Tank issues push Cordlife to $11.6m Q1 loss

The company waived fees for clients affected by the tank lapses.

Cryogenic storage tank lapses led to Cordlife sinking into the red with a net loss of $11.6 million in the first quarter of 2024.

The company attributed its losses to refunding annual fees received since the start of the temperature excursions and waiving subsequent fees for all active Cordlife clients who have stored cord blood units in cryogenic storage tanks and a dry shipper deemed by MOH's expert panel to be at high risk due to the temperature excursions.

Excluding the refunds, the company would still report a net loss of $1.9m in the quarter due to a decline in revenue.

The company suffered a revenue reversal of $9.7m in Q1 2024, which included $0.5m in contract liabilities relating to future storage obligations for affected clients.

For Q1 2024, revenue was negative $0.2m.

Excluding the reversal, revenue would still decline by 33.0% YoY to $9.4m.

Follow the link for more news on

Cordlife Group

Financial Statements

Also Read

Singaporeans' physical well-being at highest level since 2019

SingHealth partners with OutcomesAI to integrate AI into medical workflows

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit