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.
Do you know more about this story? Contact us anonymously through this link.