The Sims Clinic last year recorded pre-tax losses of €2.08m as the re-introduction of IVF tourism continued to hit clinic revenues.
New accounts filed by The Sims Clinic Ltd show that the fertility service company recorded the €2.085m pre-tax loss as revenues increased by 3% from €7.64m to €7.84m in the 12 months to the end of June last.
The directors state that the reintroduction of IVF tourism had a negative impact on volumes in 2025 just as it had in 2024.
The clinic's pre-tax losses of €2.08m are 27% down on the pre-tax losses of €2.85m in 2024.
The Sims Clinic operates its network of fertility services clinics at Cork, Carlow, Limerick, Dundalk, Wexford and two in Dublin at Swords and Clonskeagh.
The Sims Clinic is owned by the Australian based Viney Holdco Pty Ltd.
In their report, the directors state that the company "has sufficient liquidity and other resources to support its ongoing operations through the support provided by its intermediate parent company Virtus Health Pty Ltd".
The Sims Clinic's biggest cost is staff costs and they reduced last year from €5.3m to €4.98m as numbers employed declined from 85 to 71 - made up of 50 clinical staff and 21 in administration. Directors' emoluments totalled €410,307.
The firm's revenues were made up of €7.08m in IVF revenues and €763,582 in diagnostic revenues.
Its losses last year take account of non-cash depreciation of €313,417.
The clinic has benefited from the introduction of the State's funded Assisted Human Reproduction (AHR) treatment and is one of a number of HSE approved clinics to provide the service.
At the end of June last, the company's shareholder deficit totalled €1.83m, comprising accumulated losses of €7.88m offset by share capital of €6.05m.
Cash funds increased from €70,533 to €283,298.
The directors state that the company is licensed by the Health Products Regulatory Authority (HPRA).
"It is crucial to the survival of the business that the HPRA licence is maintained and that strong controls are in place to ensure that professional malpractice or patient error does not occur," they say.
"To this end, stringent controls are in place to safeguard the interests of the patients at all times," they add.
On future developments, the directors state that they are exploring possibilities for passive income through the rental of an unused floor in a building, in addition to the current nature of the business.
Reporting by Gordon Deegan
