Doctor Anywhere’s FY 2022 revenue up 62%, losses widen to $33m

Doctor Anywhere founder Wai Mun Lim / Photo credit: Doctor Anywhere

Singapore-based Doctor Anywhere’s (DA) losses surged to US$33 million in 2022, marking an over 2x increase from the previous year, according to VentureCap Insights, which tracks regulatory filings in the city-state.

Expenses for operating activities, which jumped 170% to US$27.9 million, mainly drove the healthtech company’s losses.

DA reported a revenue of US$38.2 million, up 62% from 2021. It also expects to earn US$73.7 million by the end of 2023.

Patient and related services, which generated US$34 million in revenue, contributed the biggest chunk. This segment includes consultation, clinical treatments, and sales of medicines and health and wellness-related products and services, among others.

DA told Tech in Asia that rising costs related to tech staff, which currently makes up the majority of its employee cost base, drove up operating expenses in 2022. “DA is investing in the future by building new products, which are expected to yield benefits from FY 2024 onwards,” a company spokesperson said.

It spent US$27 million on employee salaries and benefits – the largest contributor to its expenses – in 2022, up from nearly US$17 million in 2021. DA’s expenditure on medical supplies and consumables also doubled to US$19.6 million.

Founded in 2017 by Wai Mun Lim, the firm provides omnichannel services that allow patients to receive on-demand medical advice and treatment as well as in-clinic or at-home health screenings and vaccinations. It operates in Singapore, Indonesia, Malaysia, Thailand, Vietnam, and the Philippines.

DA has raised about US$135.6 million to date, according to Crunchbase data. The healthtech startup has also made two acquisitions: Doctor Raksa in 2021 and Asian Healthcare Specialists in 2022.

See also: Doctor Anywhere aims to double revenue to S$100m this year