The Catalist-listed group is prioritising quality over rapid expansion 

[SINGAPORE] Livingstone Health : PRH 0% is not in a rush to grow.

 

Much like the lithops &ndash a hardy succulent also known as a living stone, from which the company takes its name &ndash the Singapore-based healthcare group is taking a slow and steady approach to expansion.

 

The Catalist-listed company, which went public in 2021, operates 20 clinics in the Republic, staffed by 22 medical specialists and practitioners. It also runs a health-screening centre, two medical aesthetics clinics, a podiatry clinic, and provides healthcare consultancy services within the region.

 

&ldquo We&rsquo re at a stage where we don&rsquo t want to grow for the sake of growing,&rdquo said chief commercial officer Dax Ng in an interview with The Business Times, alongside chief executive officer Wilson Tay. Both are executive directors on Livingstone&rsquo s board.

 

While rapid expansion is often seen as a way to get investors excited, Dr Tay believes the group&rsquo s philosophy is better captured by its botanical namesake. 

 

&ldquo No doubt, the growth, if you look at those succulents, can be a little bit slow,&rdquo he said. &ldquo But given the correct conditions, they can flourish and flower.&rdquo

 

Indeed, Livingstone&rsquo s pace of growth has been deliberate. 

 

After listing in 2021, it completed its first major acquisition just three years later. It acquired the remaining 49 per cent of Phoenix Medical Group (PMG) in 2024, after having first taken a 51 per cent stake in 2019.

 

The acquisition of the healthcare provider, which has seven clinics across Singapore, has been both an &ldquo accretive investment&rdquo and also a way for Livingstone to grow its primary healthcare segment through PMG&rsquo s network. 

 

Livingstone&rsquo s pace also reflects lessons from its early years as a listed company.

 

Ng pointed to the importance of alignment and communication, especially when working with a relatively young team with an average age of around 40.

 

&ldquo A lot of times when you try to work in a team, people have thoughts and ideas that they try to keep to themselves,&rdquo he said. &ldquo Over time, that&rsquo s not healthy.&rdquo

 

He added: &ldquo When you go through experiences together with certain people, you realise there are a lot more things you can achieve. Once you have that trust and go through hardship together, you can have tougher conversations, which become easier because they&rsquo re (more focused and constructive).&rdquo

 

That trust enabled more open discussions on practical issues, including how to streamline operating expenses.

 

The results showed up in its financial statement released on May 29: Livingstone swung back to profitability with a net profit of S$0.4 million for the second half-year ended Mar 31, reversing a net loss of S$2.9 million a year prior. Livingstone closed at S$0.023 on Friday (Jun 13), with a market capitalisation of around S$14.1 million.

 

Recognition, relationships and rising needs

Even without aggressive expansion, Livingstone caught the attention of RHB Singapore, which included it in the bank&rsquo s Top 20 Small Cap Jewels 2025 report in May &ndash the only healthcare group on the list.

 

RHB&rsquo s investment case for Livingstone was that it &ldquo offers exposure to the ageing population and rising affluent trends in Singapore&rdquo . 

 

The bank also noted that Livingstone&rsquo s performance is recovering, and anticipates its net profit to be on an uptrend moving forward.

 

Ng called the recognition &ldquo a good add to the group&rsquo s profile&rdquo and noted that it came as a surprise.

 

Dr Tay acknowledged that smaller healthcare companies such as Livingstone may be perceived as less capable than larger players. But he argued that in healthcare, value is not purely about scale.

 

&ldquo Of course, larger players may be able to manage some costs better &ndash like lab tests or imaging,&rdquo he said. &ldquo But it doesn&rsquo t mean smaller healthcare groups can&rsquo t deliver care that&rsquo s meaningful. What matters most is the patient-doctor relationship.&rdquo

 

That view is core to Livingstone&rsquo s approach. Ng said the group&rsquo s ethos is to ensure that patients who come through its general practitioner (GP) services are well taken care of &ndash from seeing the right specialists, to recovery and follow-up if needed.

 

To that end, it maintains a patient-care team that coordinates referrals between GPs and specialists, and works only with trusted external doctors vetted by its internal panel.

 

Ng also pointed to the &ldquo eminent concern&rdquo surrounding Singapore&rsquo s ageing population &ndash a demographic shift that Dr Tay said will accelerate over the next 10 to 20 years, and drive rising demand for healthcare services.

 

To prepare for this, Livingstone has been using patient data to track rising incidences of chronic conditions such as diabetes. 

 

In response, the group added an endocrinologist &ndash a specialist that treats diseases such as diabetes, as well as other hormonal and metabolic disorders &ndash to its team in June.

 

Dr Tay said Livingstone &ldquo sees value&rdquo in having specialist disciplines that focus on managing chronic conditions, especially as the population ages, as it reflects on-the-ground needs.

 

Looking outward

In its latest financial update, Livingstone also outlined plans to diversify its revenue streams, including efforts to attract more international patients to its specialist healthcare segment through business development and marketing initiatives.

 

When asked if this meant a push into medical tourism, Ng demurred, and suggested that the sector may be &ldquo dying&rdquo in Singapore due to cost pressures and competition abroad. 

 

While the team recognises that Livingstone has limited control over the broader healthcare landscape, Ng believes the group can compete on quality.

 

&ldquo We can attract the right medical talent, and groom them with the right patient ethos and care standards,&rdquo he said. &ldquo From there, we can build a brand to attract good international patients who are still willing to pay the extra dollar for quality.&rdquo

 

On the future of healthcare, Dr Tay noted that even as the sector increasingly looks to technology for efficiency, the human element remains irreplaceable.

 

&ldquo We treat the patients, not just the disease,&rdquo he said. &ldquo We treat their emotions and we (seek) to understand them&hellip Things that a computer cannot do.&rdquo

 

&ldquo Medicine is always a science, but, more so, it is an art.&rdquo