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Q& M Dental Group sees FY2021 earnings grow 55% to $30.5 mil on the back of a record FY2021 revenue of $205.6 mil
Felicia Tan Published on Wed, Feb 23, 2022 / 8:20 AM GMT+8 / Updated 10 hours ago
Q& M Dental Group has reported earnings of $30.5 million for the FY2021 ended December, 55% higher than FY2020&rsquo s earnings of $19.7 million.
The earnings were due to a total revenue surge of 49% y-o-y to $205.6 million during the year, making this the highest-ever revenue recorded for the group
Segmentally, revenue from Q& M&rsquo s dental and medical clinics increased by 27% y-o-y to $160.2 million due to higher revenue from its existing and new dental clinics in Singapore.
Revenue from medical laboratory and dental equipment & supplies spiked by 304% y-o-y to $45.4 million, mainly due to revenue from the group&rsquo s Covid-19 medical laboratory business.
Q& M obtained its medical laboratory license from the Ministry of Health (MOH) in September 2020.
FY2021 EBITDA correspondingly increased by 68% y-o-y to $63.3 million.
FY2021 net profit after tax (NPAT) surged by 98% y-o-y to $39.4 million.
In FY2021, earnings per share (EPS) increased to 3.23 cents from 2.09 cents in the year before.
During the 4QFY2021, however, Q& M Dental Group saw earnings fall 47% y-o-y to $3.2 mi
4QFY2021 revenue grew 22% y-o-y to $53.3 million. On the other hand, cost of sales from the group&rsquo s medical laboratory and dental equipment & supplies increased by 202% y-o-y to $4.7 million, due to the higher increase in revenue for its Covid-19 medical laboratory business.
As a percentage of revenue from medical laboratory, cost of sales used in medical laboratory in 4Q21 was 48% compared to 51% in 4QFY2020.
Employee benefits expense increased by 22% y-o-y to $30.2 million mainly due to the higher revenue from its new and existing dental outlets in Singapore.
As a percentage of revenue, employee benefits expense in 4Q21 was 56.7% compared to 56.5% in 4QFY2020.
As at end-December, the group has a total of 136 dental clinics, from the 118 in FY2020.
The group&rsquo s number of medical clinics in Singapore remained unchanged at 5, while its dental clinics grew to 97 from 83 in the year before.
Overseas, the group&rsquo s dental clinics stood at 39 in FY2021, from 35 in the year before, with 38 clinics in Malaysia and one in China.
As at end-December, cash and cash equivalents stood at $47.6 million.
A fourth interim dividend of 1.0 cent per ordinary share has been declared for the 4QFY2021, bringing the total dividend for FY2021 to 4.0 cents per share.
According to the group, this translates to a dividend yield of 7% based on the group&rsquo s share price of 56.5 cents as at 2.45pm on Feb 22. The dividend for the 4QFY2021 will be paid on March 24.
In its statement on Feb 23, the group says it will continue to focus on investment opportunities in sectors that are &ldquo synergistic and aligned&rdquo with its business strategy.
For Acumen Diagnostics, Q& M will continue to offer Covid-19 polymerase chain reaction tests (PCR) for patients who require them, as well as for travellers as Singapore opens its borders.
It will also continue distributing Covid-19 antigen rapid tests (ART), as well as launch a panel of new PCR tests for infectious diseases, sepsis and cancer.
Group CEO Dr Ng Chin Siau says the group will embark on four pillars of growth.
The first, is its expansion of its core dental business in Singapore, Malaysia, Southeast Asia and China &ldquo for sustainable growth&rdquo .
&ldquo Our group intends to open at least 30 dental clinics a year from 2021 onwards in Singapore and Malaysia for the next 10 years,&rdquo says Dr Ng.
&ldquo Secondly, the use of medical technology such as our proprietary Artificial Intelligence Guided Clinical Decision Support System to provide the most effective and suitable treatment plans for patients This will enable us to scale up consistency and quality throughout our network clinics,&rdquo he adds.
In its third pillar of growth, the group is also looking at expanding its clinical testing laboratory business to test Covid-19 and other diseases such as dengue sepsis and other bacterial pathogens.
The final pillar is in investing in medical and healthcare business such as Acumen Diagnostic that will enhance the group&rsquo s shareholder&rsquo s value, continues Dr Ng.
Shares in Q& M Dental closed 1 cent lower or 1.72% down at 57 cents on Feb 22.
The earnings were due to a total revenue surge of 49% y-o-y to $205.6 million during the year, making this the highest-ever revenue recorded for the group
Segmentally, revenue from Q& M&rsquo s dental and medical clinics increased by 27% y-o-y to $160.2 million due to higher revenue from its existing and new dental clinics in Singapore.
Revenue from medical laboratory and dental equipment & supplies spiked by 304% y-o-y to $45.4 million, mainly due to revenue from the group&rsquo s Covid-19 medical laboratory business.
Q& M obtained its medical laboratory license from the Ministry of Health (MOH) in September 2020.
FY2021 EBITDA correspondingly increased by 68% y-o-y to $63.3 million.
FY2021 net profit after tax (NPAT) surged by 98% y-o-y to $39.4 million.
In FY2021, earnings per share (EPS) increased to 3.23 cents from 2.09 cents in the year before.
During the 4QFY2021, however, Q& M Dental Group saw earnings fall 47% y-o-y to $3.2 mi
4QFY2021 revenue grew 22% y-o-y to $53.3 million. On the other hand, cost of sales from the group&rsquo s medical laboratory and dental equipment & supplies increased by 202% y-o-y to $4.7 million, due to the higher increase in revenue for its Covid-19 medical laboratory business.
