SAM Holdings reports $12.64 net loss in H2 2024.

The group’s current liabilities now exceed its current assets.

Singapore Institute of Advance Medicine Holdings Ltd (SAM Holdings) reported a loss after tax of $12.64m from continuing operations and net cash used in operating activities of $5.45m in the six months ended 31 December 2024.

As at 31 December 2024, the Group’s current liabilities exceeded its current assets by $9.15m.

The company also said that it has other receivables due from a subsidiary with a carrying amount of $92.2m which accounts for approximately 87%. The subsidiary, from which the company expects to collect these receivables, is in a net liability position of $146,55m as of 30 June 2024.

The group said that it is dependent on the cash flows from this subsidiary to discharge its liabilities as and when they fall due. These conditions indicate the existence of material uncertainties that may cast significant doubt on the ability of the group and of the company to continue as going concerns.

The financial statements have been prepared based on the assumption that the company will continue operating as a going concern. This assumption depends on certain future events, including the availability of financial support.

Sam Holdings said it expects to receive up to $6m from a subsidiary of its controlling shareholder and an additional $5m from a related party of a substantial shareholder, if needed.

The group said that if these funds are secured and patient flow projections are met, the Board of Directors agrees with management that the company can sustain its operations without concerns.

The Board also confirms that all relevant information has been disclosed to ensure the orderly trading of the company’s securities.