Concord Medical Services Holdings (NYSE:CCM), a leading healthcare provider in China specializing in cancer treatment, has released its unaudited financial results for the first half of 2024, revealing a significant downturn in revenues and increased losses.
For the six months ending June 30, 2024, Concord Medical reported total net revenues of RMB218.8 million (approximately US$30.1 million), a stark decline of 23.1% from RMB284.5 million recorded in the same period of 2023.
The company also reported a widening gross loss of RMB41.6 million (US$5.7 million) for the first half of 2024, deepening from a gross loss of RMB37.4 million in the previous year.
The gross loss margin worsened, reaching 19% compared to 13.2% in the first half of 2023.
During the period under review, the net loss attributable to ordinary shareholders also increased significantly, totalling RMB172.3 million (US$23.7 million) compared to a net loss of RMB91 million in the first half of 2023.
Despite the financial setbacks, adjusted EBITDA (a non-GAAP financial measure) remained relatively stable at a negative RMB 148 million (US$20.4 million), only marginally improved from negative RMB148.4 million in the first half of last year.