Essex Bio-Technology Posts Sound 2023 Annual Financial Results, Revenue Up 29.5%, Profit Up 22.1%

HONG KONG, Mar 18, 2024 – (ACN Newswire) – Essex Bio-Technology Limited (“Essex” or the “Group”, Stock Code: 1061.HK) today announced the annual results for the year ended 31 December 2023.

Financial Performance

The Group weathered the headwinds and managed to deliver sound performances amidst the challenging trading environment in 2023. During the year under review, the Group achieved a consolidated revenue of approximately HK$1,706.6 million, with an increase of 29.5% as compared to last year, which was contributed principally from Beifushu® unit-dose eye drops, Beifuxin® gel and Shilishun® (Iodized Lecithin Capsules). The Group achieved a net profit of approximately HK$275.3 million, representing an increase of 22.1% as compared to last year, which was exceptionally weighed down by the withholding tax incurred.

As of 31 December 2023, the Group had cash and cash equivalents of approximately HK$509.8 million (2022: approximately HK$543.5 million). The Board is pleased to propose a final dividend of HK$0.045 (2022: HK$0.025) per ordinary share to be approved at the upcoming annual general meeting of the Group. Together with the interim dividend of HK$0.045 per ordinary share paid on 13 September 2023, the total dividend for 2023 would be HK$0.09 (2022: HK$0.065) per ordinary share.

Revenue Growth in Ophthalmology and Surgical Segments

The Group’s turnover is primarily made up of the ophthalmology segment (“Ophthalmology”) and surgical (wound care and healing) segment (“Surgical”). For the year ended 31 December 2023, Ophthalmology contributed approximately HK$753.4 million to the Group’s turnover, representing an increase of 36.1% YoY, while Surgical recorded a total turnover of approximately HK$953.2 million, representing an increase of 24.7% YoY. The core products that are current growth drivers under each segment are:

1. Ophthalmology – Beifushu® series (Beifushu® eye drops, Beifushu® eye gel and Beifushu® unit-dose eye drops), Tobramycin Eye Drops, Levofloxacin Eye Drops, Sodium Hyaluronate Eye Drops and Shilishun® (Iodized Lecithin Capsules); and

2. Surgical (wound care and healing) – Beifuji® series (Beifuji® spray, Beifuji® lyophilised powder and Beifuxin® gel), Carisolv® dental caries removal gel, Dr. YaDian mouth wash, Yi Xue An Granules and PELNACTM collagen-based artificial dermis.

Significant Business Development Milestones

During the year under review, the expansion of production capacity has progressed well. The second gel manufacturing line and the new freeze-drying (lyophilise) manufacturing line have been successfully commissioned and have passed the Good Manufacturing Practices (GMP) approval. The two additional manufacturing lines have been officially put into production. The core functional modules of the second phase of the quality management system (QMS) are officially launched, taking digitalisation, informatisation and intelligence to a new level in quality control.

Research and development (“R&D”) innovation continues to progress, with multiple pipelines advancing smoothly, and the global phase 3 clinical project of bevacizumab ophthalmic injection (EB12-20145P) has successfully enrolled patients in the PRC, Australia, European Union countries and the United States.

In addition, this year has been a fruitful year in promoting product diversification. We have obtained the exclusive agency rights for Osteopore’s innovative oral and maxillofacial products in Singapore, and released high-end home phototherapy brands PAINT® and EYESU+® dry eye care products. The business of medical devices such as FarFlex series of elastic bandages, PELNACTM absorbable dressings, Wlight eye adjustment training lights, etc. is of sound development. The Group’s new business segments have also made several breakthroughs. The Group’s wholly owned subsidiary, UNO Medical (Zhuhai) Co., Ltd. and Dymind Biotechnology Co., Ltd. (“Dymind”) have reached a strategic cooperation to jointly build an industry-leading digital cloud inspection platform, “Diyi Cloud Inspection”, for the point-of-care testing (POCT) equipment of Dymind.

Entrenched Market Access Capability

As of 31 December 2023, the Group maintains a network of 43 regional sales offices in the PRC with more than 1,260 sales and marketing representatives, covering more than 12,500 hospitals and medical providers, coupled with approximately 1,800 pharmaceutical stores, which are widely located in the major cities, provinces and county cities in the PRC. Sales to lower-tier cities are supplemented by on-line platform for e-consultation and e-prescription, which is further deployed for serving patients with chronic diseases.

The Group’s expansion of its market access into Southeast Asian countries via its base in Singapore has been gaining good traction since 2020.

Research and Development

During the period under review, the Group remains focused on executing its 5-year (2021 to 2025) R&D development plan. As at the date of this announcement, there are 16 R&D programmes in the pre-clinical to clinical stage, out of which the following 4 ophthalmology programmes are targeted as mid-term growth drivers:

— EB11-18136P: SkQ1 eye drops, second phase 3 clinical trial (US FDA) (VISTA-2) topline data released on 24 February 2021. The continuation of the VISTA program is subject to the completion of the transfer of chemistry, manufacturing and controls (CMC), know-how and intellectual property rights relating to SKQ1 from Mitotech, following the acquisition on 13 Oct 2022.

— EB11-15120P: Azithromycin eye drops, ongoing review by external key opinion leaders (National Medical Products Administration (“NMPA”) in the PRC)

— EB12-20145P: Bevacizumab intravitreal injection for exudative (wet) age-related macular degeneration, phase 3 clinical trial (US FDA, European Medicines Agency, Therapeutic Goods Administration and NMPA in the PRC)

— EB11-21148P: Cyclosporine eye drops, phase 2 clinical trial (NMPA in the PRC)

The Group holds a total of 84 patent certificates or authorisation letters, which include 63 invention patents, 14 utility model patents and 7 design patents. The Group currently has diversified its R&D resources to multiple research sites in Zhuhai (PRC), Boston (USA), London (UK) and Singapore which support not only our pursuit of new therapeutics but also our recruitment of global talents.

Honors and Awards Obtained In 2023

Zhuhai Essex Bio-Pharmaceutical Company Limited, a wholly-owned subsidiary of the Group, has been recognised as one of the 2022 top 100 innovative companies in Zhuhai, and has also been recognised as one of the 2022 top 100 chemical pharmaceutical companies in the PRC.

The Group’s Beifushu® has been awarded as one of the Chinese reputable medicine brands in five consecutive years. Also, the Group’s Beifuxin® gel has been recognised as 2023 Excellent Brand of Biochemical and Biological Enterprise. These awards are the testament to the recognition by the industry for the efficacy and quality of the Group’s flagship biologic drug.

In addition, the Company was awarded The Best Mid and Small Cap Company and further conferred with China Excellent IR – The Best Shareholder Relations Award and The Best Digitalised Investor Relations Award.

Mr. Patrick Ngiam, Chairman of Essex, said, “The tenacity, resilience and solidarity are factors that have enabled the Group to weather the headwinds and achieved sound performances in FY23. Barring unforeseen circumstances, the Group remains focused on executing its plans and delivering progressive results.”

Full version of Essex’s FY2023 Annual Results Announcement can be downloaded at: https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0318/2024031801326.pdf

About Essex (1061.HK)

Essex Bio-Technology Limited is a bio-pharmaceutical company that develops, manufactures and commercialises genetically engineered therapeutic b-bFGF (FGF-2), having six commercialised biologics marketed in China since 1998. Additionally, it has a portfolio of commercialised products of preservative-free unit-dose eye drops and Shilishun® (Iodized Lecithin Capsules) etc. The products of the Company are principally prescribed for the treatment of wounds healing and diseases in Ophthalmology and Dermatology, which are marketed and sold through approximately 12,500 hospitals and managed directly by its 43 regional sales offices in China. Leveraging on its in-house R&D platform in growth factor and antibody, the Company maintains a pipeline of projects in various clinical stages, covering a wide range of fields and indications.

