Latest news with #WilsonTay
Business Times
20 hours ago
- Business
- Business Times
Livingstone Health's strategy rooted in patient care and steady growth
[SINGAPORE] Livingstone Health is not in a rush to grow. Much like the lithops – a hardy succulent also known as a living stone, from which the company takes its name – the Singapore-based healthcare group is taking a slow and steady approach to expansion. The Catalist-listed company, which went public in 2021, operates 20 clinics in the Republic, staffed by 22 medical specialists and practitioners. It also runs a health-screening centre, two medical aesthetics clinics, a podiatry clinic, and provides healthcare consultancy services within the region. 'We're at a stage where we don't want to grow for the sake of growing,' said chief commercial officer Dax Ng in an interview with The Business Times, alongside chief executive officer Wilson Tay. Both are executive directors on Livingstone's board. While rapid expansion is often seen as a way to get investors excited, Dr Tay believes the group's philosophy is better captured by its botanical namesake. 'No doubt, the growth, if you look at those succulents, can be a little bit slow,' he said. 'But given the correct conditions, they can flourish and flower.' A NEWSLETTER FOR YOU Friday, 2 pm Lifestyle Our picks of the latest dining, travel and leisure options to treat yourself. Sign Up Sign Up Indeed, Livingstone's pace of growth has been deliberate. After listing in 2021, it completed its first major acquisition just three years later. It acquired the remaining 49 per cent of Phoenix Medical Group (PMG) in 2024, after having first taken a 51 per cent stake in 2019. The acquisition of the healthcare provider, which has seven clinics across Singapore, has been both an 'accretive investment' and also a way for Livingstone to grow its primary healthcare segment through PMG's network. Livingstone's pace also reflects lessons from its early years as a listed company. Ng pointed to the importance of alignment and communication, especially when working with a relatively young team with an average age of around 40. 'A lot of times when you try to work in a team, people have thoughts and ideas that they try to keep to themselves,' he said. 'Over time, that's not healthy.' He added: 'When you go through experiences together with certain people, you realise there are a lot more things you can achieve. Once you have that trust and go through hardship together, you can have tougher conversations, which become easier because they're (more focused and constructive).' That trust enabled more open discussions on practical issues, including how to streamline operating expenses. The results showed up in its financial statement released on May 29: Livingstone swung back to profitability with a net profit of S$0.4 million for the second half-year ended Mar 31, reversing a net loss of S$2.9 million a year prior. Livingstone closed at S$0.023 on Friday (Jun 13), with a market capitalisation of around S$14.1 million. Recognition, relationships and rising needs Even without aggressive expansion, Livingstone caught the attention of RHB Singapore, which included it in the bank's Top 20 Small Cap Jewels 2025 report in May – the only healthcare group on the list. RHB's investment case for Livingstone was that it 'offers exposure to the ageing population and rising affluent trends in Singapore'. The bank also noted that Livingstone's performance is recovering, and anticipates its net profit to be on an uptrend moving forward. Ng called the recognition 'a good add to the group's profile' and noted that it came as a surprise. Dr Tay acknowledged that smaller healthcare companies such as Livingstone may be perceived as less capable than larger players. But he argued that in healthcare, value is not purely about scale. 'Of course, larger players may be able to manage some costs better – like lab tests or imaging,' he said. 'But it doesn't mean smaller healthcare groups can't deliver care that's meaningful. What matters most is the patient-doctor relationship.' That view is core to Livingstone's approach. Ng said the group's ethos is to ensure that patients who come through its general practitioner (GP) services are well taken care of – from seeing the right specialists, to recovery and follow-up if needed. To that end, it maintains a patient-care team that coordinates referrals between GPs and specialists, and works only with trusted external doctors vetted by its internal panel. Ng also pointed to the 'eminent concern' surrounding Singapore's ageing population – a demographic shift that Dr Tay said will accelerate over the next 10 to 20 years, and drive rising demand for healthcare services. To prepare for this, Livingstone has been using patient data to track rising incidences of chronic conditions such as diabetes. In response, the group added an endocrinologist – a specialist that treats diseases such as diabetes, as well as other hormonal and metabolic disorders – to its team in June. Dr Tay said Livingstone 'sees value' in having specialist disciplines that focus on managing chronic conditions, especially as the population ages, as it reflects on-the-ground needs. Looking outward In its latest financial update, Livingstone also outlined plans to diversify its revenue streams, including efforts to attract more international patients to its specialist healthcare segment through business development and marketing initiatives. When asked if this meant a push into medical tourism, Ng demurred, and suggested that the sector may be 'dying' in Singapore due to cost pressures and competition abroad. While the team recognises that Livingstone has limited control over the broader healthcare landscape, Ng believes the group can compete on quality. 'We can attract the right medical talent, and groom them with the right patient ethos and care standards,' he said. 'From there, we can build a brand to attract good international patients who are still willing to pay the extra dollar for quality.' On the future of healthcare, Dr Tay noted that even as the sector increasingly looks to technology for efficiency, the human element remains irreplaceable. 'We treat the patients, not just the disease,' he said. 'We treat their emotions and we (seek) to understand them…Things that a computer cannot do.' 'Medicine is always a science, but, more so, it is an art.'
