Dr. Viroje Vasusuttikulkant, CEO of Saintmed Public Company Limited (mai: SMD100) disclosed the company’s overall performance on the Opportunity Day event, hosted by the Stock Exchange of Thailand (SET) on 25 November 2024, with the company seeing revenue from sales and services totaled THB 257.27 million in 3Q24, representing a 37.91% increase from the previous year’s figure of THB 182.93 million.
This is due to increased sales, propelled by the acceleration of the government’s FY2024 budget. In addition, the company also earned a net profit of THB 29.08 million, a 137.58% increase compared to THB 12.24 million seen in the same period last year.
Meanwhile, revenue from sales and services in 9M24 stood at THB 571.27 million, decreasing 1.71% from the same period the previous year of THB 581.23 million, attributed to stiff pricing competition. During the period, the company reported a net profit of THB 23.91 million, a 51.09% decrease compared to last year’s figures of THB 48.88 million.
SMD100 also has other sources of revenue, including interest income and rental income from leased assets. Other income during the three-month period ended September decreased 4.48% to THB 1.28 million from THB 1.34 million seen in the same period last year, while the figure during 9M24 saw an increase of 14.35% to THB 5.10 million compared to the same period last year of THB 4.46 million.
In 3Q24, the company changed its ticker symbol from ‘SMD’ to ‘SMD100’, approved by the company’s Board of Directors on 13 November 2024. Furthermore, the company also plans to change its name from Saintmed to SMD Rise, which was already approved by the Board of Directors and was scheduled to be proposed in an extraordinary general meeting (EGM) on 8 January 2025.
SMD100 has undergone a major overhaul to its strategy, changing from focusing on revenue from trading activities to emphasizing on generating sustainable revenue streams through the rental of medical equipment, hire purchase options for medical devices, and/or revenue sharing with partners instead of outright sales, with the cooperation from involving parties to create opportunity for those in need of medical equipment, making it more widely accessible, and benefiting all parties.
The company has expanded its medical equipment business into specialized wellness areas to cater to the trends in medical tourism and preventive healthcare, as well as signing exclusive distribution agreements for AI systems that detect lung cancer (Lung CA) from CT images of all brands.
The Board of Directors has approved the company’s proposal to establish a CT/Linac Cancer Radiotherapy Center, in joint venture with various government hospitals in the form of Public Private Partnership (PPP) or Revenue Sharing. The plan includes three large-scale projects, supported by a number of banks and partly by the company’s own capital. The selection results for these projects are expected to be announced within 2024.
Dr. Viroje also mentioned the company’s strategic shift towards transitioning from a leading domestic high-tech medical equipment company to more advanced medical services under SMD Rise Public Company Limited in the near future pending shareholder approval.
The rebranded company will consist of 4 business units, including 1) SMDX Co., Ltd., 2) SMDI Co., Ltd., 3) SMD Genesis Co., Ltd., and 4) the DaaS (Device as a Service) Business Unit.