Website: http://www.essexbio.com

Investor Enquiry:

Investor Relations: investors@essex.com.cn

GERMAGIC(TM) PET Hosts “Social Inclusion Charity Run with Pets”

HONG KONG, Mar 18, 2024 – (ACN Newswire) – Sponsored by GERMAGIC™ PET, supported by the Metro Broadcast Corporation Limited, and jointly organized by the City University of Hong Kong and the CityU EMBA Association, the inaugural “Social Inclusion Charity Run with Pets” was grandly held on 17 March 2024 (Sunday) at the Water Sports and Recreation Precinct, Wan Chai. Drawing participation from approximately four hundred athletes and pets, the event aimed to encourage the establishment of pet-friendly spaces within society while promoting an optimistic and inclusive life attitude, thereby fostering social inclusion. Beneficiary organizations included the Hong Kong Guide Dogs Association.

Nowadays, pets have become significant companions in human life, not only bringing endless love and joy but also enhancing people’s mental well-being. To provide pets with more care and protection, GERMAGIC™ PET continuously innovates and utilizes its scientific research technology to develop various green pet health products, thus promoting social inclusion and sustainable development. As the title sponsor of the event, GERMAGIC™ PET partnered with Metro Broadcast Corporation Limited to promote the event, aiming to encourage collective efforts from all walks of life to create a pet-friendly environment where more pets can receive care and love.

Mr. Anthony Leung, General Manager – Business and Market Development of Metro Broadcast Corporation Limited, stated, “We are honoured to collaborate with GERMAGIC™ PET in promoting this event. We believe that through this event, we can raise awareness in society about pet protection and social inclusion and serve as an inspiration for more action. Let us work together to create a better future for pets and our society.”

Hong Kong artist, Ms. Anne Heung, shared her experience on choosing pet products

The event was honoured to have Hong Kong artist and pet lover, Ms. Anne Heung, attend with her beloved canine. Ms. Anne Heung expressed, “I am delighted to attend today’s fun and meaningful event. Besides exercising together with cats and dogs to support the Hong Kong Guide Dogs Association and encourage the establishment of pet-friendly spaces, our fellow owners could also promote the concept of social inclusion, creating a more friendly and inclusive environment for both humans and pets.”

Talking about choosing pet products, Ms. Anne Heung mentioned that product safety, friendliness towards pets, and environmental impact are her primary considerations. She also seeks out certified products, such as those with the Quality Pet Protection (QPP) certification and professional veterinary certification, as these products meet strict safety standards, allowing her and her canine companion to use them with peace of mind.

28-day long-lasting antibacterial protection, safeguarding human-pet safety and health

As a research and development company specializing in biochemistry and biomedical products behind GERMAGIC™ PET, Absolute Pure EnviroSci Limited (“APEL”) is committed to innovate and promote the development of pet health care. GERMAGIC™ PET products utilize GERMAGIC™’s encapsulation technology and molecular materials to comprehensively support and protect pet health. Furthermore, GERMAGIC™ PET’s long-lasting antibacterial product series not only caters to pets but also effectively eliminates various bacteria and viruses, providing a 28-day antibacterial protection, thus offering a safer and healthier living environment for both humans and pets.

Leading the pet health industry through Research, Academic and Industry Sectors collaboration

Moreover, GERMAGIC™ PET products have received QPP certification, becoming one of the few high-end pet health care products in Hong Kong to obtain this certification. QPP is a scheme led by the IBH Pet Industry Development Standing Committee, supported by Pet Space Group for veterinary professional support, with SGS serving as the scheme secretary for providing testing and certification services. This certification not only recognizes the quality of GERMAGIC™ PET products but also sets higher quality standards for the pet health industry.

In addition to developing QPP certified products, APEL has been committed to collaborating with partners in different fields to create synergy and win-win situations. This year, APEL has established partnerships with the Hong Kong University of Science and Technology, Pet Space Group, the largest veterinary group in Hong Kong with veterinary clinics across Hong Kong Island, Kowloon, and the New Territories, as well as in Singapore, and a major medical supplies brand – Life Star Biotech, to bring more innovation and improvement to the field of pet health through Research, Academic and Industry Sectors collaboration.

Dr. David Chung, Chairman of APEL, expressed during the event, “GERMAGIC™ PET is honoured to be the title sponsor of this event. We sincerely thank the organizers – the Hong Kong Network for the Promotion of Inclusive Society, the City University of Hong Kong, and the CityU EMBA Association – for initiating such a meaningful event. We also appreciate Metro Broadcast Corporation Limited’s full support as a media partner. This grand event witnesses the profound connection and spirit of inclusion between humans and pets. It not only brings joy and health to pet owners and their pets but also brings the power of harmony and warmth to society. In the future, APEL will continue to collaborate with partners from all walks of life to provide more innovative and high-quality pet health products for pet owners and their pets. We firmly believe that through collective efforts, we can create a more friendly and healthier pet environment and make positive contributions to the development of social inclusion.”

GERMAGIC™ PET is the title sponsor of the “Social Inclusion Charity Run with Pets” on 17 March. Group photo of (from left to right) Ms. Phoebe Ng, Chief Commercial Officer of GERMAGIC™ PET, Dr. David Chung, Chairman of APEL, Hong Kong artist Ms. Anne Heung, and Mr. Jackin Jim, Chairman of Yee Hop Holdings Limited (Stock code: 1662.HK).

Group photo of (from left to right) Mr. Hamilton Hung, Co-Founder of GERMAGIC™, Dr. David Chung, Chairman of APEL, Hong Kong artist Ms. Anne Heung, Ms. Phoebe Ng, Chief Commercial Officer of GERMAGIC™ PET, and Mr. Anthony Leung, General Manager – Business and Market Development of Metro Broadcast Corporation Limited.

About APEL

Absolute Pure EnviroSci Limited (APEL), an indirect non-wholly owned subsidiary of Yee Hop Holdings Limited, a company listed on the Main Board of the Stock Exchange of Hong Kong Limited (Stock Code: 1662.HK), with a mission to improve the quality of life and living environment, is principally engaged in the business of distribution, research and development of specialty biomedical and biochemical products. APEL looks forward to working with researchers who aspire to help the green industries in Hong Kong grow, contributing together to the city and the Greater Bay Area’s low- carbon transformation and advance towards carbon neutrality, and also give the city impetus to pursue reindustrialization vital to her long-term prosperity.

For media enquiries, please contact:

Avy Yu Tel: +852 9500 4443 Email: avy.yu@ajacapital.com.hk

Eudice Law Tel: +852 9326 1113 Email: eudice.law@ajacapital.com.hk

APEL Biomedical Technology Innovation and Translational Commercial Laboratory Officially Opens

HONG KONG, Mar 13, 2024 – (ACN Newswire) – Absolute Pure EnviroSci Limitedï¼ˆ”APEL”ï¼‰Biomedical Technology Innovation and Translational Commercial Laboratory has officially opened at Hong Kong Science Park and has announced two letters of intent for cooperation, covering different areas such as pet research, health technology, veterinary clinics, international certification, and new materials. The collaborative partners include several top companies in the industry. Through promoting the translation of research results and transforming innovative ideas into market products and solutions, they aim to accelerate the seizing of the golden age of the global pet industry, which exceeds USD500 billion. This collaboration brings limitless potential and opportunities, while also invigorating the entrepreneurial ecosystem in Hong Kong and injecting new energy into its economy.

Ms. Lillian Cheong, Under Secretary for Innovation, Technology and Industry of the Hong Kong Special Administrative Region said, “the HKSAR Government has been proactively developing the basic research in life and health technology, and promoting the transformation of upstream research and development outcomes into products. With the distinctive advantages of enjoying strong support of the Motherland and being closely connected to the world under the ‘one country, two systems’, we will further the transformation of scientific research and development of life and health technology in Hong Kong through such measures as the setting up of life and health technology research institutes and InnoLife Healthtech Hub. I hope that more local innovation and technology enterprises can prosper and contribute to the high-quality development of Hong Kong.”

Dr. Grace Lau, Head of Institute for Translational Research of Hong Kong Science and Technology Parks Corporation (HKSTP) stated, “It is great to see the official opening of APEL Laboratory and the successful transformation of scientific research and technology into commercial products. HKSTP envisions creating a global biotechnology hub and is committed to promoting technology transfer. Over the past five years, there has been significant growth in the field of biomedical technology. We have attracted numerous biomedical innovation and technology enterprises, covering areas such as pharmaceuticals, medical devices, diagnostics, and traditional Chinese medicine. We look forward to supporting APEL in further commercializing their research technologies and expanding into more markets and fields.”

