Clearbridge Health reported a modest top-line in QQ2 2024 with revenue of SGD 2.2735 million and a gross margin of 45.1% (SGD 1.0255 million gross profit). However, the quarter remains unprofitable on both an EBITDA and net income basis, with EBITDA of SGD -1.086 million and net income of SGD -1.163 million. Operating leverage is constrained by elevated operating expenses (SGD 2.551 million), yielding an operating loss of SGD -0.278 million and a negative operating margin of -12.2%. Net cash from operating activities was SGD -2.145 million, contributing to free cash flow of SGD -2.233 million. Cash and cash equivalents stood at SGD 1.586 million at period end, while total debt stood at SGD 6.752 million (net debt SGD 5.166 million) against total assets of SGD 19.585 million. Intangibles and goodwill remain a material portion of the balance sheet (goodwill SGD 10.914 million). Retained earnings sit at SGD -87.737 million, signaling a long-running cumulative earnings deficit. While the business demonstrates a viable gross margin and a diversified service footprint, the near-term investment thesis depends on the ability to shift the cost base, monetize higher-value services, and/or accelerate revenue growth to achieve EBITDA and net income profitability. There is no explicit forward guidance provided in the data; the key near-term drivers will be revenue realization, cost discipline, and balance sheet optimization. Investors should monitor: (i) the pace of utilization and contribution from imaging and clinical services, (ii) operating expense containment relative to revenue, and (iii) the trajectory of working capital and debt maturities.