LYC Healthcare Reports Strong Q3 FY2024 Results of RM36.0 Million
KUALA LUMPUR, Feb 28, 2024 – (ACN Newswire) – LYC Healthcare Berhad (“LYC Healthcare” or the “Group”), a leading provider of comprehensive healthcare and specialist in mother and child care services, is pleased to announce the financial results for the third quarter ended 31 December 2023 (“Q3 FY2024”), demonstrating significant revenue growth and an improvement in operational results.
In Q3 FY2024, LYC Healthcare achieved a robust revenue of RM35.9 million, a notable increase from RM23.5 million in the same quarter of the previous year (“Q3 FY2023”). This growth is primarily attributed to the Group’s strategic focus on nutraceutical business and beneficial outcomes from lease modifications. Despite facing industry-wide challenges, LYC Healthcare successfully narrowed Loss Before Tax (“LBT”) to RM1.2 million, down from RM1.8 million in the corresponding quarter of the previous year, underscoring the effectiveness of the Group’s operational and strategic initiatives.
On a regional basis, Malaysia segment continues to contribute significantly to the Group’s performance, generating RM24.0 million in revenue for the quarter, up from RM13.4 million in the previous year’s quarter. The LBT in this segment decreased to RM2.0 million from RM3.2 million, reflecting improved outcomes from the nutraceutical business.
In Singapore, the healthcare operations continued to excel, generating revenue of RM11.9 million and a profit before tax of RM0.8 million. This performance is an improvement in revenue compared to the previous year, although there was a slight decrease in profit before tax from RM1.5 million, attributed to strategic investments in the region’s healthcare sector for future growth plans.
Cumulatively, for the nine months ended 31 December 2023 (“9M FY2024”), LYC Healthcare posted a revenue of RM95.0 million, up from RM66.6 million in the same period last year. The Group’s LBT improved significantly to RM2.9 million from RM6.4 million, driven by contributions from profit guarantee contributions, gains on lease modifications, and robust performance in both the Singapore healthcare businesses and the nutraceutical sector.
On a quarter-on-quarter basis, LYC Healthcare’s revenue increased from RM32.4 million in the preceding quarter to RM35.9 million, with LBT narrowing to RM1.2 million from RM2.0 million, further evidencing the Group’s strong performance momentum.
Mr. Sui Dong Hoe, Managing Director cum Group Chief Executive Officer of LYC Healthcare expressed optimism about the Group’s direction, stating, “The positive trends we are observing in Q3 FY2024 are a clear indication that LYC Healthcare is on the right trajectory towards profitability and sustained growth. Our strategic investments, particularly in T&T Medical Group Pte Ltd (“T&T”) and HC Orthopedic Surgery Pte Ltd (“HCOS”), and operational enhancements are beginning to bear fruit. The full acquisition of T&T and HCOS, coupled with our plans to list these entities under LYC Medicare (Singapore) Pte Ltd on the Catalist board of the Singapore Exchange (“SGX”), showcases our commitment to capitalizing on these opportunities. These steps are pivotal in further strengthening our market position and delivering value to our stakeholders.”
Topic: Press release summary
DC Healthcare Announces Expansion with New Branches in Johor Bahru and Ipoh
DC Healthcare Holdings Bhd (“DC Healthcare”; BM: DCHCARE), an aesthetic medical services provider specialising in the provision of non-invasive and minimally invasive procedures, is pleased to announce the openings of the Group’s new branches in Johor Bahru (Taman Molek), and Ipoh (Bandar Seri Botani). These new facilities underscore DC Healthcare’s ongoing commitment to extending reach and making premier aesthetic treatments more accessible across Malaysia.
Equipped with advanced aesthetic technologies and staffed by a team of seasoned professionals, the new branches reflect DC Healthcare’s dedication to excellence and patient-centered care. The introduction of these facilities aligns with the Group’s strategic vision to enhance its service portfolio and fortify the presence within the aesthetic medicine industry.