Dr. David Chung, Chairman of APEL said, “As one of the flagship innovative technology companies in Hong Kong, APEL has experienced rapid development in both national and global markets over the past year. Today, we are delighted to have officially established our presence in Hong Kong Science Park with the opening of the Biomedical Technology Innovation and Translational Commercial Laboratory. The success of industry-academia-research collaboration relies on excellent scientific research and further requires involvement from the business community. While APEL possesses these essential factors for success and, by establishing its presence in and receiving comprehensive support from the Hong Kong Science Park. Additionally, APEL benefits from the substantial financial resources invested by its parent company, a listed company, Yee Hop Holdings Limited. In the future, the company will continue to drive the transformation of innovative ideas into market products and solutions by facilitating the commercialization of research and development results, contributing to the growth of the innovation and technology sector in Hong Kong and globally.

According to the latest report from Bloomberg Intelligence (BI) 1, the pet industry has become a new economic frontier. With pet owners willing to spend more and pets enjoying longer lifespans, the global pet industry is projected to expand rapidly over the next decade. By 2023, the pet industry is estimated to grow from the current US$320 billion to nearly US$500 billion. The report also highlights the growth in the global pet population and the increasing humanization of pets, which has driven the demand for premium pet food and services, fueling the continuous high-speed growth of the pet industry.

Furthermore, the analysis points out that with the extended lifespan of pets, people are investing more in pet-related healthcare expenses, including veterinary care, diagnostics, and medications. This trend is also driving the growth of the pet pharmaceutical market, which is projected to reach approximately US$25 billion by 2030. The analysis predicts that with the extended lifespan of pets and improved healthcare, there is an opportunity to accelerate the use of preventive care diagnostics, which has the potential to become a global market worth US$30 billion.

Taking multiple measures to strengthen the pet economy ecosystem and attract top industry collaborations worldwide

APEL, a research and development company focused on biomedical and biochemical products, has made significant contributions to pet health. In the field of pet health, their research and development of GERMAGIC(TM) PET is one of the few high-end pet health care products in Hong Kong that has obtained the Quality Pet Protection (QPP) certification. It utilizes GERMAGIC™’s encapsulation technology and molecular materials to comprehensively support and protect pet health. The QPP certification, established by the IBH Pet Development Standing Committee, aims to help pet owners make suitable purchasing decisions and promote higher quality standards in the pet industry, ensuring the well-being of pets.

APEL has positioned biotechnology and medical technology as diversified pillars of the pet economy and future growth. In line with this, APEL has established strategic partnerships with top companies in key areas and has developed an extensive blueprint for future development. Today, APEL announced a collaboration with Pet Space Group, the largest veterinary group in Hong Kong with veterinary clinics across Hong Kong, Kowloon, and the New Territories, as well as in Singapore, to jointly explore deep collaboration in developing the pet healthcare industry in the Greater Bay Area. Additionally, APEL has partnered with Life Star Biotech, a major medical supplies brand, to develop pet healthcare products using Life Star Biotech’s unique patented technology to extract the core component – silk fibroin, from silk. This collaboration combines APEL’s biomedical technology to create a joint line of high-end post-operative and rehabilitative care products for pets, enabling APEL to distribute these products globally and expand its international business presence.

The pet industry ecosystem is vibrant, and today, during the inauguration ceremony of the APEL Biomedical Technology Innovation and Translational Commercial Laboratory, APEL also organized a panel discussion on the future opportunities and transformations in the pet industry. Hong Kong experts in field of biotechnology and medical technology were invited to participate, including Professor Yeung King Lun from the Department of Chemical and Biological Engineering and Division of Environment and Sustainability at the Hong Kong University of Science and Technology; Mr. Jack Yuen, Deputy Director of Health & Nutrition and Sustainability Development at SGS Hong Kong Limited; Mr. Alan Lai, CEO of Pet Space Group and Ms. Melody Wang, Chairman of LifeStar Biotech.

Professor Yeung King Lun from the Department of Chemical and Biological Engineering and Division of Environment and Sustainability at the Hong Kong University of Science and Technology stated, “I congratulate APEL for the launch of their commercial research laboratory at the Hong Kong Science Park which will support a long-term partnership with The Hong Kong University of Science and Technology in translating research discovery into commercial offerings in the areas of health, environment, and sustainability that can have immediate positive impact on lives and well-being of Hong Kong people”

Mr. Jack Yuen, Deputy Director of Health & Nutrition and Sustainability Development at SGS Hong Kong Limited said, “With our expertise in health and hygiene, food nutrition, and relevant regulatory standards, the Quality Pet Protection (QPP) program aims to promote higher quality standards in the pet industry and ensure the well-being of pets. SGS is primarily responsible for the testing and certification aspects of the program, following safety standards from Europe and the United States (e.g. AAFCO) to conduct quality and safety testing for pet products. After the testing is completed, the relevant reports will be submitted to veterinary and toxicology experts for analysis and evaluation. Through the QPP program, certified products can help pet owners make informed and appropriate purchasing decisions with peace of mind. In the future, we hope to expand the QPP program to other neighboring regions.

Mr. Alan Lai, CEO of Pet Space Group, said “The pet industry in Hong Kong, especially pet hospitals, has always been a very traditional industry with little innovation or breakthroughs. We are delighted to see the implementation of the Quality Pet Program (QPP) in Hong Kong, which is an important breakthrough and innovation for the pet industry in the city. The QPP improves the standards of pet products and also safeguards the health and rights of pets. The collaboration between APEL and Pet Space Group is a testament to the collaborative efforts between pet research and pet hospitals in Hong Kong, promoting the development of the pet industry with an innovative and pet-centric approach. We hope that this collaboration model can expand to the Greater Bay Area and other countries, further promoting pet health, welfare, and most importantly, enhancing pet owners’ knowledge about pet health.”

Ms. Melody Wang, Chairman of Life Star Biotech, stated, “Corporate cooperation is not necessarily a win-win situation unless both parties share common ideas and goals. This cooperation between APEL and Life Star just illustrates the common perception between us. We hope to leverage each other’s strengths, APEL’s business power and Life Star’s R&D. Successfully expand our business not only to Hong Kong and the Greater Bay Area, but also to the entire Greater China and even the world.”

Brand value is a key driver in propelling the pet economy, and APEL has always been actively promoting and developing business alliances. Through a strategic partnership with Starlight Shenzhen, an internationally renowned content company deeply rooted in the Hollywood entertainment industry, APEL has initiated a series of collaborative efforts to establish an important strategic partner relationship. Starlight Shenzhen is the exclusive master licensor of the Garfield family IP in the Greater China region. Leveraging APEL’s innovation, leading technology, and the global influence of the Garfield family IP, the partnership aims not only to expand the market for both parties but also to establish a long-term and efficient business relationship while jointly establishing the core values of the brands. Together, they aim to promote the importance of pet health and family hygiene and enhance the quality of life in the Greater China region.

From left to right: Dr. Grace Lau, Head of Institute for Translational Research of Hong Kong Science and Technology Parks Corporation, Professor Yeung King Lun from the Department of Chemical and Biological Engineering and Division of Environment and Sustainability at the Hong Kong University of Science and Technology, Mr. Jackin Jim, Chairman of Yee Hop Holdings Limtied (Stock code: 1662.HK), Ms. Lillian Cheong, Under Secretary for Innovation, Technology and Industry of the Hong Kong Special Administrative Region, Dr. David Chung, Chairman of APEL and Dr. Aaron Shum, Founding President of Hong Kong – Middle East Business Chamber visited APEL Biomedical Technology Innovation and Translational Commercial Laboratory.

The pet industry ecosystem is vibrant, and APEL organized a panel discussion, inviting experts in biotechnology and medical technology to participate. The experts included (from left to right) Ms. Melody Wang, Chairman of Life Star Biotech, Mr. Alan Lai, CEO of Pet Space Group, Mr. Jack Yuen, Deputy Director of Health & Nutrition and Sustainability Development at SGS Hong Kong Limited, Professor Yeung King Lun from the Department of Chemical and Biological Engineering and Division of Environment and Sustainability at the Hong Kong University of Science and Technology and Dr. David Chung, Chairman of APEL.

