olivLaw · US equity research
Basel Medical Group Ltd BMGL
Services-Offices & Clinics of Doctors of Medicine · SIC 8011 · Vertical: Services-Offices & Clinics of Doctors of Medicine (SIC 8011)
Basel Medical Group Ltd is a Singapore medical group specialising in orthopaedics, neurosurgery, sports medicine and general practice, which listed on NASDAQ in February 2025. The group grew revenue in fiscal 2025, but posted a large loss driven by a goodwill impairment tied to the Bethesda acquisition, which makes integration of that deal a key point to watch.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Basel Medical Group Ltd (BMGL) stock was 5.19 USD (−0.38% on the day), with market capitalisation 8.2 m USD, beta 0.57, 52-week range 3.02–17.88 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 68.9
- strong (55–70)
- Bollinger (20, 2)
- 3.35 – 5.38
- in the upper half of the band · %B 0.91 · band width 46.6%
- SMA 50 / 200
- 4.39 / 6.49
- mixed trend
- MACD (12, 26, 9)
- 0.27 / 0.14
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +63.7% | −1.1% | +64.8 pp | — |
| 3 months | −7.3% | −0.5% | −6.9 pp | — |
| 6 months | −37.9% | +4.4% | −42.3 pp | — |
| Year to date | −11.7% | +12.3% | −24.1 pp | — |
| 1 year | −70.2% | +13.5% | −83.7 pp | −2.2% |
| 3 years | unavailable | +76.4% | unavailable | −51.2% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | unavailable | 8.9 m |
| Revenue YoY | unavailable | unavailable |
| Net income | unavailable | -8.4 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | unavailable | -0.45 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | unavailable | -94.0% |
| Free cash flow | unavailable | -3.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Jun 2025
- Cash
- 2.4 m USD
- Financial debt
- 4.0 m USD
- Net debt
- 1.6 m USD
- Equity
- 4.3 m USD
- Total assets
- 14.7 m USD
- Debt / equity
- 0.93x
- Current ratio
- 1.31x
- ROE
- -169.7%
- ROA
- -56.9%
- FCF margin
- -40.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2025 | Source (latest year) |
|---|---|---|
| Revenue | 8.9 m | SEC (XBRL)· 18 Nov 2025verified |
| Interest expense | 160.3 k | SEC (XBRL)· 18 Nov 2025verified |
| Pre-tax income | -8.7 m | SEC (XBRL)· 13 Mar 2026verified |
| Income tax | -328.2 k | SEC (XBRL)· 18 Nov 2025verified |
| Net income | -8.4 m | SEC (XBRL)· 13 Mar 2026verified |
| Diluted EPS | -0.45 | SEC (XBRL)· 13 Mar 2026verified |
| Weighted average diluted shares | 18.8 m | SEC (XBRL)· 18 Nov 2025verified |
Balance sheet · USD
| Line | 2025 | Source (latest year) |
|---|---|---|
| Cash | 2.4 m | SEC (XBRL)· 13 Mar 2026verified |
| Receivables | 7.5 m | SEC (XBRL)· 13 Mar 2026verified |
| Inventories | 384.5 k | SEC (XBRL)· 13 Mar 2026verified |
| Current assets | 10.5 m | SEC (XBRL)· 13 Mar 2026verified |
| Property, plant & equipment, net | 305.6 k | SEC (XBRL)· 13 Mar 2026verified |
| Goodwill | 10.3 m | SEC (XBRL)· 13 Mar 2026verified |
| Total assets | 14.7 m | SEC (XBRL)· 13 Mar 2026verified |
| Accounts payable | 5.2 m | SEC (XBRL)· 13 Mar 2026verified |
| Short-term debt | 1.7 m | SEC (XBRL)· 18 Nov 2025verified |
| Long-term debt | 2.3 m | SEC (XBRL)· 13 Mar 2026verified |
| Current liabilities | 8.0 m | SEC (XBRL)· 13 Mar 2026verified |
| Total liabilities | 10.4 m | SEC (XBRL)· 13 Mar 2026verified |
| Equity | 4.3 m | SEC (XBRL)· 13 Mar 2026verified |
| Shares outstanding at year end | 18.8 m | SEC (XBRL)· 18 Nov 2025verified |
Cash flow · USD
| Line | 2025 | Source (latest year) |
|---|---|---|
| Operating cash flow | -3.2 m | SEC (XBRL)· 13 Mar 2026verified |
| Capex | 437.9 k | SEC (XBRL)· 13 Mar 2026verified |
| Free cash flow | -3.6 m ≈ | SEC (XBRL)· 13 Mar 2026derived |
| Investing cash flow | -8.6 m | SEC (XBRL)· 13 Mar 2026verified |
| Financing cash flow | 13.0 m | SEC (XBRL)· 13 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 18.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 8.2 m USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
19% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -94.0% | 0 (vs peers) | 33% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.3x | 42 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -44.1% | 0 (on a fixed band) | 44% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial42/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial0/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Basel Medical Group Ltd (BMGL). Latest full fiscal year: 2025; data up to 2025-06-30.
