Smart Eye Care (03309) Expects Annual Revenue to Rise by Approximately 55% to HK$1.7 Billion

C-MER Medical (03309) announced that the group's revenue is expected to increase by approximately 55% compared to the year ended December 31, 2021, to about HKD 1.7 billion (with expectations that the revenue from C-MER Medical’s ophthalmology business in Hong Kong, China will increase by over 40%).

However, the Group's profitability for the fiscal year 2022 was affected by the following factors: The Group's ophthalmology business in mainland China incurred losses due to unforeseeable factors, with the businesses in Shanghai and Beijing being particularly hard hit.

In addition, the Group's newly established and still-investment-phase hospitals in 2022 also incurred losses, including newly established ophthalmology hospitals in Guangzhou and Jieyang and an ophthalmology center in Fuzhou, which commenced operations in April 2022, August 2022, and December 2021, respectively. Meanwhile, the fair value loss of financial assets measured at fair value through profit or loss was approximately HKD 33 million. The Group's dental business in mainland China also reported a net loss due to uncontrollable factors. However, the losses were partially offset by profits from the sales of medical consumables in Hong Kong and increased profits from associates providing medical laboratory services in Hong Kong.

Therefore, it is expected that the loss attributable to equity holders of the Company for the fiscal year 2022 will be between HKD 20 million and HKD 25 million, whereas the profit attributable to equity holders of the Company for the fiscal year 2021 was HKD 21.9 million. However, the performance of the Group's business in Mainland China significantly improved in the first quarter of 2023. The directors observed that the Group’s dental business in Mainland China was immediately and significantly positively impacted. Based on existing operational data, the business volume has returned to pre-public health incident levels.