From left to right: Group photo of Ms. Phoebe Ng, Chief Commercial Officer of GERMAGIC™ PET, Ms. Claire Lin, Executive Assistant of Starlight Shenzhen, and Mr. Neo Zhong, Managing Director (PRC) of GERMAGIC™ PET, combining innovative technology with the global influence of the Garfield family IP, and aim to explore the high-end market for pet care products.

APEL supports charitable activities and is committed to benefiting society. It proudly serves as the title sponsor of the “Social Inclusion Charity Run with Pets” which will be held on 17 March 2024. From left to right: Mr. Jackin Jim, Chairman of Yee Hop Holdings Limtied (Stock code: 1662.HK), Dr. David Chung, Chairman of APEL, Mr. Anthony Leung, General Manager of Business and Market Development at Metro Broadcast Corporation Limited, Ms. Phoebe Ng, Chief Commercial Officer of GERMAGIC™ PET, and Dr. David Chung, Chairman of APEL.

About APEL

Absolute Pure EnviroSci Limited (APEL), an indirect non-wholly owned subsidiary of Yee Hop Holdings Limited, a company listed on the Main Board of the Stock Exchange of Hong Kong Limited (Stock Code: 1662.HK), with a mission to improve the quality of life and living environment, is principally engaged in the business of distribution, research and development of specialty biomedical and biochemical products. APEL looks forward to working with researchers who aspire to help the green industries in Hong Kong grow, contributing together to the city and the Greater Bay Area’s low-carbon transformation and advance towards carbon neutrality, and also give the city impetus to pursue reindustrialization vital to her long-term prosperity.

Note:

1 Data source: https://www.bloomberg.com/company/press/global-pet-industry-to-grow-to-500-billion-by-2030-bloomberg-intelligence-finds/

For media enquiries, please contact:

Avy Yu Tel: +852 9500 4443 Email: avy.yu@ajacapital.com.hk

Eudice Law Tel: +852 9326 1113 Email: eudice.law@ajacapital.com.hk

CGFNS International and The DAISY Foundation Honor Outstanding International Nurse Recruiters

PHILADELPHIA, PA, Mar 12, 2024 – (ACN Newswire) – CGFNS International and The DAISY Foundation(TM) this evening honored two nurses for their contributions to ethical international recruitment practices with the first-ever CGFNS DAISY Award for Outstanding International Nurse Recruiter. The presentation was made at a ceremony in New York City.

CGFNS International and The DAISY Foundation

Sinead Carbery, President of International Staffing Solutions for AMN Healthcare, and Christy Craft, a quality improvement nurse manager at Health Carousel, were selected as honorees from more than 140 submitted nominations.

Both honorees are registered nurses working at health professional recruitment firms and were recognized for their commitment to helping foreign-educated nurses cope with the challenges they face as they navigate their way to employment in the U.S. health system.

Carbery, herself an immigrant nurse from Ireland, has helped thousands of other migrating nurses over her nearly three decades in international recruitment. She is noted for her commitment to ethical recruitment practices and her compassion for migrating nurses and their families during their journey.

Craft leads a team whose effort resulted in more than 500 nurse assignment placements in 2023 alone. Under her guidance, the team also runs transition-to-practice and clinical residency programs that prepare migrating nurses for their duties as RNs in the U.S.

The CGFNS DAISY Award for Outstanding International Nurse Recruiter is open to individual nurses actively engaged, either directly or indirectly, in international nurse recruitment efforts. With a focus on “nurses helping nurses,” the award honors those who have made an extraordinary impact on the lives of nurse migrants through their compassion, empathy, and embodying the principles of the recruitment code from the CGFNS Alliance for Ethical International Recruitment Practices.

The award was presented by CGFNS International President and CEO Dr. Peter Preziosi and Dr. Deb Zimmermann, CEO of The DAISY Foundation.

About CGFNS International, Inc.

Founded in 1977 and based in Philadelphia, CGFNS International is an immigration-neutral not-for-profit organization proudly serving as the world’s largest credentials evaluation organization for the nursing and allied health professions. CGFNS International is an NGO in Consultative Status with the United Nations Economic and Social Council (ECOSOC) and is a member of the Conference of NGOs in Consultative Relationship with the United Nations (CoNGO).

About The DAISY Foundation

The DAISY Foundation is a not-for-profit organization, established in memory of J. Patrick Barnes, by members of his family. Patrick died at the age of 33 in late 1999 from complications of Idiopathic Thrombocytopenic Purpura (ITP), a little-known but not uncommon auto-immune disease. (DAISY is an acronym for Diseases Attacking the Immune System.) The care Patrick and his family received from Nurses while he was ill inspired the creation of The DAISY Award(R) for Extraordinary Nurses, an evidenced-based means of providing Nurse recognition and thanking Nurses for making a profound difference in the lives of their patients and patient families. In addition to the DAISY Award(R) for Extraordinary Nurses, the Foundation expresses gratitude to the nursing profession internationally in over 6,500 healthcare facilities and schools of nursing with recognition programs for nurses wherever they practice, in whatever role they serve, and throughout their careers – from nursing student through lifetime achievement, and through several lines of research grant and evidence-based practice projects funding. More information is available at https://DAISYfoundation.org.

Contact Information
David St. John
dstjohn@cgfns.org

SOURCE: CGFNS International

View the original press release on newswire.com.

OrbusNeich Achieves Record-High Revenue and Net Profit of US$154 Million and US$45.1 Million Respectively, Recommends Final Dividend Payment of HK10 cents per Share

HONG KONG, Mar 7, 2024 – (ACN Newswire) – OrbusNeich Medical Group Holdings Limited (“OrbusNeich” or the “Group”; stock code: 6929), a major global medical device manufacturer specializing in interventional devices for percutaneous coronary intervention (PCI) and percutaneous transluminal angioplasty (PTA) procedures, today announced its annual results for the year ended December 31, 2023, reporting record high revenue and net profit despite facing global economic headwinds.

Results Highlights:

— Revenue hit record high at US$153.9 million, up 12.5% year-on-year

— Revenue from PCI balloons and PTA balloons grew by 12.1% and 29.0% year-on-year, respectively.

— Gross profit increased by 15.2% year-on-year to US$106.5 million, with gross margin reaching 69.2%

— Record-high profit for the year attributable to owners of the Company reached US$45.1 million, up 143.8%

— The Board has proposed a final dividend of HK10 cents per share

— The Group added 4 CE-Marked products including coronary and peripheral paclitaxel-coated drug-eluting balloons, a coronary drug eluting stent and a peripheral self-expandable stent following the acquisition of eucatech AG

— The Group strengthened its global sales network through acquisition of South Korean and Indonesian distributors and extended the US exclusive distribution agreement with an Abbott Laboratories’ subsidiary

— The Group has a portfolio of over 240 granted patents and published patent applications worldwide, along with more than 40 approved products, including its first CE Marked product under the new MDR regime, Scoreflex TRIO

— Acquired a land parcel in Hangzhou to build the Group’s largest R&D and production base which will bring an additional annual production capacity of 2.4 million units of products when operational

— Established a newly leased manufacturing site in Shenzhen, which helped raise aggregate annual production capacity to approximately 1.9 million balloon products and 60,000 stent products

For the year ended December 31, 2023 (the “Year”), the Group continued to achieve sales volume growth, driving revenue to a record high of US$153.9 million, up 12.5% year-on-year. In particular, revenue from PCI balloons and PTA balloons grew by 12.1% and 29.0% year-on-year to US$115.4 million and US$14.7 million, respectively. Coupled with increase in sales volume of products which have higher average selling prices, its gross profit rose by 15.2% to US$106.5 million, with gross profit margin up 1.6 percentage points to 69.2%. Accordingly, profit for the year attributable to owners of the Company recorded an increase of 143.8%, reaching record high at US$45.1 million, with net profit margin up by 15.8 percentage points to 29.3%. Basic earnings per share were US5.45 cents (2022: US3.17 cents).