Figures computed from the financial statements: revenue 8.9 m USD in 2025; net margin -94.0%; ROE -169.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -94.0%
- FCF yield: -44.1%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Services-Offices & Clinics of Doctors of Medicine (SIC 8011) · same industry (4-digit SIC) · compared with 8 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TDOCTeladoc Health, Inc. | 1.8 bn | — | -11.5% | -6.3% | −1.5% | +28% / −47% |
| STLNStarling Oncology, Inc. | 707.3 m | — | — | -6.2% | +27.8% | +121% / +306% |
| SBCSBC Medical Group Holdings Incorporated | 547.1 m | 11.4 | 19.3% | 28.0% | −15.5% | +49% / −51% |
| CCMConcord Medical Services Holdings Ltd | 481.9 m | — | — | -20.2% | +25.2% | −4% / −63% |
| AIRSAirSculpt Technologies, Inc. | 122.6 m | — | -12.0% | -7.8% | −15.8% | −52% / −66% |
| LFMDLifeMD, Inc. | 118.1 m | — | 6.5% | 0.1% | +25.3% | −36% / −68% |
| BMGLBasel Medical Group Ltd | 8.2 m | — | -169.7% | -94.0% | unavailable | −70% / unavailable |
| AUNAAuna S.A. | — | — | 7.5% | 2.5% | +13.2% | 0% / unavailable |
| HIMSHims & Hers Health, Inc. | 0 | — | -32.0% | -5.5% | +59.0% | −33% / +200% |
1- and 3-year price returns: for BMGL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 18 Nov 2025; since then the company filed 20-F (30 Oct 2026), 6-K (29 Oct 2026), 6-K (13 Oct 2026), 6-K (09 Oct 2026), 6-K (02 Sept 2026), 6-K (10 Aug 2026).
In brief
Basel Medical Group Ltd is a Singapore medical group specialising in orthopaedics, neurosurgery, sports medicine and general practice, which listed on NASDAQ in February 2025. The group grew revenue in fiscal 2025, but posted a large loss driven by a goodwill impairment tied to the Bethesda acquisition, which makes integration of that deal a key point to watch 1.
SWOT
Strengths
- The group has a long history in orthopaedics in Singapore, with well-known specialist doctors and clinics well placed at Gleneagles Medical Centre.
- Partnerships with corporations and insurers bring steady patient volume and a fairly predictable revenue flow.
- The NASDAQ listing and recent acquisitions provide access to capital and a faster expansion of the clinic network.
Weaknesses
- The company relies heavily on a small number of key doctors, whose departure could seriously affect operations.
- Trade receivables from corporate clients make up a large part of current assets, exposing the group to credit risk.
- The Bethesda acquisition led to a very large goodwill impairment in fiscal 2025, showing that the integration has not yet proven profitable.
Opportunities
- The group plans to extend general practice and other specialties in Singapore and later into other South-east Asian countries.
- If the construction sector recovery continues, the number of corporate patients with work-related injuries could grow.
- The Bethesda clinics could become more profitable if processes and patient volumes improve.
Threats
- Competition from private and government hospitals could reduce prices and margins for the group.
- Changes to medical regulations or insurance schemes could affect fees and revenue.
- A major professional liability claim or quality issue could damage the group's reputation and financial results.
Risks
- Dependence on key doctorshigh
The group depends on a few specialist doctors; losing them without quick replacement could affect services and revenue.
- Goodwill impairmenthigh
The full write-down of Bethesda goodwill produced a large loss in fiscal 2025, and if integration does not improve, further losses could arise.
- Customer credit riskmedium
Trade receivables from corporations make up a large part of current assets; late payments could affect liquidity.
- Concentration on corporate relationshipsmedium
A large share of patients comes through a few corporate relationships; losing a major contract could reduce patient volume.
- Regulation and professional liabilitymedium
The clinics are subject to healthcare regulation and licensing, and medical liability cases could create costs and harm reputation.
Investment thesis
What would need to be true (bull case)
- If the Bethesda clinics are integrated successfully, the group could combine a strong orthopaedic base with a wider general practice network, lifting revenue.
- A continued construction recovery and more work-related injury cases could support demand in the corporate segment.
- The NASDAQ listing gives a capital channel for expansion in Singapore and other South-east Asian countries if those plans materialise.
What would break the thesis
- The goodwill impairment and loss in fiscal 2025 show that acquisitions have not yet delivered results, and future performance could remain below expectations.
- Strong competition from private and government hospitals and clinics could press prices and margins down.
- Large receivables from corporate clients and higher debt could make liquidity more fragile if collections slow.
