Rising Costs and Losses Challenge Singular Health’s US Expansion Ambitions

Financial Performance and Cost Drivers

Singular Health Group Limited has reported a net loss of $2.97 million for the half-year ended 31 December 2025, marking a 55% increase compared to the prior corresponding period. This widening loss was largely influenced by a non-cash share-based payment expense of over $1 million, primarily related to equity issued to a consultant. Additionally, the company incurred elevated operating costs tied to regulatory, product development, and commercialisation efforts for its 3DICOM medical imaging platform.

Personnel expenses also rose significantly due to strategic recruitment of software developers and a Chief Commercial Officer in Singapore and the United States, reflecting the company’s commitment to scaling its operations internationally.

Progress in US Commercial Deployment

Operationally, Singular Health made tangible strides in the US market. Under a commercial agreement with Provider Network Solution (PNS), 250 licenses of the 3DICOM MD platform were deployed across PNS’s primary care network by December 2025. Further license rollouts are scheduled for early 2026, contingent on integration of AI models into the platform’s cloud marketplace.

In Florida, the pilot with Life Radiology advanced from technical validation to patient deployment, integrating 3DICOM’s secure cloud-based imaging platform with existing radiology systems. This initiative aims to replace outdated CD-ROM distribution with mobile-accessible imaging records, enhancing patient experience and operational efficiency.

Regulatory Milestones and Product Innovation

A key highlight was the receipt of FDA 510(k) clearance in January 2026 for the 3DICOM MD Cloud platform, a cloud-based evolution of the company’s previously cleared desktop software. This clearance expands the platform’s compatibility to include X-ray and ultrasound imaging modalities, significantly broadening its addressable market in the US healthcare system.

The cloud deployment model eliminates the need for complex hardware installations, facilitating rapid adoption across diverse clinical settings. This regulatory achievement underscores Singular Health’s progress in delivering scalable, interoperable imaging solutions.

Strategic Growth and Market Positioning

To support its US expansion, Singular Health established a US subsidiary and appointed Paige Taylor as Chief Commercial Officer for the region, bringing extensive experience in managed care environments. The company also engaged in promising collaborations with healthcare organisations and submitted a multimillion-dollar project proposal to the Florida House of Representatives for a statewide Medicaid imaging repository.

These initiatives, combined with ongoing product enhancements and intellectual property protections, position Singular Health to capitalise on a substantial US market opportunity estimated at US$16.5 billion, driven by efforts to reduce costly duplicate imaging.

Balance Sheet and Cash Flow

Despite the increased losses, the company maintains a solid financial position with net assets of $11.7 million. Cash and cash equivalents stood at $2.66 million at period end, supplemented by $8.4 million in term deposits. The directors affirm the company’s ability to continue as a going concern, supported by forecast cash flows and capital management.