As at December 31, 2023, the Group was in a strong financial position with cash and bank balances amounting to US$255.8 million (2022: US$229.1 million). Having considered future capital requirements, the Board has proposed a final dividend of HK10 cents per share in cash, as a token of appreciation for the continuous support of shareholders.

Mr. David Chien, Chairman, Executive Director and Chief Executive Officer of OrbusNeich, said, “I am proud of our unwaveringly dedicated team which has helped the Group navigate the challenging market environment and achieve exceptional financial performance and operational excellence. During the Year, not only did we make significant progress in enhancing research and development (“R&D”), sales and marketing and our production capacity, but also completed three merger and acquisition (“M&A”) transactions to strengthen market penetration, expand product sales channels, and diversify our product portfolio. As we continue to pursue our growth objectives and invest in strategic initiatives, we remain committed to generating returns for our valued shareholders and making a positive impact on the quality of life for patients worldwide.”

Employing multiple approaches to consolidate leading market position

The Group achieved satisfactory results across all its key geographical markets in 2023. The US continued to be the fastest-growing market, showing a robust growth of 27.9%. Other markets, including Japan, APAC, and EMEA also achieved year-on-year revenue growth despite the foreign exchange impact. These positive results were driven by the continuous increase in sales and adoption of new generation products. Sales in local currency were maintained in the PRC market despite the temporary fluctuation in the operating environment of the industry.

For markets with high demand for medical products and services, the Group made strategic moves through M&A initiatives to enhance its presence in markets with strong potential. For example, in the Asia-Pacific region (“APAC”) it acquired 100% equity stake in the South Korean distributor SJ Medicare Co. Ltd., a move expected to significantly contribute to local revenue growth, as well as allow the Group to strengthen sales channel management, diversify product offerings and enhance physician education. Additionally, the Group acquired an 84% equity stake in the Indonesian distributor PT Revass Utama Medika that holds a sizable market share in the world’s fourth most populous country, where the number of cardiac catheterization laboratories is steadily increasing. For the established US market, the Group extended its exclusive distribution agreement with Cardiovascular Systems, Inc., a subsidiary of Abbott Laboratories, to accelerate growth in the market. Moreover, to foster brand awareness, the Group invited renowned physicians to share their expertise and knowledge in 11 physical physician exchange programs, as well as actively participated in industry exchanges at 73 seminars.

Harnessing synergies from strategic M&A and in-house R&D to enrich product portfolio

Through the strategic acquisition of the German company eucatech AG, that possesses CE Marked products, including a sirolimus-eluting coronary stent, a peripheral self-expandable stent and paclitaxel-coated PTCA and PTA balloons, the Group has not only enriched its portfolio with complementary products, but can also effectively address the growing trend of “leave nothing behind” in PCI and PTA procedures, bolstering its ability to treat lesions in PCI and PTA procedures.

During the Year, the Group’s innovation also kept transforming into marketable production, with Scoreflex TRIO, the three-wire scoring balloon well received by Japanese physicians, becoming its first CE Marked product in the new Medical Device Regulation (“MDR”) regime. The product was launched in early 2024 in the Group’s key direct sales markets across APAC and EMEA regions, and its clinical trial patient enrolment in China is expected to be completed in the first quarter of 2024 with the NMPA registration application to be submitted in the second half year. Additionally, registration applications for Sapphire Ultra and Sapphire NC Ultra coronary balloons with good product cost control and promising product quality, have been submitted to the FDA. Approval is expected in the first quarter of 2024, further enhancing the competitiveness of the Group’s products in certain price-sensitive markets. As at December 31, 2023, the Group owned more than 240 granted patents and published patent applications globally across key jurisdictions, as well as more than 40 approved products, including 27 PMDA-approved, 26 CE Marked, 14 FDA-cleared, and 20 NMPA-approved.

In addition to the Group’s PCI and PTA product offerings, the joint venture ON P&F, which has enabled the Group to expand into the structural heart field, also made significant progress in both commercialization and product development in 2023. Its first TricValve case was successfully performed in both Australia and Taiwan, with satisfactory clinical outcomes, and a TricValve study protocol has been submitted to the NMPA, with patient enrollment for the clinical trial in the PRC expected at the beginning of the second quarter of 2024.

Bolstering production infrastructure to keep pace with rising demand

The Group has been consistently expanding its production capacity to meet growing demand. By raising the annual production capacity of balloon products by 550,000 units, it achieved a total annual production capacity of approximately 1.9 million units of balloons and 60,000 units of stents as at December 31, 2023. The capacity increase was made possible through establishing a newly leased manufacturing site in Fuyong, Shenzhen, adding production machinery and relocating certain production procedures. To address future production needs, the Group has acquired an approximately 20,000-square-meter land parcel in Fuyang, Hangzhou for building its largest R&D and manufacturing base with a gross floor area spanning approximately 60,000 square meters. With construction officially commenced in December 2023, the new R&D and manufacturing base is expected to be operational by 2027, adding an annual production capacity of 2.4 million units of products upon commencement of production.

Mr. Chien concluded, “Looking ahead, we expect the growth momentum of our businesses to prevail, fueled by our continuing relentless pursuit of market expansion and product enrichment. Armed with abundant financial resources, we remain committed to identifying M&A opportunities that align with our corporate strategies. By continuously strengthening our commercialization capabilities and complementing our existing product portfolios and technology platforms, we aim to create value for shareholders and the global healthcare market as a whole.”

About OrbusNeich Medical Group Holdings Limited

OrbusNeich is a major global medical device manufacturer specializing in interventional devices for percutaneous coronary intervention (PCI) and percutaneous transluminal angioplasty (PTA) procedures. Headquartered in Hong Kong, China, OrbusNeich sells its products in more than 70 countries and regions worldwide. It is also actively expanding into neuro vascular intervention and structural heart disease. As at December 31, 2023, OrbusNeich has more than 240 granted patents and published patent applications worldwide. Its in-house R&D team has more than two decades of product development experience and has developed world-leading proprietary technologies.

For more information, please visit the Group’s official website: https://orbusneich.com/

Singaporeans are Armouring Up Against Viral Infections and Diseases with LAC’s Immunity Arsenal

SINGAPORE, Mar 4, 2024 – (ACN Newswire) – The importance of a robust immune system cannot be overstated—it serves as our body’s frontline defence against harmful invaders. In Singapore, while most citizens have established “the new normal”, the upward trend of COVID-19 is still a pressing issue. During the December 2023 period, the estimated number of COVID-19 cases in the week of 3 to 9 December 2023 rose to 56,043 cases, compared to 32,035 cases in the previous week. Occurrences of Tuberculosis have also been regular, with active cases constantly being detected through the country’s National TB Programme.

The pressing issue about contracting such respiratory diseases is the lasting effects that it creates, even after the patient has recovered. The possibilities of patients having recurring illnesses when their immunity weakens also poses a potential threat to the nation’s overall wellbeing. Recent studies published have revealed that even mild cases of COVID-19 can compromise the immune system, particularly affecting T-cells, which are vital for long-term protection.

In the case of Tuberculosis, while some individuals naturally combat tuberculosis without symptoms, others may develop latent TB, which can later become active if immunity weakens. The United States Centers for Disease Control and Prevention (CDC) estimates that without treatment, 5 to 10 percent of infected individuals may eventually develop active TB.

In the heat of the common cold, Tuberculosis and COVID-19, Singaporeans are increasingly turning to supplements to boost their immunity – latest Blackbox data has shown that more than eight in 10 Singaporeans (83%) now take health or dietary supplements, with almost half of them (42%) for the purpose of increasing full body immunity, with a fair half leaning towards Western supplements and Traditional Chinese Medicine.

In light of these findings, LAC offers Immune Protect Defence Formula, a traditional Chinese medicine remedy, and LAC MASQUELIER’s® French Pine Bark Extract, renowned for its antioxidant properties.

LAC Immune Protect Defence Formula is specially formulated based on Traditional Chinese Medicine (TCM) principles to prevent and relieve flu, cough, and colds. In TCM, the immune system is commonly referred to as positive energy. It acts as a shield and protects individuals from negative energy, which may include pathogens such as viruses and bacteria that may invade the body and cause disease. LAC Immune Protect Defence Formula features Astragalus, an equivalent to Radix Astragali, as its primary ingredient. Coupled with a range of other immunity boosting TCM herbs, the product boosts T-cell and B-cell production, which are crucial for effective immune responses. The formula is also great for those in need of an immune booster but whose bodies are too weak to digest and absorb strong tonics.

