinic, and provides healthcare consultancy services within the region.

 

&ldquo We&rsquo re at a stage where we don&rsquo t want to grow for the sake of growing,&rdquo said chief commercial officer Dax Ng in an interview with The Business Times, alongside chief executive officer Wilson Tay. Both are executive directors on Livingstone&rsquo s board.

 

While rapid expansion is often seen as a way to get investors excited, Dr Tay believes the group&rsquo s philosophy is better captured by its botanical namesake. 

 

&ldquo No doubt, the growth, if you look at those succulents, can be a little bit slow,&rdquo he said. &ldquo But given the correct conditions, they can flourish and flower.&rdquo

 

Indeed, Livingstone&rsquo s pace of growth has been deliberate. 

 

After listing in 2021, it completed its first major acquisition just three years later. It acquired the remaining 49 per cent of Phoenix Medical Group (PMG) in 2024, after having first taken a 51 per cent stake in 2019.

 

The acquisition of the healthcare provider, which has seven clinics across Singapore, has been both an &ldquo accretive investment&rdquo and also a way for Livingstone to grow its primary healthcare segment through PMG&rsquo s network. 

 

Livingstone&rsquo s pace also reflects lessons from its early years as a listed company.

 

Ng pointed to the importance of alignment and communication, especially when working with a relatively young team with an average age of around 40.

 

&ldquo A lot of times when you try to work in a team, people have thoughts and ideas that they try to keep to themselves,&rdquo he said. &ldquo Over time, that&rsquo s not healthy.&rdquo

 

He added: &ldquo When you go through experiences together with certain people, you realise there are a lot more things you can achieve. Once you have that trust and go through hardship together, you can have tougher conversations, which become easier because they&rsquo re (more focused and constructive).&rdquo

 

That trust enabled more open discussions on practical issues, including how to streamline operating expenses.

 

The results showed up in its financial statement released on May 29: Livingstone swung back to profitability with a net profit of S$0.4 million for the second half-year ended Mar 31, reversing a net loss of S$2.9 million a year prior. Livingstone closed at S$0.023 on Friday (Jun 13), with a market capitalisation of around S$14.1 million.

 

Recognition, relationships and rising needs

Even without aggressive expansion, Livingstone caught the attention of RHB Singapore, which included it in the bank&rsquo s Top 20 Small Cap Jewels 2025 report in May &ndash the only healthcare group on the list.

 

RHB&rsquo s investment case for Livingstone was that it &ldquo offers exposure to the ageing population and rising affluent trends in Singapore&rdquo . 

 

The bank also noted that Livingstone&rsquo s performance is recovering, and anticipates its net profit to be on an uptrend moving forward.

 

Ng called the recognition &ldquo a good add to the group&rsquo s profile&rdquo and noted that it came as a surprise.

 

Dr Tay acknowledged that smaller healthcare companies such as Livingstone may be perceived as less capable than larger players. But he argued that in healthcare, value is not purely about scale.

 

&ldquo Of course, larger players may be able to manage some costs better &ndash like lab tests or imaging,&rdquo he said. &ldquo But it doesn&rsquo t mean smaller healthcare groups can&rsquo t deliver care that&rsquo s meaningful. What matters most is the patient-doctor relationship.&rdquo

 

That view is core to Livingstone&rsquo s approach. Ng said the group&rsquo s ethos is to ensure that patients who come through its general practitioner (GP) services are well taken care of &ndash from seeing the right specialists, to recovery and follow-up if needed.

 

To that end, it maintains a patient-care team that coordinates referrals between GPs and specialists, and works only with trusted external doctors vetted by its internal panel.

 

Ng also pointed to the &ldquo eminent concern&rdquo surrounding Singapore&rsquo s ageing population &ndash a demographic shift that Dr Tay said will accelerate over the next 10 to 20 years, and drive rising demand for healthcare services.

 

To prepare for this, Livingstone has been using patient data to track rising incidences of chronic conditions such as diabetes. 

 

In response, the group added an endocrinologist &ndash a specialist that treats diseases such as diabetes, as well as other hormonal and metabolic disorders &ndash to its team in June.

 

Dr Tay said Livingstone &ldquo sees value&rdquo in having specialist disciplines that focus on managing chronic conditions, especially as the population ages, as it reflects on-the-ground needs.

 

Looking outward

In its latest financial update, Livingstone also outlined plans to diversify its revenue streams, including efforts to attract more international patients to its specialist healthcare segment through business development and marketing initiatives.

 

When asked if this meant a push into medical tourism, Ng demurred, and suggested that the sector may be &ldquo dying&rdquo in Singapore due to cost pressures and competition abroad. 

 

While the team recognises that Livingstone has limited control over the broader healthcare landscape, Ng believes the group can compete on quality.

 

&ldquo We can attract the right medical talent, and groom them with the right patient ethos and care standards,&rdquo he said. &ldquo From there, we can build a brand to attract good international patients who are still willing to pay the extra dollar for quality.&rdquo

 

On the future of healthcare, Dr Tay noted that even as the sector increasingly looks to technology for efficiency, the human element remains irreplaceable.

 

&ldquo We treat the patients, not just the disease,&rdquo he said. &ldquo We treat their emotions and we (seek) to understand them&hellip Things that a computer cannot do.&rdquo

 

&ldquo Medicine is always a science, but, more so, it is an art.&rdquo