Meta Health, which is in the midst of transforming its core business focus from metals parts to healthcare, has reported a loss of $2.8 million for 1HFY2022, versus slight earnings of $11,000 in the year-earlier 1HFY2021.
Excluding one-off expenses related to the shutdown of one of its factories in Thailand, stock-based compensation and professional fees incurred for the investments in the new healthcare business in 1H2022, Meta Health recorded an adjusted net loss of $1.5 million for 1H2022.
Revenue was down 7.3% y-o-y to $18.7 million, as the company, which was known as Metal Components Engineering, generated lower turnover from its old metals parts business.
On the other hand, the new healthcare business started contributing to the topline meaningfully, with $2.3 million reported for 1HFY2022. The company sees further growth for the telemedicine, nursing services and e-pharmacy services it is providing.
Despite the challenges faced by the metals business, the company maintains its intention to turn this business around.
“As we move past the deepest point in the crisis, the path to recovery is coming into view,” says executive chairman and CEO Dr Bernard Ng.
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“Through a stringent strategic review process, we intend to generate new opportunities that create greater value for our investors,” he adds.
Meta Health shares closed at 2.9 cents on Aug 14.
