ISEC Healthcare’s net profit dips 6% to $3.18m in Q1

Administrative expenses grew due to increased business activities under specialised health services.

ISEC Healthcare Ltd. reported a net profit of $3.18m in the first quarter (Q1), reflecting a 6% decrease compared to Q1 of 2023.

The company’s administrative costs for the quarter grew by $0.16m due to increased business activities under the specialised health services segment and a rise in employee numbers.

Its gross profit amounted to $7.66m for the quarter with a gross profit margin of 45.3%, a slight dip compared to 45.5% in Q1 2023.

ALSO READ: Cordlife Group aims to raise $8.04m in private placement

The company’s revenue remained consistent at approximately $16.91m, with specialised health services increasing to $16.02m.

However,  general health services revenue went down by $0.17m, due to a reduction in performed COVID-19 swab tests and decreased activities at general practitioner clinics.

In addition, the cost of sales recorded a slight rise to $9.25m for the quarter.