Dr. Chong Tze Sheng, Managing Director of DC Healthcare, shared his insights on the expansion, “The inauguration of our new branches in Johor Bahru and Ipoh, are key milestones in our journey of growth. These developments not only enhance our service capabilities but also bring us closer to our clients, offering them unparalleled access to top-tier aesthetic solutions. We are excited about the future and remain committed to leading the way in aesthetic medicine in Malaysia and beyond.”
Dr. Chong Tze Sheng, Managing Director of DC Healthcare, shared his insights on the expansion, “The inauguration of our new branches in Johor Bahru and Ipoh, are key milestones in our journey of growth. These developments not only enhance our service capabilities but also bring us closer to our clients, offering them unparalleled access to top-tier aesthetic solutions. We are excited about the future and remain committed to leading the way in aesthetic medicine in Malaysia and beyond.”
As DC Healthcare continues to navigate the evolving landscape of aesthetic medicine, its strategic initiatives with the branch expansions, position the Group well for sustained success and leadership in the industry.
DC Healthcare Holdings Bhd [BM: DCHCARE; 0283] https://dchealthcareholdings.com/
Topic: Press release summary
Healthcare Workforce Coalition Underscores Need for Health Worker Recruitment, Retention, & Safety Legislation in 2024
Launched in late 2023 in response to the escalating healthcare workforce crisis, the Healthcare Workforce Coalition continues to advocate for bipartisan legislative solutions to bolster and better support our nation’s healthcare workforce. Virtually every care setting, from hospitals to skilled nursing facilities, currently faces a severe shortage of nurses, physicians, and allied health professionals, ultimately creating unnecessary risks to patient care. Without urgent action from federal lawmakers on Capitol Hill, the problems plaguing America’s healthcare workforce will only worsen. Specifically, the coalition supports:
Safety from Violence for Healthcare Employees (SAVE) Act (H.R. 2584 / S. 2768): The coalition urges Congress to quickly advance this bipartisan patient protection legislation in early 2024 to ensure that anyone who knowingly assaults a hospital employee or contractor and interferes with the performance of their duties would be subject to fines and up to 10 years imprisonment. Penalties would be increased to a maximum of 20 years should the attacker use a deadly or dangerous weapon, inflict serious bodily injury, or commit an attack during an emergency declaration.
“America’s health care workers deserve federal protections from workplace violence. Incidences of assault and intimidation continue to escalate and threaten the safety of our workforce as well as patient care,” said Stacey Hughes, AHA’s executive vice president. “Considering that, on average, two nurses are assaulted every hour in the U.S., the AHA is deeply committed to working with lawmakers in Congress to see the bipartisan SAVE Act become law.”
Healthcare Workforce Resilience (HWRA) Act (S.3211/H.R. 6205): The coalition is also advocating for the HWRA, which would allow up to 40,000 nurses and physicians who are currently unable to finalize their green card applications due to green card backlogs to live and work in the United States permanently. If passed, these visas would not be subject to the per-country limitations and would be issued based on how long the person has been on the green card waiting list. The bill would also instruct the Department of Homeland Security and the Department of State to expedite the processing of these applications and require employers to provide proof that hiring a foreign national has not and will not displace a U.S. worker.
“As our company works with hundreds of healthcare organizations across the U.S., we see first-hand how organizations are struggling with the labor shortage, so we commend Congress for reintroducing the Healthcare Workforce Resilience Act,” said Kara Murphy, President of PRS Global. “This legislation simply ‘recaptures’ a portion of the previously allotted immigrant numbers that went unused over the past two decades because of government delay. Recouping these numbers and allocating them to nurses and doctors makes sense for the labor market and the healthcare of all patients.”
To learn more about the Healthcare Workforce Coalition, visit healthcareworkforce.org.
