Financial Performance - Revenue for the year ended March 31, 2024, was HKD 190,933,000, a decrease of 10.7% compared to HKD 213,847,000 in the previous year[2] - The net loss for the year was HKD 75,793,000, representing a significant increase of 2,275.2% from HKD 3,191,000 in the prior year[3] - Adjusted net loss for the year was HKD 45,744,000, up 1,333.5% from HKD 3,191,000 in the previous year[2] - Operating loss for the year was HKD 79,872,000, compared to an operating loss of HKD 1,392,000 in the previous year[3] - The company reported a basic and diluted loss per share of HKD 14.4, compared to HKD 0.6 in the previous year[3] - The group recorded a loss of approximately HKD 75.8 million for the year ending March 31, 2024, compared to a loss of HKD 3.2 million for the previous year[60] Revenue Breakdown - Ophthalmic service revenue decreased to HKD 179,070,000 from HKD 206,519,000, representing a decline of 13.3%[13] - Revenue from refractive surgery, the largest source of income, decreased from approximately HKD 137.8 million to about HKD 108.3 million, a decline of 21.4%[38] - Revenue from implantable contact lens procedures increased significantly from approximately HKD 7.2 million to about HKD 21.8 million[38] - Revenue from other eye treatments decreased from approximately HKD 58.4 million to HKD 55.7 million, a decline of 4.6%[39] - Revenue from diagnostic and examination services increased by 13.6% from approximately HKD 10.3 million to about HKD 11.7 million[40] - Sales of prescription drugs and other products rose from approximately HKD 7.3 million to HKD 7.7 million, accounting for 4.0% of total revenue[42] - The company launched a new myopia control service for children, generating approximately HKD 3.2 million in diagnostic services and HKD 4.2 million in sales of vision products[43] Assets and Liabilities - Total assets decreased to HKD 197,830,000 from HKD 287,060,000 year-over-year[4] - Cash and cash equivalents decreased to HKD 141,431,000 from HKD 207,496,000 in the previous year[4] - Non-current assets decreased to HKD 66,955,000 from HKD 93,597,000 year-over-year[4] - The total equity attributable to owners of the company decreased to HKD 189,522,000 from HKD 259,284,000[5] - Trade receivables increased to HKD 2,647,000 from HKD 1,960,000, reflecting a rise of 35%[23] - Trade payables decreased to HKD 4,767,000 from HKD 7,166,000, a reduction of 33%[27] Expenses - Employee benefit expenses increased from approximately HKD 52.6 million in 2023 to HKD 61.1 million in 2024, representing 24.6% and 32.0% of revenue, respectively, due to an increase in average employee count from 110 to 123[48] - Depreciation of property and equipment rose significantly from approximately HKD 6.2 million in 2023 to HKD 15.9 million in 2024, accounting for 2.9% and 8.3% of revenue, respectively, due to the operation of a new medical center[50] - Depreciation of right-of-use assets increased from approximately HKD 18.7 million in 2023 to HKD 21.5 million in 2024, representing 8.7% and 11.3% of revenue, respectively, due to the impact of additional leased properties[51] - Other expenses increased from approximately HKD 31.8 million in 2023 to HKD 35.6 million in 2024, accounting for 14.9% and 18.6% of revenue, respectively[54] Cash Flow - The net cash used in operating activities for the year ended March 31, 2024, was HKD 15.6 million, compared to HKD 16.2 million for the year ended March 31, 2023, primarily due to a pre-tax loss of approximately HKD 81.9 million[80] - The company recorded a net cash inflow from investing activities of HKD 26.6 million for the year ended March 31, 2024, a significant decrease from a net cash outflow of approximately HKD 143.8 million for the previous year[80] - The net cash used in financing activities was HKD 24.1 million for the year ended March 31, 2024, compared to HKD 9.2 million for the year ended March 31, 2023, mainly due to lease payments[81] Strategic Initiatives - The company aims to diversify revenue sources and explore innovative strategies to enhance its value proposition amidst increasing competition in the market[29] - The company plans to acquire equity interests in ophthalmology clinics and hospitals in China to expand its "Clear" brand business[79] - The company aims to establish two new medical centers in Hong Kong to provide ophthalmic services, utilizing approximately 44.8% of the net proceeds from its IPO[89] - The company plans to explore new growth opportunities, including developing myopia prevention services for children[79] IPO and Financial Position - The net proceeds from the initial public offering (IPO) amounted to approximately HKD 181.9 million, which is lower than the estimated net proceeds of HKD 245.6 million disclosed in the prospectus, resulting in a difference of HKD 63.7 million[90] - The board has extended the expected timeline for utilizing the unallocated net proceeds until March 31, 2024, due to operational challenges and uncertainties regarding acquisition opportunities in the Greater Bay Area and potential partners in China[91] - The board believes that the extension of the timeline for utilizing the unallocated net proceeds will not have any significant adverse impact on the group's existing business and operations[91] Governance and Compliance - The audit committee, composed of three independent non-executive directors, reviews the accounting principles and practices adopted by the group and discusses risk management and financial reporting matters[92] - Ernst & Young has confirmed that the financial figures in the preliminary announcement align with the group's consolidated financial statements for the year ending March 31, 2024[93] - The board does not recommend the payment of a final dividend for the year ending March 31, 2024, consistent with the previous year[97] - The annual general meeting is scheduled for August 30, 2024, with a suspension of share transfer registration from August 27 to August 30, 2024, to facilitate voting rights[98]
清晰医疗(01406) - 2024 - 年度业绩