New accounts filed by The Sims Clinic Ltd present that the corporate recorded a €3.2m pre-tax loss after revenues declined by 21.5pc or €2m to €8.07m from €10.16m within the 12 months to the tip of June 2023.
The 2023 pre-tax losses are a four-fold improve on the pre-tax losses of €787,868 within the prior yr.
Of their report, the administrators state that “efficiency is being managed intently as a consequence of market circumstances and re-introduction of IVF tourism having a destructive affect on volumes in Full 12 months 2023”.
The Sims Clinic operates its community of fertility companies clinics at Cork, Carlow, Limerick, Dundalk and two in Dublin at Swords and Clonskeagh.
A spokeswoman yesterday mentioned: “The re-introduction of sufferers from Eire travelling abroad for IVF remedy resulted in a discount of affected person numbers through the interval lined underneath these accounts.
“This adopted a turbulent interval for the sector through the pandemic, with journey restrictions and different elements leading to increased volumes attending the clinic.”
Nevertheless, the administrators’ report mentioned the corporate “has enough liquidity and different assets to help its ongoing operations via the help offered by its intermediate mother or father firm Virtus Well being Pty Ltd”.
Staffing is The Sims Clinic’s greatest price although final yr it lowered to €5.8m from €6.03m regardless of headcount rising to 100 from 88. The clinic has 73 medical employees and 27 in administration.
The agency’s revenues had been made up of €7.38m in IVF revenues and €687,055 in diagnostic revenues.
Its losses final yr take account of mixed non-cash depreciation and amortisation prices of €422,725.
On the finish of June final, the corporate’s shareholder funds totalled €3.09m whereas money funds decreased to €186,023 from €565,795.
The administrators mentioned they’re “exploring prospects for passive earnings via rental of consulting rooms along with the present nature of the enterprise”.
“It’s essential to the survival of the enterprise that the HPRA licence is maintained and that robust controls are in place to make sure that skilled malpractice or affected person error doesn’t happen,” the report mentioned.
“To this finish, stringent controls are in place to safeguard the pursuits of the sufferers always.”