Healthcare Workforce Coalition
Rebecca Reid
410-212-3843
https://healthcareworkforce.org/
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Healthcare Workforce Coalition Endorses SAVE Act to Protect Hospital Workers from Workplace Violence
The Healthcare Workforce Coalition today announced its endorsement of the bipartisan Safety from Violence for Healthcare Employees (SAVE) Act (H.R. 2584 / S. 2768), which aims to protect hospital employees from violence in the workplace. The Senate bill was introduced on September 12 by Sens. Joe Manchin (D-WV) and Marco Rubio (R-FL). Reps. Larry Bucshon, MD (R-IN-8) and Madeline Dean (D-PA-4) introduced the House bill earlier this year.
“Federal protections for hospital workers against violence are long overdue. No health care worker should fear for their safety while they work tirelessly to save the lives of others. We applaud lawmakers for taking this important step toward making hospitals a safer place and ensuring that anyone who attacks a hospital worker during the course of performing their duties is held accountable,” said Alan Morgan, CEO, National Rural Health Association.
The bill provides that anyone who knowingly assaults a hospital employee or contractor and interferes with the performance of their duties would be subject to fines and up to 10 years imprisonment. Penalties would be increased to a maximum of 20 years should the attacker use a deadly or dangerous weapon, inflict serious bodily injury, or commit an attack during an emergency declaration.
Research shows that violence against hospital workers has significantly increased since the onset of the COVID-19 pandemic in 2020, with 44 percent of registered nurses reporting they have experienced physical violence and 68 percent reporting they have experienced verbal abuse during the pandemic. Similarly, a survey of emergency department physicians found that more than eight in 10 emergency physicians believe the rate of violence in emergency departments has increased, with 45 percent saying it has greatly increased over the past five years.
“We’ve seen far too many tragedies at hospitals across the country as health care workers face an unprecedented level of violence and intimidation. Hospitals and health systems are constantly working to protect their staff, but we need help. This bill will help to ensure our physicians, nurses, and other health care professionals can focus on saving lives, without worrying about their own. Passing this bill must be a priority for lawmakers,” said Char MacDonald, Executive Vice President, Federation of American Hospitals.
The Healthcare Workforce Coalition looks forward to working with Congress and stakeholders to get the SAVE Act passed and signed into law quickly.
To learn more about the Healthcare Workforce Coalition, visit healthcareworkforce.org.
Healthcare Workforce Coalition
Rebecca Reid
410-212-3843
https://healthcareworkforce.org/
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Blockchain in Healthcare Predictions 2024
Healthcare and public health are on the brink of a profound transformation that will shape the future of medicine, which will be driven by the integration of digital twins, blockchain technology, artificial intelligence, and multi-omics platforms in 2024. More specifically, public health, clinical trials, and personal identity will be impacted.
The groundbreaking field all authors concurred with is the impact Digital Twins (DT) will have. Article author and Blockchain in Healthcare Today journal editor, Gianluca De Novi, PhD, stated “The year ahead will be a pivotal moment in the battle for digital rights and privacy as we strive to realize the full potential of these transformative technologies, while upholding our ethical responsibilities.”
For further insights into blockchain in healthcare market forecast, visit https://doi.org/10.30953/bhty.v6.287
Featured authors include
· — Gianluca De Novi, PhD, Harvard Medical School, Massachusetts General Hospital, USA
· – Natalia Sofia, PharmD, Msc, Switzerland
· – Ingrid Vasiliu-Feltes MD EMBA, University of Miami, Miami, Florida USA
· – Christine, Yan Zang, PhD, The Metaverse Institute, London, UK
· – Frank Ricotta, CEO & Founder, BurstIQ, Englewood, Colorado, USA
About
Blockchain in Healthcare Today (BHTY) is the leading international open access journal that amplifies and disseminates platform approaches in healthcare and distributed ledger technology research and innovations. Fields of interest include healthcare information systems, leveraging data science tools and techniques, interoperability, consent mechanisms, privacy preservation, security of health data, clinical trials management, supply chain management, revenue cycle automation, immersive technologies, tokenomics, governance, regulation, network technologies, clinical computing, cryptography, and failed experiments in this expanding specialty field of research.
Blockchain in Healthcare Today
Tory Cenaj
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blockchainhealthcaretoday.com/index.php/journal
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