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SBC Medical Group Holdings Incorporated (SBC+5.32%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports that the company generated revenues of $205,415,542 for the fiscal year, an increase from $193,542,423 in the previous year. Net income for the year was $46,689,892, compared to $38,560,606 in the prior year.
SBC Medical Group Holdings Incorporated operates as a management company providing services to cosmetic treatment centers in Japan, Vietnam, Singapore, and the United States. The company offers a range of services including advertising, staff management, and medical equipment procurement.
The company completed the acquisition of Aesthetic Healthcare Holdings in Singapore for SGD 7.8 million, expanding its operations in the medical aesthetics business.
SBC Medical Group Holdings Incorporated's business model relies heavily on franchise agreements with medical corporations in Japan, which are responsible for operating 241 treatment centers.
The company's revenue streams include franchising revenue, procurement services revenue, and management services revenue. Franchising revenue was $61,033,032 for the year, while procurement services revenue was $54,814,399.
The company identified material weaknesses in its internal controls over financial reporting, which it is in the process of addressing. These weaknesses were highlighted following the discovery of misappropriations of funds by a former manager.
SBC Medical Group Holdings Incorporated is subject to various regulations in the countries it operates, including privacy and data protection laws, healthcare regulations, and environmental laws.
The company holds numerous patents and trademarks primarily in Japan, with pending applications in other jurisdictions, to protect its intellectual property rights.
SBC Medical Group Holdings Incorporated faces competition in the cosmetic clinic industry and relies on its brand reputation and service quality to maintain its market position.
The company plans to continue its growth strategy by expanding its franchisee clinic network globally and enhancing its brand awareness through targeted marketing efforts.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the SBC Medical Group Holdings Incorporated annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.