As a percentage of revenue from medical laboratory, cost of sales used in medical laboratory in 4Q21 was 48% compared to 51% in 4QFY2020.
Employee benefits expense increased by 22% y-o-y to $30.2 million mainly due to the higher revenue from its new and existing dental outlets in Singapore.
As a percentage of revenue, employee benefits expense in 4Q21 was 56.7% compared to 56.5% in 4QFY2020.
As at end-December, the group has a total of 136 dental clinics, from the 118 in FY2020.
The group&rsquo s number of medical clinics in Singapore remained unchanged at 5, while its dental clinics grew to 97 from 83 in the year before.
Overseas, the group&rsquo s dental clinics stood at 39 in FY2021, from 35 in the year before, with 38 clinics in Malaysia and one in China.
As at end-December, cash and cash equivalents stood at $47.6 million.
A fourth interim dividend of 1.0 cent per ordinary share has been declared for the 4QFY2021, bringing the total dividend for FY2021 to 4.0 cents per share.
According to the group, this translates to a dividend yield of 7% based on the group&rsquo s share price of 56.5 cents as at 2.45pm on Feb 22. The dividend for the 4QFY2021 will be paid on March 24.
In its statement on Feb 23, the group says it will continue to focus on investment opportunities in sectors that are &ldquo synergistic and aligned&rdquo with its business strategy.
For Acumen Diagnostics, Q& M will continue to offer Covid-19 polymerase chain reaction tests (PCR) for patients who require them, as well as for travellers as Singapore opens its borders.
It will also continue distributing Covid-19 antigen rapid tests (ART), as well as launch a panel of new PCR tests for infectious diseases, sepsis and cancer.
Group CEO Dr Ng Chin Siau says the group will embark on four pillars of growth.
The first, is its expansion of its core dental business in Singapore, Malaysia, Southeast Asia and China &ldquo for sustainable growth&rdquo .
&ldquo Our group intends to open at least 30 dental clinics a year from 2021 onwards in Singapore and Malaysia for the next 10 years,&rdquo says Dr Ng.
&ldquo Secondly, the use of medical technology such as our proprietary Artificial Intelligence Guided Clinical Decision Support System to provide the most effective and suitable treatment plans for patients This will enable us to scale up consistency and quality throughout our network clinics,&rdquo he adds.
In its third pillar of growth, the group is also looking at expanding its clinical testing laboratory business to test Covid-19 and other diseases such as dengue sepsis and other bacterial pathogens.
The final pillar is in investing in medical and healthcare business such as Acumen Diagnostic that will enhance the group&rsquo s shareholder&rsquo s value, continues Dr Ng.
Shares in Q& M Dental closed 1 cent lower or 1.72% down at 57 cents on Feb 22.
Q& M Dental' s Q4 earnings fall 47% on higher costs, expenses
WED, FEB 23, 2022 - 8:46 AM
Q& M Dental' s topline growth in Q4 was mainly driven by stronger contributions from the group&rsquo s Covid-19 medical laboratory business.
PHOTO: SPH MEDIA TRUST
Q& M Dental Group (Singapore) Q& M Dental: QC7 0% on Wednesday (Feb 23) reported earnings of S$3.2 million for the Q4 ended Dec 31, 2021, representing a 47 per cent year-on-year decline from S$5.9 million due to higher costs and expenses.
Earnings per share (EPS) fell 46 per cent to S$0.0034 from S$0.0063.
Total revenue for the quarter grew 22 per cent to S$53.3 million from S$43.8 million previously, driven mainly by stronger contributions from the group' s Covid-19 medical laboratory business.
Cost of sales from the medical laboratory business as well as dental equipment and supplies more than tripled to S$4.7 million from S$1.5 million the previous year, which the group said was in line with the higher segmental revenue.
Employee benefits expenses - which include professional fees paid to dentists - rose 22 per cent to S$30.2 million in Q4 from S$24.8 million the year before. This was due to an increase in revenue from both existing and new dental outlets in Singapore as well as the provision of additional employee benefits in the latest quarter.
Other expenses grew 56 per cent to S$3.9 million from S$2.5 million previously, as the group said revenue growth for the quarter resulted in higher incidental expenses such as credit card charges, marketing expenses, expenses incurred by the Covid-19 medical laboratory, and legal and professional fee
The group has declared a fourth interim dividend of S$0.01 per share for the latest quarter. It will be paid out on Mar 24 after the book closure date on Mar 9.
Together with the previous dividends paid out in the last 3 quarters, the total dividends work out to S$0.04 for FY2021 which translates to a 7 per cent dividend yield and a dividend payout ratio of 113 per cent, said Q& M.
For the full year, the group' s earnings were 55 per cent higher year on year at S$30.5 million compared to S$19.7 million in FY2020.
FY2021 revenue stood at S$205.6 million, 49 per cent higher than the previous year' s revenue of S$137.6 million due to higher contributions from both existing and new dental clinics in Singapore.
This brings EPS for the year to S$0.0323, compared to S$0.0209 in FY2020.
As at end-2021, the group had 136 dental clinics in both Singapore and overseas compared to 118 the previous year. Its medical clinics in Singapore remain at 5.
Its total number of dentists stands at 270, up from 250 a year ago.
According to Q& M Dental chief executive Ng Chin Siau, the group intends to open at least 30 more dental clinics per year in Singapore and Malaysia over the 10 years starting from 2021.
Shares of Q& M Dental ended Tuesday down S$0.01 or 1.7 per cent at S$0.57.