SINGAPORE - Local medical technology start-up Mobile-health Network Solutions is seeking to venture abroad following its debut on the Nasdaq stock exchange on April 10.
Dr Rachel Teoh, its co-chief executive, told The Straits Times on April 16 that the Singapore-headquartered firm is actively expanding its services to countries in the region, including Indonesia, Thailand and Australia.
She said: “This expansion strategy is not just about increasing our geographical footprint; it’s about integrating local healthcare needs with global medical expertise to create a universally accessible healthcare ecosystem.
“Our approach allows us to tailor our services to meet the diverse healthcare demands of each country, leveraging our unique capabilities to manage major chronic diseases and improve overall health outcomes.”
Mobile-health Network Solutions joins a growing number of Singapore-based companies listed on the US stock market.
The start-up, which was founded in 2016, announced on April 9 that it was seeking to raise US$9 million (S$12.2 million) from its initial public offering (IPO) on the Nasdaq stock exchange through the sale of 2.25 million ordinary shares priced at US$4.
The counter began trading on April 10 under the ticker symbol MNDR. Shares closed at US$18 on April 16, up 350 per cent from its IPO price of US$4. The firm, which has a market capitalisation of US$612 million at current share prices, declined to comment on whether it reached its valuation target.
In the 2023 financial year, the firm saw a 12.9 per cent growth in revenue to US$7.9 million, from US$7 million a year earlier.
But it reported a loss of US$3.2 million for the same period, largely due to costs associated with the IPO as well as investments made to grow its headcount, Dr Teoh said. The firm currently has 73 employees.
Dr Teoh said that Mobile-health Network Solutions held its IPO on the Nasdaq stock exchange instead of in Singapore as the US market offers deeper liquidity and a broad range of institutional and global retail investors.
When asked if the firm was approached by the Singapore Exchange (SGX) for a listing, Dr Teoh noted that a future listing on the SGX or other exchanges is a possibility, depending on the firm’s “strategic needs”.
“Choosing to list in the US is part of our strategic plan to tap a market that recognises and values innovative digital platforms,” Dr Teoh said.
“This decision is aligned with our goal to amplify our presence on the global stage and attract investors that understand the potential of tech-driven healthcare transformations.”
Mobile-health Network Solutions operates the MaNaDr telehealth platform, which provides healthcare services via its network of 700 clinics and more than 1,500 medical professionals in Singapore.
Dr Teoh said that Mobile-health Network Solutions will be using the funds raised from the IPO to boost user engagement on MaNaDr using technologies like artificial intelligence (AI) and blockchain.
She said: “One key area of focus is leveraging AI to enhance service delivery.
“This will benefit both healthcare professionals and patients – doctors will gain access to powerful AI tools, while patients will experience a more personalised and efficient healthcare journey.”
MaNaDr took ninth place in the league table of the fastest-growing companies in Singapore, compiled by The Straits Times and data company Statista. The 2024 ranking, now in its sixth year, features 100 companies based on their revenue growth from 2019 to 2022.
An analysis conducted by consulting firm Frost & Sullivan found that MaNaDr was the largest telehealth solutions mobile application in Singapore, based on the number of user consultations per day in the six months ending May 2023.
The platform also provided the most affordable teleconsultation solution in terms of starting price, as compared with its peers as at October 2023.
