TalkMed profit dips 18.3% to $6.9m in Q3

This comes as its embattled CEO faces suspension charges.

TalkMed’s profit falls 18.3% YoY to $6.9m in Q3 as the company tries to mitigate the eight-month suspension of its CEO Dr. Ang Peng Tiam.

Revenue also fell 17.7% YoY to $14.m in Q3.

Despite the decline, Jarick Seet of RHB Research reports that TalkMed fared better than expected as its 9M17 profit formed 84% of its estimates.

Seet added that TalkMed was able to reduce the impact of Dr. Ang’s suspension, who contributes a lion’s share to the medical group’s earnings, by transferring his existing patients to other oncologists including COO Khoo Kei Song.

However, Seet maintains a downgrade of TalkMed’s shares to neutral (previously buy).

Dr. Ang was suspended by the Singapore Medical Council last June following a failed appeal against charges of professional misconduct.