Likewise, LAC MASQUELIER’s® French Pine Bark Extract provides potent antioxidant support, offering unique protection against external pathogens and promoting overall health. Studies have shown LAC MASQUELIER’s® Original Oligomeric Proanthocyanidin Compounds (OPCs) to be 50 times more powerful than vitamin E and 20 times more powerful than vitamin C as an antioxidant. With such powerful antioxidant action, LAC MASQUELIER’s® French Pine Bark Extract is able to effectively protect and support our body’s health by improving overall blood circulation and accelerating drainage of waste materials from the body. Furthermore, optimal vein health boosts energy levels and assists in reducing the occurrence of unsightly veins on the skin surface for a more even and youthful-appearing skin tone.

By incorporating these products into your daily routine, you can fortify your immune system, ensuring better protection against illnesses while experiencing improved vitality and well-being.

Q&M Dental Group recorded growth in both Revenue and Net Profit after tax attributable to parent of S$182.7 million and S$11.5 million respectively for FY2023

Total EBITDA for 2H2023 beats 2H2022 by 39% to S$18.6 million. FY2023 EBITDA is 5% higher at S$37.0 million vs FY2022.
FY2023 Core Healthcare Business Revenue and EBITDA higher at S$$176.2m and S$39.6 million respectively.
2nd interim dividend of 0.53 cent per share to be paid on 26 March 2024. Total FY2023 annual dividend is 0.69 cent per share with a payout ratio of 57%.
Group gearing reduced from 0.83 to 0.78 as at 31 Dec 2023 from one year ago.

GROUP FINANCIAL HIGHLIGHTS

	6 months ended 31 December			12 months ended 31 December
	2H2023 S$’000	2H2022 S$’000	Change %	FY2023 S$’000	FY2022 S$’000	Change %
Total Revenue	95,578	90,304	6	182,723	181,214	1
Core Healthcare Business Revenue	92,895	88,402	5	176,204	172,131	2
Other Business	2,683	1,902	41	6,519	9,083	(28)

Total EBITDA	18,557	13,349	39	37,034	35,220	5

Core Healthcare Business EBITDA	21,439	19,143	12	39,601	39,473	–

Total PATMI	6,183	1,460	323	11,517	11,309	2
Core Healthcare Business PATMI	8,788	7,657	15	14,763	17,068	(14)

Earnings Per Share (SG Cent)	0.65	0.16	306	1.22	1.20	2

SINGAPORE, Mar 1, 2024 – (ACN Newswire) – Mainboard listed Q & M Dental Group Limited (“ the Group” or “the company” and together with its subsidiaries, the “Group”) reported total revenue of S$182.7 million and profit after tax attributable to parent of S$11.5 million for the 12 months ended 31 December 2023 (“FY2023”).

Dr Ng Chin Siau, Group Chief Executive Officer of Q & M, said, “We are heartened by the improvement in the numbers overall for FY2023 despite the macroenvironment impact of relatively high inflation rate, high interest rates and a generally challenging business environment. The resilience of Q&M’s Core Healthcare Business is once again being well-demonstrated and is a testament to strategies and processes we have put in place. We will continue to focus on organic growth within the Group’s strong network in Singapore and Malaysia and also optimising our existing clinics to obtain better outcomes in service and overall productivity.

FY2023 Financials

Core Healthcare Business Revenue increased from S$172.1 million for FY2022 to S$176.2 million for FY2023, mainly from higher revenue contribution from Singapore dental clinics that was offset by lower revenue contribution from Singapore medical clinics, deconsolidation of the Shanghai Chuangyi in June 2023 and the impact of the weakening Malaysian Ringgit for the Group’s operations in Malaysia. The Group’s medical laboratory business was also impacted by lower demand for Covid-19 testing now that the Covid-19 virus has entered the endemic stage.

Aoxin Q & M Dental Limited (“Aoxin Q &M”), a 32.8% owned associate’ company of Q & M reversed from a loss in second half of 2022 to a profit in second half financial year of 2023 (“2H2023”), resulting in Q & M recording a share of profit from equity-accounted associate of S$0.1 million in 2H2023. Comparing FY2023 with FY2022, share of loss in Aoxin Q & M, decreased by S$0.5 million for the same reason give above.

Net cash flow generated from operating activities was S$33.5 million for FY2023. This is mainly attributable to operating cash flow before changes in working capital offset by increase on working capital. Net cash used in investing activities in FY2023 amounted to S$7.2 million, mainly due to purchase of plant and equipment for the existing dental clinics and cost of developing the Artificial Intelligence (AI) guided clinical decision support system. Net cash used in financing activities in FY2023 was S$32.0 million, mainly due to repayment of lease liabilities arising from right-of-use assets, repayment of bank loans, dividend payment to shareholders.

As at 31 December 2023, Q & M has cash and cash equivalents of S$34.0 million and bank borrowings plus finance leases amounting to S$80.3 million.

Net Aset Value attributable to owners of parent is S$99.1 million as at 31 December 2023 compared to S$96.5 million a year ago, an increase of 3%. Net assets value per ordinary share increased to 10.5 Singapore cents as at 31 December 2023 from 10.2 cents a year ago.

Dividend

The Board of Directors of Q & M declared a second interim dividend of 0.53 Singapore cent per ordinary share for 2H2023. The Group paid a 0.16 Singapore cent dividend for 1H2023. The total dividend thus works out to 0.69 Singapore cents for FY2023, with a payout ratio of 57%. The dividend will be paid on 26 March 2024.

Recent Developments

Investment by EM2AI Professionals Holdco Pte. Ltd. Into EM2AI Pte. Ltd. as an Interested Person Transaction

On 25 January 2024, Q & M entered into a joint venture agreement with EM2AI Professional Holdco Pte. Ltd. and its wholly-owned subsidiary, EM2AI Pte Ltd., in which EM2AI Professional Holdco Pte. Ltd. has agreed to invest S$1.6 million of fresh funds into EM2AI for an effective shareholding interest of 51% in EM2AI. In additional, EM2AI Professional Holdco Pte. Ltd. has also agreed to provide an interest free loan of S$3.7 million to EM2AI Pte Ltd.

The investment was undertaken to derive the following benefits for the Group:

a) Strengthen the Group’s financial position and improve its cash flow as EM2AI is a loss-making company and its activities require significant capital investment, specifically in the area of research and development (R&D). With this investment, the primary responsibility for providing cash flow to EM2AI will be shifted to the EM2AI Professional HoldCo Pte Ltd. Funds saved by the Company in respect of further funding requirements of EM2AI can be deployed by the Group to its core activities;

b) By divesting majority control of EM2AI, the Group will effectively minimise its capital investment in EM2AI during its growth stage. The Group, with its minority stake, will benefit from the growth of EM2AI without having to invest substantially into EM2AI;

c) There are certain risks and uncertainties associated with AI-empowered solutions and businesses along with intensive working capital requirements. It is thus difficult to estimate when the business will become ultimately profitable. The investment will allow the Group to mitigate some of the associated risks and at the same time continue to participate in the growth of EM2AI.

Looking ahead

While we are focused on sustainable growth for the Group, we are also mindful of the values and philosophy by which the organisation abides by. Fundamental to this is a responsibility to be the very best in all we do when it comes to the care we offer and the smiles that we create because of our commitment to our stakeholders to the saying:

We strive to build a strong and holistic platform upon which our future growth can be firmly established with particular emphasis on the following strategic thrusts:

1. Strengthening the basics

The Group has always placed strong emphasis on conducting business based on the long term outlook that is ethical and sustainable for both our patients and the Group.

2. Improving efficiency- reducing costs and wastage

Starting in 2023, Q&M is now organised with area management teams that include dentists, nurses, operations and finance personnel to improve overall cost and operational efficiencies, reduce overlaps while also empowering Area Managers to make improvements on the ground. We believe this will improve staff motivation and morale throughout the organisation.

