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Elyssa Lopez · · 3 min readDoctor Anywhere grows revenue 58%, narrows losses in 2023
After years in the red, Doctor Anywhere’s finances are getting closer to the pink of health.
The Singapore-based healthtech firm improved its operating loss by 17% last year to S$31.1 million (US$23.6 million), according to its latest audited financial statement.
Doctor Anywhere founder and CEO Lim Wai Mun / Photo credit: Doctor Anywhere
The company’s financials were driven by a 58% year-on-year surge in revenue to US$62.1 million. Patient and related services, which include consultations, clinical treatments, and sales of medicines and health and wellness-related products and services, contributed to 93% of the company’s revenue.
However, the figure was short of the firm’s goal of closing the year with S$100 million (US$76.4 million) in revenue.
See also: Doctor Anywhere aims to double revenue to S$100m in 2023
Doctor Anywhere says its strategic expansion into secondary care through its acquisition of Asian Healthcare Specialists (AHS) drove its “profitable growth.”
AHS operates a chain of clinics in Singapore and offers medical services across specializations like dermatology, family medicine, gastroenterology, rehabilitation, and urology, among others.
When Doctor Anywhere was founded in 2017, it was primarily focused on telehealth services. By 2020, it diversified into a hybrid model, putting up brick-and-mortar clinics in Singapore and Malaysia. Now, it also provides telehealth services in the Philippines, Thailand, and Indonesia.
Fundraising expenses
Despite the 17% improvement in operating profit in 2023, Doctor Anywhere’s loss for the year was only 2% narrower compared to 2022 at US$33 million.
This was due to its financing expenses rising by 83% to US$9.7 million, the majority of which was driven by interest expense on preferred shares.
“These finance expenses are non-cash in nature and do not impact our immediate cash flow,” a company representative said in a statement to Tech in Asia.
In December 2023, Doctor Anywhere announced it had secured US$40.8 million in a series C1 extension round, enabling the company to expand its secondary services.
Without sharing specifics on staff numbers, the company representative notes that the startup hired more doctors, contributing to the 35% increase in expenses on employee benefits.
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Financing expenses worth US$9.7 million dampened the company’s otherwise stellar year in terms of revenue.
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