Jinhai Medical Technology warns of increased loss for 2024

Jinhai Medical Technology Limited (HKEX:2225) has issued a profit warning, projecting a loss after taxation of approximately S$18.1 million for the year ended December 31, 2024 ("FY2024"). This compares to a loss of S$4.1 million in FY2023. While the company expects to report revenue of around S$50.2 million and gross profit of roughly S$11.4 million for FY2024, increases from S$45.6 million and S$12.0 million respectively the previous year, the increased loss is attributed primarily to a surge in administrative expenses. The company said these expenses include approximately S$13.3 million in equity-settled share-based payments, a new expense item for FY2024. Shareholders are advised to await the company’s full annual results, expected to be published in March 2025.