Q&M Dental Group has reported earnings of $6.5 million for the 1QFY2022 ended March, down 31% than earnings of $9.4 million in the same period the year before.

Revenue for the quarter increased by 7% y-o-y to $46.8 million due to the higher revenue from medical laboratory and dental equipment and supplies and slightly offset by revenue from its dental and medical clinics.

Revenue for medical laboratory and dental equipment and supplies surged by 80% y-o-y to $8.2 million. The higher figure was mainly due to revenue from the group’s medical laboratory business as well as increase in revenue generated from the equipment & supplies business in Malaysia and Singapore.

Revenue from Q&M’s dental and medical clinics, however, fell 2% y-o-y to $38.6 million due to the decrease in patient visits.

The group’s nurses and dentists were also sick due to high Covid-19 (Omicron) rates in 1QFY2022, it explained in its May 11 statement. The impact was substantially offset by the organic growth of opening new clinics.

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Other gains decreased in 1QFY2022 due to an absence of one-time gain on disposal of Aidite in 1QFY2021.

EBITDA with other gains or losses fell 14% y-o-y to $12.9 million, while EBITDA without other gains or losses increased by 21% y-o-y to $12.9 million.

Profit after tax (PAT) fell 28% y-o-y to $7.2 million.

As at March 31, cash and cash equivalents stood at $43.5 million.

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A dividend of 0.4 cent has been declared for the period, which will be payable on June 3.

As at March 31, the group’s dental outlets in Singapore have grown to 99 from 85.

The number of dental outlets in Malaysia also increased to 41 from 36 previously.

Looking ahead, the group intends to expand its network of clinics in Singapore and Malaysia, expand into the private dental healthcare market in China, expand its dental business in Southeast Asia and focus on rolling out its clinical testing laboratory pipeline of new tests.

Shares in Q&M closed 0.5 cent higher or 1.02% up at 49.5 cents on May 11.

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