3. Q&M College

As of 4th quarter of 2023, the Group has made it mandatory to attend certain technical training courses for our dentists at the Q.& M College as part of our continuous effort to always maintain the highest standards of skill and expertise and at the same time, refresh the skills of our dentists to improve the overall standard of care throughout the organisation.

4. Artificial Intelligence and Dentistry 3.0

In the dynamic landscape of dentistry, embracing the ethos of a learning organization is paramount for continued growth and innovation. Q & M is a learning organisation made up of employees skilled at creating, acquiring, and transferring knowledge. This is very much part of our Company DNA since day one. With technological advances alongside a fast-changing world, any firm that remains stationary is doomed to oblivion.

Just as Dentistry 3.0 heralds a new era of patient-centric care and technological advancement, so too must our organisation evolve into a hub of continuous learning and adaptation. Imagine a collaborative ecosystem where dental professionals engage in interdisciplinary dialogues, harnessing the latest research and technological breakthroughs to refine their craft and elevate patient outcomes. In this vision, our company becomes not merely a provider of dental healthcare, but a catalyst for industry-wide transformation. By fostering a culture of curiosity, experimentation, and knowledge-sharing, we not only stay ahead of the curve but actively shape its trajectory.

Our investment in Artificial Intelligence is not merely paying lip-service to an emerging trend but yields real world benefits in terms of ethical dentistry that will ultimately result in positive outcomes and experiences both for the dentists and also our patients. Patients armed with more knowledge can also make better informed decisions in consultation with their dentists and dentists can leverage on the data-centric recommendations for the most appropriate treatment plans every time.

5. Expanding our brand- Singapore and Southeast Asia

Q & M is embarking on an intensive strategy for organic growth in our network of dental clinics, bolstering its team of dentists to support future operations in Singapore and Malaysia. Concurrently, we will enhance our digital clinical decision support system to deliver ethical and optimal treatment plans for patients.

With rising standards of living and increased expectations for dental healthcare, particularly in Singapore, the Group is poised to meet the growing demand for both primary and specialised dental services.

Expanding beyond Singapore, the Group seeks to establish a sustainable growth pillar through organic expansion within the burgeoning private dental healthcare market of Southeast Asia. We aim to extend the reach of the Q & M brand and expertise beyond current borders, leveraging our premium reputation and brand for quality products and services. This expansion will be executed with careful and decisive precision, positioning us to export our proficiency regionally.

6. Giving Back through serving the community- Free Dental Clinic @Chai Chee

The Free Dental Clinic which was launched in July 2023 has become a tremendous platform for Q & M to give back to the community, serving to cement the bond between dentists and nurses with the community from all over Singapore. The Group is heartened by the willingness of so many to step up to volunteer their time and expertise to help and benefit those who might otherwise have limited access to good quality dental healthcare.

Since its opening in July 2023 to 31 Dec 2023, the Free Dental Clinic has had the privilege of serving around 220 patients in the community. Of these, more than 90 patients were over 60 years old as well as young children under 12 years of age. We look forward with excitement to serving a larger number of our community in the year ahead.

This press release is read in conjunction with Q & M’s FY2023 results release on SGXNET.

Footnotes:

1. Core Healthcare Business excludes contributions from the Group’s medical laboratory, other gains, other losses and expenses incurred on the development of the Group’s digital Artificial Intelligence (AI) guided clinical decision support system as well as rental rebates received from the Singapore Government.

2. EBITDA refers to earnings before interest, taxes, depreciation and amortisation.

3. PATMI refers to profit after tax and minority interest (aka Profit attributable to parent).

About Q & M Dental Group (Singapore) Limited (QC7.SI)

Q & M Dental Group (Singapore) Limited (QC7.SI) (“Q & M” or together with its subsidiaries, the “Group”) is a leading private dental healthcare group in Asia.

The Group owns the largest network of private dental outlets in Singapore, operating 105 dental outlets across the country. Underpinned by about 270 experienced dentists and over 350 supporting staff, the Group sees an average of 40,000 patient visits a month in Singapore. The Group also operates 5 medical clinics and a dental supplies and equipment distribution company.

Outside of Singapore, the Group has 44 dental clinics and a dental supplies and equipment distribution company in Malaysia. Q & M is also the substantial shareholder of Aoxin Q & M Dental Group Limited, a dental Group listed on the Catalist board of the Singapore Exchange that operates dental clinics and hospitals primarily in the north-eastern region of the PRC. The Group aims to expand its operations geographically and vertically through the value chain in Malaysia, the PRC and within the ASEAN region.

The Q & M College of Dentistry was established in 2019 to offer postgraduate dental education as part of its commitment to continual education and professional development of dentists. It offers Singapore’s first private postgraduate diploma programme in clinical dentistry.

In 2020, the Group expanded into the medical laboratories and research industry with the strategic investment into Acumen Diagnostics Pte. Ltd. (“Acumen”). Currently, Acumen focuses on developing its range of medical research, tests and solutions to secure viable patents and to achieve successful commercialisation of the medical products in the near future.

The Group was listed on the Mainboard of the Singapore Exchange Securities Trading Limited (“SGX- ST”) on 26 November 2009.

For more information on the Group, please visit www.QandMDental.com.sg

Media queries, please contact:
Waterbrooks Consultants Pte Ltd
Wayne Koo: wayne.koo@waterbrooks.com.sg (+65) 9338-8166
Derek Yeo: derek@waterbrooks.com.sg (+65) 9791-4707
General: query@waterbrooks.com.sg

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DC Healthcare Further Expands into Perai, Pulau Pinang with Two New Outlets, and Introduces DC Body

KUALA LUMPUR, Feb 29, 2024 – (ACN Newswire) – DC Healthcare Holdings Berhad (“DC Healthcare” or the “Group”), an aesthetic medical services provider specialising in the provision of non-invasive and minimally invasive procedures, is pleased to announce the opening of two new outlets: Dr Chong Clinic and DC Body, both located in Perai Pulau Pinang (Auto City). These new establishments underscore the Group’s commitment to expanding its reach and enhancing the accessibility of the Group’s top-tier aesthetic and wellness services.

DC Body located in Perai Pulau Pinang (Auto City)

Dr Chong Clinic – Perai Pulau Pinang (Auto City) continues the Group’s offering of premier aesthetic services, building on the reputation of excellence that DC Healthcare has established. Meanwhile, DC Body – Perai Pulau Pinang (Auto City) represents a new frontier for the Group, focusing on beauty, wellness, and weight management. Developed in collaboration with medical professionals from Dr. Chong Clinic and certified nutritionists, DC Body is set to revolutionise the approach to wellness with the Group’s comprehensive, personalised treatment plans and state-of-the-art technology.

Dr. Chong Tze Sheng, Managing Director of DC Healthcare, shared his excitement about the new outlets, stating, “The opening of Dr Chong Clinic and DC Body in Perai, Pulau Pinang is a landmark moment for us, broadening our horizons in the realms of health and beauty. These outlets embody our commitment to delivering a wide spectrum of services that cater to the diverse needs of our clients. With a unique blend of aesthetic expertise and wellness solutions, we’re set to offer Perai transformative experiences rooted in excellence and innovation. This expansion is more than just growth; it’s a testament to our vision of integrating beauty with well-being, ensuring our clients receive the best care possible.”

He added, “I’m immensely proud of our team for making this vision a reality and eagerly anticipate the positive impact we’ll bring to the Perai community.” The introduction of these new outlets comes at a time when the demand for aesthetic and wellness services is experiencing robust growth. With an emphasis on creating a serene and rejuvenating environment.”

DC Body is poised to become a sanctuary for those seeking to embark on a journey towards a healthier, more vibrant self. The center’s focus on weight management nutrition, body contouring and delivered by a team of dedicated specialists in ensuring a holistic approach to wellness.

As DC Healthcare continues to expand the Group’s geographical footprint, the strategic locations of these new outlets in Perai are expected to play a pivotal role in the Group’s growth trajectory. With an unwavering commitment to innovation and quality, DC Healthcare is well-positioned to lead the charge in the evolving landscape of aesthetic medicine and wellness, promising a brighter, healthier future for its clients.

