Thomson Medical narrows H1 net loss to S$10.2 million on lower finance costs, steady operations

[SINGAPORE] Healthcare provider Thomson Medical has posted a net loss of S$10.2 million for the first half ended Dec 31, 2025, narrowing from a net loss of S$12.9 million in the previous corresponding period.

This came amid lower net finance costs and steady operating performance, even as Thomson Medical sustained investments in specialist services, clinical talent and digital initiatives across its markets, said the group in a bourse filing on Wednesday (Feb 11).

Revenue for the half-year period rose 7 per cent to S$213.1 million, from S$199.1 million in the year-ago period.

Growth in the top line was due to stronger contributions from Singapore, improved pricing discipline following a reduction in corporate discounts, as well as new takings from the oncology centre in Malaysia which started operating in November 2024.

Revenue in Vietnam rose from higher patient volumes. However, the increase was partially offset by an unfavourable foreign exchange impact from the Vietnamese dong, said Thomson Medical.

“Revenue growth remains the clearest indicator of whether our strategy is working, and these results show that our operating businesses are responding well to the investments we have made over the past few years,” said Dr Melvin Heng, group chief executive officer of Thomson Medical Group.

He added that growth is coming from the areas that the group has been doubling down on: deeper multidisciplinary care in Singapore, specialist services such as oncology in Malaysia and rising patient volumes in Vietnam.

Net finance costs decreased S$4.6 million to S$24.2 million. This is mainly due to lower interest rates and repayment of loans and borrowings, which is partially offset by the lower interest income from short-term deposits.

Inventories and consumables used were higher at S$55.6 million during H1 FY2026 due to higher drug costs associated with the oncology centre in Malaysia, as well as increased drugs and consumables costs in Singapore and Vietnam.

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Other operating expenses rose slightly to S$46.9 million in the half-year period, due to higher expenditure on digital transformation initiatives and marketing activities.

Staff costs in H1 rose 5.3 per cent compared with the same period last year and was attributed to higher headcount in Singapore and Vietnam.

Looking ahead, the group said that it will continue prioritising revenue growth while sharpening execution across its hospitals and specialist platforms.

Thomson Medical plans to improve its network of clinics and hospital facilities, launch a second fertility centre and strengthen insurance partnerships to improve access to specialised care.

In Malaysia, Thomson Hospital Kota Damansara has expanded its specialties, including the oncology centre, while Thomson Fertility has been rebranded as a leading centre in reproductive medicine.

Additionally, partnerships with payors and corporates, as well as the planned Thomson Hospital Iskandariah in Johor, will supporting medical tourism and the region’s ageing population.

In Vietnam, FV Hospital will expand with the H-wing by end-2027, broadening oncology, diagnostics, and advanced surgical services, while continuing to support social health insurance and instalment-based programmes.

These initiatives will allow Thomson Medical to capture rising domestic demand and regional medical tourism, underpinned by government support for private healthcare, said the group.

Shares of Thomson Medical ended Wednesday 1.6 per cent or S$0.001 higher at S$0.062, before the release of its results.