Cordlife posts $18.7m net loss in FY2024

The group’s revenue also plunged to $27.8m.

Cordlife Group Limited reported a net loss of $18.7m for the financial year ended 31 December 2024, reversing from a net profit of $3.6m in 2023.

Excluding the financial impact of refunds and waivers related to high-risk storage tanks, the company said net loss would have been $8.3m.

The group’s revenue plunged to $27.8m, down from $55.7m in FY2023, largely due to the nearly nine-month suspension of its Singapore operations. Adjusting for a $10.4m revenue reversal linked to the high-risk tank refunds, revenue would have been $38.2m.

Turnover from the company’s core cord blood banking business fell to $23.9m from $51.3m a year earlier as the number of processed and stored samples declined by 31.6% across Singapore, India, Malaysia, and Indonesia amidst weaker consumer sentiment.

Despite the challenging financial performance, Cordlife remains optimistic about the long-term prospects of the cord blood banking industry, citing rising demand for preventive healthcare.

The group also emphasised its strong balance sheet as a buffer against economic and liability-related uncertainties.