Dr Chong Clinic located in Perai Pulau Pinang (Auto City)

Dr. Chong Tze Sheng, Managing Director of DC Healthcare

AsiaMedic achieves record revenue of S$23.5 million for FY2023 amid expansion of its medical imaging and aesthetics businesses

· Significant capacity expansion for the Group’s diagnostic imaging and radiology service following the addition of SIGNA™ Hero 3T MRI scanner
· Maiden contribution post-acquisition of LE Private Clinic contributed to the increase in medical aesthetics services revenue
· The Group continues to explore potential opportunities for further expansion following 3rd consecutive year of revenue growth, backed by resilient balance sheet

Financial Highlights	FY2023	FY2022	Change (%)
(S$’000)
Revenue	23,513	18,882	25
Net Profit[1]	1,921	2,186	(12)
EBITDA[2]	3,356	3,433	(2)

Group	31 Dec 2023	31 Dec 2022
Net Assets	13,257	10,941	21
Net Asset Value per share (cents)	1.15	0.98	20

[1] Net profit attributable to owners of the Company
[2] Earnings before interest, taxes, depreciation, and amortisation

SINGAPORE, Feb 28, 2024 – (ACN Newswire) – SGX Catalist-listed AsiaMedic Limited (the “Company” and together with its subsidiaries, the “Group”) announced its financial results for the financial year ended 31 December 2023 (“FY2023”).

The Group’s FY2023 revenue increased by S$4.6 million or 25% from S$18.9 million for FY2022 to S$23.5 million due to the increase in revenue from the imaging and aesthetic businesses. The Group’s other income also increased by 71% to S$0.7 million due mainly to higher interest income from short- term investments and sub-lease income.

The Group’s EBITDA held steady at S$3.4 million for FY2023.

Mr Arifin Kwek, Chief Executive Officer of AsiaMedic Limited, said, “We are encouraged by the record high revenue achieved for FY2023 following three consecutive years of revenue growth.

The growing referrals from specialist clinics and hospitals reflect the Group’s position as a preferred provider of diagnostic imaging and radiology services. We will continue to invest in the latest technology to enhance the patient experience.”

In September 2023, the Group became the first in Asia Pacific to commence operations of the SIGNA™ Hero 3T MRI scanner which delivers higher image quality with improved efficiency, comfort, and productivity. In February 2024, the Group replaced its CT scanner with a new cutting-edge platform with best-in-class technology.

“Our immediate priorities are to ensure the smooth integration of the Group’s newly acquired medical aesthetics business, strengthening the operations of our primary healthcare services and intensify our collaboration with insurance companies to open new opportunities for the Group’s medical wellness and health screening services,” he added.

FY2023 Income Statement

With the increase in revenue, the Group’s consumables expenses increased by 12% to S$1.7 million, personnel expenses increased by 22% to S$12.2 million, laboratory and consultancy fees increased by 55% to S$3.6 million, and other operating expenses increased by 17% to S$2.8 million.

Depreciation of plant and equipment increased by 232% to S$0.9 million due to equipment purchased in FY2022 and FY2023, as well as depreciation charge with the reversal of impairment for equipment in 2H2022.

Depreciation of right-of-use assets increased due to the depreciation charge with the reversal of impairment of right-of-use assets in 2H2022, and the leasing of new clinic space at Orchard Building.

Finance costs increased by 75% to S$0.4 million due mainly to a higher interest rate applied for the lease modification recognised in 2H2022, the leasing of new clinic space at Orchard Building, and the bank financing obtained for the purchase of the MRI scanner in September 2023.

As a result of the above, the Group registered a net profit of S$1.9 million for FY2023, translating to a net margin of 8.2%.

Financial Position and Cashflow

The Group’s balance sheet remained resilient, with net assets increasing from S$10.9 million as at 31 December 2022 to S$13.3 million as at 31 December 2023.

For FY2023, the Group achieved strong net cash flow from operations of S$3.4 million, more than double compared with S$1.2 million recorded in FY2022 due to the improved performance of the imaging business and a lower working capital requirement in FY2023.

The Group continues to explore potential opportunities for further expansion and long-term growth.

This press release should be read in conjunction with the financial statements announcement for FY2023 uploaded on SGXNet.

For media and analysts’ queries, please contact:
Waterbrooks Consultants
Wayne Koo
T: (65) 9338 8166
E: wayne.koo@waterbrooks.com.sg

About AsiaMedic Limited

AsiaMedic Limited together with its subsidiaries (“AsiaMedic” or the “Group”) is a leading healthcare provider in Singapore which provides holistic solutions through integrated application of the latest medical technologies to prevent and detect early illnesses to achieve positive experiences and clinical outcomes for patients.

The Group is committed to helping clients through practical and personalised solutions delivered with the highest professional standards of service and expertise in a timely, safe and consistent manner. Conveniently located at Orchard Road, AsiaMedic is a preferred one-stop centre for:

· Diagnostic imaging and radiology services
· Medical wellness and health screening services
· Primary healthcare services
· Medical aesthetic services and products

For more information, please visit www.asiamedic.com.sg

Global Humanitarian Gurudev Sri Sri Ravi Shankar to Conduct Mental Health Masterclass in Singapore

SINGAPORE, Feb 28, 2024 – (ACN Newswire) – Renowned mental wellness expert and global peace ambassador Gurudev Sri Sri Ravi Shankar will conduct an immersive Mental Health Masterclass to advance strategies and techniques for enhanced mental wellness on 24 March 2024. The event is expected to attract full capacity at The Theatre at Mediacorp.

Gurudev’s commitment to advance mental health is the core of the Art of Living Foundation (AOLF), the non-profit organisation he founded in 1981. The AOLF has taught evidence-based programmes to promote mental wellness for 41 years. Its powerful proprietary Sudarshan Kriya technique, supported by published research has helped millions worldwide.

Gurudev is a keynote speaker at global forums including United Nations, UNESCO and World Economic Forum. At the European Parliament Think Tank conference in June 2023, he emphasised the urgency for governments to address global mental health issues, “Mental health is one of the greatest challenges the world is facing today. Whether it is in developing or developed countries, in war or peace zones, it is an issue that affects the entire world”. Referencing the World Health Organisation’s World Health Report 2022 findings of “one in every three individuals in the world suffering from anxiety and depression”, he highlighted mental health and loneliness as the “silent epidemics”.

Gurudev’s holistic programme, with emphasis on treatment and preventive care aligns with Singapore’s national mental health and well-being strategy. AOLF is pulling out all the stops to ensure the Masterclass offers the solution to maintaining optimum mental well-being for all. Gurudev is conducting the Masterclass as part of his 11 Countries Far East Asia Tour, heralding a reinvigorated mindset towards mental health as a universal human right. This is Gurudev’s first visit to Singapore after 6 years, the 8th stop in the tour.

The Journey Within: Wisdom Series Masterclass
24 March 2024
The Theatre at Mediacorp
One-North Ave, Singapore 138507
1030am – 630pm

About Art of Living Foundation https://www.artofliving.sg

Operating in over 180 countries, The Art of Living Foundation (AOLF) is a non-profit, educational and humanitarian organisation. Founded in 1981 by the renowned humanitarian Gurudev Sri Sri Ravi Shankar. AOLF’s programmes are inspired by Gurudev’s philosophy of creating world peace through a stress-free and violence-free society. AOLF has touched over 800 million lives through educational and self-development programmes and tools that foster well-being.

About Gurudev Sri Sri Ravi Shankar

Gurudev Sri Sri Ravi Shankar is a global humanitarian, spiritual leader, and peace envoy. He has helped millions find resilience in the face of adversity, and become powerful agents for social change. Standing for the Gandhian principles of non-violence, Gurudev has mediated and progressed negotiations for peace in conflict-stricken areas such as Sri Lanka, Iraq, Venezuela, and Colombia. He has received 39 governmental awards, including the highest civilian awards from several nations. Twenty-four universities have awarded him with honorary doctorates for his peace-keeping and humanitarian efforts.

Media Contact:
Pradnyesh
pradnyesh@bloomingdalepr.com
Bloomingdale Public Relations (on behalf of The Art of Living Foundation)