The group announced in a bourse filing on June 11 that its revenue was recorded as minus $240,000 in the first quarter of 2024.
The reversal in revenue was attributed to the financial impact of Cordlife handing out refunds to its customers whose stored cord blood samples were compromised as a result of not having been stored at the correct freezing temperature. It also noted that what happened in Singapore affected the fortunes of its operations elsewhere: the number of samples stored in the first quarter of 2024 fell by about a third in Indonesia, India and Malaysia compared with the year-ago period.
The ministry said in May that Cordlife had also not completed developing the relevant operating procedures and practices for the system, or the training of the staff using it.