Business Times
30-05-2025
- Business
- Business Times
Livingstone Health back in the black, logs H2 profit of S$0.4 million from streamlining efforts, higher revenue
[SINGAPORE] Livingstone Health Holdings Limited booked a net profit of S$0.4 million for the second half-year ended Mar 31, a reversal of the net loss of S$2.9 million in the year-ago period. The turnaround came mainly from its ongoing streamlining efforts, the Singapore-based medical group said in a regulatory filing on Thursday (May 29). The mainboard-listed company operates 20 clinics in Singapore; it has 22 medical specialists and practitioners, a health-screening centre, two medical aesthetics clinics and a podiatry clinic. It also provides healthcare consultancy services within the region. Earnings per share likewise rose to 0.07 Singapore cents, from a loss per share of 0.66 cents in the year-ago period. H2 revenue rose 17.9 per cent to S$14.2 million, from S$12 million the year before. This was mainly attributable to higher revenue contribution from all business segments. The latest results bring Livingstone's full-year net profit to S$0.6 million, swinging back into the black from a full-year net loss of S$2.9 million the year before. Full-year revenue grew 9 per cent to S$27.6 million. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Commenting on the results, the group's executive director and chief executive officer, Wilson Tay, said the retention of its medical professionals helped sustain its revenue. To improve efficiency, Livingstone streamlined its operations and optimised cost structures. This included reducing its spending on employee benefits by S$0.2 million to S$15 million, and other operating expenses by S$0.1 million to S$4.9 million. The company also stepped up on its efforts to collect on accounts receivable, resulting in a net bad-debt recovery of S$43,000 in FY2025, also a turnaround from the net impairment loss of S$0.6 million in FY2024. Livingstone recorded other operating income of S$0.8 million, mainly from government grants, rental income and interest income. It also registered a net other gain of around S$58,000 from the consolidation of its joint venture, Atlas Podiatry. Dr Tay noted that the group completed its acquisition of the remaining 49 per cent stake in Phoenix Medical Group (PMG) in August 2024. He added that an internal reorganisation of PMG's primary-care operations also built a dedicated team to improve clinic efficiency, including at its new outlets. He said these were 'accretive investments' that aligned with Livingstone's strategy of expanding its primary-healthcare segment through PMG's established networks. Livingstone plans to strengthen its operations by reaching more patients and enhancing cross-referral networks among its medical services. It is also exploring new revenue sources, including marketing and business-development initiatives to attract more international patients to its Specialist Healthcare segment. As at 11 am on Friday, shares of Livingstone Health were down S$0.002 or 8.7 per cent at S$0.021.
