Mylab is a healthcare and diagnostic startup that announced a sudden decline in operational revenue to under Rs 100 crore in its FY23 report. The company had a huge profit during the pandemic when COVID-related testing and diagnosis services skyrocketed. The startup faced a massive loss after more than 64 percent of the world coped with the pandemic and returned to a normal lifestyle. We are disscusing Healthcare and diagnostic startup Mylabs reported a loss and operational revenue went down to Rs 100 crore in FY23.
We are disscusing about Healthcare and diagnostic startup Mylabs reported a loss and operational revenue went down to Rs 100 crore in FY23:
Entrackr mentioned in its report that the firm had a sizable loss in FY23 compared to the previous fiscal year. The startup experienced a 100-fold growth, reaching Rs 825 crore in FY21, while the number went down to Rs 95 crore in FY23. The company saw a downward graph from FY22 and has lost since then.
Operating revenue for the last fiscal year decreased by 68.4 percent to Rs 20.71 crore. MyLabs creates and sells diagnostic kits and products for clinical diagnostics. This healthcare company develops innovative solutions in therapy, diagnostics, and medical devices. The sale of diagnostic kits contributes more than 90 percent of operating revenue and is the major source of income for FY23.
The manufacturing expenses of these diagnostic kits account for 27 percent of the total operating expenses. The dropped number of deals led to a 60 percent decline in the manufacturing charges to Rs 50 crore for this financial year. The firm’s total expenditure crossed Rs 185 crore in FY23. Factors contributing to these expenses include employee benefits, advertising, legal fees, royalties, and other expenses. The startup reported a loss of Rs 47 crore for this fiscal year.
The operating expenditure and decline in scale led to a massive loss for the first time in the last three years. The EBITDA margin also went negative and stood at -24.19%, while the ROCE also decreased to -18 percent. In the past few months, many doubts have been raised about the credibility of test results that are analyzed after being picked up from home. MyLabs may introduce a new service model to tackle these problems and offer better diagnoses.
Conclusion
Mylab reports a loss and sudden decline in operational revenue under Rs 100 crore, marking a 68% decline from the previous fiscal year. The company earned a considerable profit during the pandemic when COVID-related testing and diagnosis services skyrocketed. The company started facing losses after more than 64 percent of the world returned to a normal lifestyle. MyLab offers various diagnostic solutions and healthcare kits.
The healthcare sector is showing promising opportunities for these startups, and Mylab’s use of technology to enhance diagnosis productivity might positively impact it. While facing losses, the company focuses on improving its service model and offering more innovative healthcare solutions, positioning it well in the healthcare diagnostic market. The sale of diagnostic kits contributes to more than 90 percent of operating revenue and is the primary source of income for FY23.
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