Cordlife Reports S$1.6M Loss in Q3 Amid Operational Challenges in Singapore
- Cordlife, a private cord blood bank in Singapore, reported a net loss of S$1.6 million (US$1.2 million) for the third quarter.
- For the quarter ending September 30, revenue fell 31% to S$10.1 million, down from S$14.7 million a year earlier.
- Cordlife was allowed to resume cord blood banking services in a limited capacity starting September 15, following a lengthy suspension related to mishandled cord blood units.
Cordlife Reports Significant Net Loss in Third Quarter
Cordlife, a private cord blood bank in Singapore, reported a net loss of S$1.6 million (US$1.2 million) for the third quarter. This is a shift from a net profit of S$1.4 million in the same period last year. The company attributed the loss to reduced operations in Singapore, its main revenue source, which operated for only 15 days during the quarter.
Revenue Decrease
For the quarter ending September 30, revenue fell 31% to S$10.1 million, down from S$14.7 million a year earlier. For the first half of the fiscal year, Cordlife faced a loss of S$12.35 million, compared to a profit of S$2.2 million in the prior year. Over a nine-month period, the net loss reached S$13.9 million, a decline from S$3.6 million in profit last year. Revenue for this period decreased by 55.1% to S$19.3 million, down from S$43 million in the previous year.
Resumed Services Amid Restrictions
Cordlife was allowed to resume cord blood banking services in a limited capacity starting September 15, following a lengthy suspension related to mishandled cord blood units. The company can now collect and process up to 30 new cord blood units per month from September 15, 2024, to January 13, 2025. These limitations aim to protect customers, as stated by the Ministry of Health.
Investigation and Arrests
An investigation into Cordlife has led to nine arrests due to earlier mishandling issues. Cordlife is focused on regaining full operations in Singapore and has invested in improving its facilities in Yishun. Measures include increasing laboratory staff and enhancing operational protocols.
Looking Ahead
Group executive director Chen Xiaoling expressed confidence in the company’s stronger capabilities and operating procedures. Group CEO Ivan Yiu stated that meeting Health Ministry criteria for controlled service resumption puts the company on track for recovery. Cordlife is committed to implementing strict protocols to rebuild trust with stakeholders.