- Hyphens Pharma's 1H25 earnings were below expectations. Revenue and PATMI were 44%/42% of our FY25e forecast. Excluding the combined S$4.1mil losses from exchange translation and provision for ageing inventory, adjusted PATMI declined 21% y-o-y to S$5mil.
- - Read this at SGinvestors.io -
The Positive
Improving cash flow.
- Free cash flow (FCF) in 1H25 improved to S$6.2mil. A massive swing from the negative S$3.3mil FCF due to lower investments in intangibles and S$17mil swing in inventories.
- Hyphens Pharma remains in a net cash position of S$9.5mil.
The Negative
Vietnam overstocking in the near term.
- - Read this at SGinvestors.io -
Outlook
- Read more at SGinvestors.io.