What to watch
- Stability of the specialist doctor team and recruitment of new doctors2026
- Progress of expansion into other South-east Asian countries2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 18 Nov 2025; since then the company filed 20-F (30 Oct 2026), 6-K (29 Oct 2026), 6-K (13 Oct 2026), 6-K (09 Oct 2026), 6-K (02 Sept 2026), 6-K (10 Aug 2026).
The business
Basel Medical Group Ltd is a business company incorporated in the British Virgin Islands whose operations run through subsidiaries in Singapore. The group offers general and subspecialised orthopaedic services, including knee and hip replacements, sports medicine, spine surgery, minimally invasive orthopaedic procedures and neurosurgical treatments, as well as health screening, mental health, women's health and general practice 1. Patients are walk-ins, employees of corporations or policyholders of insurers with whom the group has arrangements, and the clinics are MediSave accredited so patients can submit claims through them 1. As of June 30, 2025 the group operated 8 clinics in Singapore and had 14 medical practitioners 1.
The group traces its roots to its first orthopaedic clinic in Singapore, set up in 2001; in June 2023 AIP Investment Partners fully acquired it through the Basel Medical Fund, and in February 2025 it listed on NASDAQ with the stated aim of expanding into general practices and other specialties in Singapore and later into other South-east Asian countries 1. In April 2025 the group acquired Bethesda Medical, which operates six general practice clinics, extending its general practice network 1.
A key feature of the model is its reliance on key medical practitioners and on relationships with corporations and insurers that bring patient volume; according to the report, many patients at the Gleneagles orthopaedic clinic are employees from construction, marine and oil and gas, while walk-in patients make up a smaller share of revenue 1.
Segments
Orthopaedic and neurosurgery clinics
The orthopaedic segment, located mainly at Gleneagles Medical Centre, generated most of the revenue; the growth in fiscal 2025 was mainly from corporate patients as the construction sector rebounded after the pandemic, while revenue from individual walk-in patients declined 1.
General practice clinics (Bethesda)
The general practice clinics acquired with Bethesda Medical added to revenue and other income in fiscal 2025, but also brought substantial staff costs and new depreciation, and the group acknowledged that this segment's operations have yet to be turned around 1.
Market context
The group operates in Singapore's private healthcare market, where patients visit private clinics through insurance, national schemes such as MediSave and MediShield Life, or direct payment; the group believes its arrangements with corporations and insurers provide steady patient volume 1. Competition is intense, with private hospitals, medical centres and government-owned clinics, and pricing and doctor recruitment can pressure margins 1.
Growing demand from the construction sector, with more work-related injuries, supported corporate revenue, and the group notes that working-age adults make up a large share of its patients 1.
Trends
- Construction sector recoverytailwind
As construction recovers from the pandemic, work-related injury cases rise, which boosted revenue from corporate patients; if this recovery continues, the orthopaedic segment could keep benefiting 1.
- Growth through acquisitionsmixed
The Bethesda acquisition added clinics and revenue but also produced a very large goodwill impairment; how these clinics are integrated could decide whether acquisition-led growth creates value 1.
- Pressure on staff costsheadwind
Recruiting and retaining qualified doctors raised salary and bonus costs, and the company warns that staying competitive could require more generous pay packages 1.
- Regulation and health policymixed
Regulation of private sector fees and changes to national insurance schemes could alter clinic revenue, and the group notes it could be affected by changes in laws and licensing requirements 1.
Competitive position
The group competes with other private hospitals, medical centres and clinics, including government-owned facilities that may have easier access to financing and can negotiate better terms; larger competitors may offer lower prices or greater convenience 1.
Competition for patients and doctors can reduce margins, and if the group cannot hold its prices or patient volumes, its financial performance could be affected 1.
- Private hospital groups in Singapore (for example operators at Gleneagles, Mount Elizabeth or Parkway East)
Direct competition for orthopaedic and surgical patients, with greater financial resources and possibly better terms with suppliers.
- Government-owned hospitals and medical centres
Can access financing more easily and may offer lower tariffs, adding pricing pressure on private clinics.
- Private general practice clinics in Singapore
Compete directly with the Bethesda clinics for patients in residential areas, where volume and pricing are sensitive.
- Sports medicine and physiotherapy centres
Compete for patients with sports injuries and rehabilitation, a segment the group offers as part of its orthopaedic services.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Annual report (foreign issuer)30 Oct 2026
- Current report (foreign issuer)29 Oct 2026
- Current report (foreign issuer)13 Oct 2026
- Current report (foreign issuer)09 Oct 2026
- Current report (foreign issuer)02 Sept 2026
- Current report (foreign issuer)10 Aug 2026
- Current report (foreign issuer)10 Jul 2026
- Current report (foreign issuer)26 Jun 2026
- Current report (foreign issuer)10 Jun 2026
- Current report (foreign issuer)05 Jun 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-06-30 · SEC / Basel Medical Group Ltd · 18 Nov 2025
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.