Cordlife expects 2024 net loss due to suspension of SG operations

The suspension was pursuant to the Ministry of Health's notices.

Cordlife Group Limited is expecting to report a loss for the financial year 2024 based on a preliminary assessment of its unaudited financial results.

The company said it is due to the suspension of the group’s Singapore operations under notices from the Ministry of Health (MOH) from 15 December 2023 up to 14 September 2024.

The net loss was also linked to the conditional resumption of cord blood banking service operations in a controlled manner of 30 units per month of new cord blood from 15 September 2024 to 13 January 2025.

Moreover, the MOH panel authorized refunds and fee waivers for clients whose stored items were impacted by High-Risk Tank temperature fluctuations.

As previously disclosed, the company estimates that these would decrease revenue and profit before tax by approximately $9.7m.

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