Q&M Dental Group - Phillip Securities 2023-03-10: Pursuing Operating Leverage Post-Record Expansion

• Q&M Dental (SGX:QC7)'s FY22 revenue met expectations but earnings were below. FY22 revenue and adjusted PATMI were 99%/90% of our forecast.
• The significant drop in COVID-19 related earnings and higher expenses in the development of AI-guided clinical support systems were the drag. Our adjusted PATMI excludes S$5.1mil of impairment of inventories (S$4.9mil) and plant and equipment (S$0.2mil) incurred in 4Q22.
• - Read this at SGinvestors.io -
• - Read this at SGinvestors.io -

The Positive

Number of clinics expanded.

• In FY22, Q&M Dental expanded the number of clinics by 16 (or 12%). Most of the new clinics were in Singapore, with 10 new clinics. Profitability from core dental operations tripled to S$3.4mil. This was due to a change in the accrual of staff bonuses from a lumpy 4Q to proportionate provisioning per quarter.

The Negative

Revenue per clinic declined.

• Read more at SGinvestors.io.

Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.

Read also Phillip's most recent report:
2025-08-20 Q&M Dental - More Growth After The Reorg.

Previous report by Phillip:
2025-03-13 Q&M Dental - Reorganising For Future Growth.

Price targets by other brokers at Q&M Dental Target Prices.

Listing of research reports at Q&M Dental Analyst Reports.

Relevant links:
Q&M Dental Share Price History,
Q&M Dental Announcements,
Q&M Dental Dividend Payout Dates & Corporate Actions,
Q&M Dental News