Yahoo
24-02-2025
- Yahoo
Scoot flight to Singapore returns to Xi'an because of 'technical issue'; Montfort Secondary School disciplines students for bullying schoolmate: Singapore live news
Hello to all our readers, Yahoo Singapore will be bringing you live news updates today. A Scoot flight that was bound for Singapore returned to Xi'an about 20 minutes after take-off due to a "technical issue". Flight TR135 had departed Xi'an at 1.33am on 23 Feb. Passengers onboard said they saw "sparks" during take-off. For the latest update on the Scoot flight, read on. Montfort Secondary School has taken disciplinary actions against its students who were recorded bullying their male schoolmate. A video was posted on Facebook on Saturday (22 Feb) where a group of students can be seen tripping, pushing, and kicking a boy. For more on this bullying incident, read on. Read more in our live blog below, including the latest local and international news and updates. Montfort Secondary School has taken disciplinary actions against its students who were recorded bullying their male schoolmate. A video was posted on Facebook on Saturday (22 Feb), where a group of students can be seen the boy from behind. The video shows one student tripping and pushing the boy to the ground, while another kicked him twice. When the victim stood up and attempted to walk away, a student came from behind to trip him again. The video is no longer available as of 11pm on Sunday. The school's vice-principal, Mr Wilson Tay, told CNA that the school was aware of the incident and had "taken appropriate disciplinary actions on the students involved". According to CNA, he did not provide details of the disciplinary actions taken. Tay added, "We have also counselled the affected students and engaged their parents. The students have acknowledged that their behaviours were wrong and have expressed remorse." He also said that the school has "zero tolerance for bullying and violence and will continue to seek to provide a safe learning environment for all students". CNA also reported that a police report has been lodged and they are looking into the matter. This bullying incident comes more than a month after a 12-year-old boy from Admiralty Secondary School was allegedly attacked by his classmate with a bottle and suffered a cut on his head. A man who claimed to be the victim's uncle shared the account on Facebook. The school said then that they had "counselled the student involved" and will "carry out the necessary disciplinary action". A Scoot flight that was bound for Singapore returned to Xi'an about 20 minutes after take-off due to a "technical issue". Flight TR135 had departed Xi'an at 1.33am on 23 Feb. Passengers onboard said they saw "sparks" during take-off. According to multiple Chinese media outlets, a Douyin (the Chinese version of TikTok) user claimed, "I was sitting behind the engine, so I witnessed the engine emitting sparks like a rocket. It's a pity I did not take a video. I was scared half to death." Two Singaporeans who were on the plane shared with The Straits Times (ST) that shortly after a cabin crew was informed of the unusual sight, the pilot announced that the plane will return. It was reported that the plane landed uneventfully at 1.56am in Xi'an with the passengers and crew disembarking normally. The Singapore-based budget airline said there was no engine fire and that emergency services were activated at Xi'an Xianyang International Airport as a precaution, reported ST. Montfort Secondary School has taken disciplinary actions against its students who were recorded bullying their male schoolmate. A video was posted on Facebook on Saturday (22 Feb), where a group of students can be seen the boy from behind. The video shows one student tripping and pushing the boy to the ground, while another kicked him twice. When the victim stood up and attempted to walk away, a student came from behind to trip him again. The video is no longer available as of 11pm on Sunday. The school's vice-principal, Mr Wilson Tay, told CNA that the school was aware of the incident and had "taken appropriate disciplinary actions on the students involved". According to CNA, he did not provide details of the disciplinary actions taken. Tay added, "We have also counselled the affected students and engaged their parents. The students have acknowledged that their behaviours were wrong and have expressed remorse." He also said that the school has "zero tolerance for bullying and violence and will continue to seek to provide a safe learning environment for all students". CNA also reported that a police report has been lodged and they are looking into the matter. This bullying incident comes more than a month after a 12-year-old boy from Admiralty Secondary School was allegedly attacked by his classmate with a bottle and suffered a cut on his head. A man who claimed to be the victim's uncle shared the account on Facebook. The school said then that they had "counselled the student involved" and will "carry out the necessary disciplinary action". A Scoot flight that was bound for Singapore returned to Xi'an about 20 minutes after take-off due to a "technical issue". Flight TR135 had departed Xi'an at 1.33am on 23 Feb. Passengers onboard said they saw "sparks" during take-off. According to multiple Chinese media outlets, a Douyin (the Chinese version of TikTok) user claimed, "I was sitting behind the engine, so I witnessed the engine emitting sparks like a rocket. It's a pity I did not take a video. I was scared half to death." Two Singaporeans who were on the plane shared with The Straits Times (ST) that shortly after a cabin crew was informed of the unusual sight, the pilot announced that the plane will return. It was reported that the plane landed uneventfully at 1.56am in Xi'an with the passengers and crew disembarking normally. The Singapore-based budget airline said there was no engine fire and that emergency services were activated at Xi'an Xianyang International Airport as a precaution, reported ST.
