Cordlife Group (SG:P8A) has released an update.
Cordlife Group Limited anticipates a significant profit decline in the first half of 2024 compared to the previous year, following regulatory challenges with Singapore’s Ministry of Health leading to a halt in cord blood and tissue services and a consequent refund and fee waiver scheme estimated to impact profits by S$9.2 million. The company’s recent compliance issues, including the need to validate cord blood processing systems and staff training, resulted in an additional operational suspension, further affecting financial performance.
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