Clearbridge Health FY2025 Results: Revenue Stable, No Dividend Declared for Second Consecutive Year

Clearbridge Health Limited: FY2025 Financial Analysis & Investor Outlook

Clearbridge Health Limited released its unaudited condensed interim financial statements for the six months (H2) and full financial year (FY) ended 31 December 2025. This review provides a structured analysis of the company’s financial performance, trends, key corporate actions, and the outlook for investors.

Key Financial Metrics & Performance Comparison

Metric	H2 2025	H2 2024	FY2025	FY2024	YoY Change	QoQ Change
Revenue (S\$’000)	5,014	5,356	9,929	9,903	+0.3%	-6.4%
Loss After Tax (S\$’000)	(11,498)	(1,277)	(13,072)	(4,167)	+213.7%	+800.4%
EPS (S\$ cents, Basic/Diluted, cont. ops.)	(0.35)	(0.22)	(0.39)	(0.54)	Improved	Declined
Net Asset Value per Share (S\$ cents)	0.08	0.50	0.08	0.50	-84%	-84%
Dividend (S\$)	Nil	Nil	Nil	Nil	No change	No change

Historical Performance & Trends

Revenue: Stable YoY, with a marginal increase from S\$9.90 million in FY2024 to S\$9.93 million in FY2025. Revenue in the Philippines grew strongly (+53.4%) due to expansion in renal care, but was offset by a significant fall (-15.4%) in Singapore operations, particularly in dental clinics.
Losses: The Group’s loss after tax soared in FY2025, mainly due to a substantial impairment of goodwill (S\$8.59 million) and increased operating expenses.
Net Asset Value: NAV per share dropped sharply, reflecting the heavy losses and dilution from share placements and bond conversion.

Exceptional Items & One-Offs

Impairment Charges: S\$8.59 million goodwill impairment recorded, attributed to underperformance in both the dental and medical clinics/centres CGUs.
Asset Sales: Disposal of 85% shareholding in Medic Laser Private Limited and Medic Surgical Private Limited completed in November 2024, classified as discontinued operations.
Fair Value Loss: S\$0.92 million loss on derivative financial instruments due to decreased performance of the Purchaser of disposed assets.

Corporate Actions & Capital Changes

Placements & Bond Conversion: Large-scale dilution occurred in 2025 through several placements and full conversion of outstanding convertible bonds, increasing the share base from 1.86 billion to 4.30 billion shares.
Warrants: 659,999,996 warrants issued in August 2025, each entitling holders to subscribe for new shares at S\$0.0024.
No Share Buybacks or Treasury Shares: No buybacks or treasury shares reported.

Directors’ Remuneration

Total directors’ and key management compensation for FY2025 was S\$1.09 million, comprising short-term benefits, post-employment benefits, and directors’ fees. Share-based payments were minimal.

Fund Flows & Related Party Transactions

No significant related party transactions exceeding S\$100,000. The Group does not operate an IPT mandate.
Placement proceeds (S\$1.86 million) were fully utilized for payroll, suppliers, professional fees, rental, and other working capital requirements.

Divestments & Strategic Developments

Disposal of two subsidiaries in November 2024 for S\$196,000 cash.
Launch of adult immune cell banking business in Hong Kong and Southeast Asia in late 2025, aiming for asset-light expansion and immediate revenue generation.

Events & Risks Affecting Business

Headwinds in Singapore’s dental business due to increased competition and costs.
Cash flow constraints in the Philippines from delayed PhilHealth reimbursements, despite improved patient affordability.
Foreign exchange losses from SGD appreciation against HKD and PHP.

Forecast & Outlook

The Group expects continued challenges in dental clinics in Singapore, but sees growth potential in Philippines renal care and new cell banking business. Strategic restructuring is ongoing, with a focus on regional expansion, investments, M&A, joint ventures, and collaborations.

Chairman’s Statement

The Group is committed to and will continue to proactively evaluate its options and opportunities to preserve value for the Group and if need be, undertake certain corporate exercises to restructure its businesses and operations to achieve sustainability and to better position the Group for the future. At the same time, the Group will continue to explore other suitable opportunities to expand its business regionally through organic expansion, investments, mergers and acquisitions, joint ventures and/or strategic collaborations.

Tone: Neutral to cautious, acknowledging challenges but emphasizing adaptability and regional growth aspirations.

Conclusion: Performance & Investor Recommendations

Overall Assessment: The Group’s financial performance in FY2025 is weak, marked by heavy losses, significant dilution, and asset impairments. While revenue is stable and there is growth in some segments, the profitability and asset value have declined sharply. The outlook is uncertain, with some positive strategic moves but persistent operational and market challenges.

Investor Recommendations

If you currently hold Clearbridge Health shares: Investors should review their position critically given the deep losses and dilution. Unless you are aligned with the Group’s long-term regional expansion and cell banking strategy, consider reducing exposure or holding only if you expect a turnaround from new business lines.
If you do not currently hold shares: Avoid new positions until there is clear evidence of a turnaround, sustained profitability, or improved asset quality. Wait for signs of improved operating performance and successful execution of new business strategies.

Disclaimer: This analysis is based solely on the information disclosed in the company’s official financial report. It is not a substitute for independent investment advice. Past performance does not guarantee future results. Investors should consider their own risk tolerance and consult a professional advisor before making any investment decisions.