The Sims Clinic last year recorded pretax losses of €2.08 million as the reintroduction of in vitro fertilisation (IVF) tourism continued to hit clinic revenues. IVF tourism is the practice of travelling to another country to receive IVF or other reproductive treatments.
Accounts filed by the clinic show that the fertility service company recorded the €2.085 million pretax loss as revenues increased by 3 per cent from €7.64 million to €7.84 million in the 12 months to the end of June last.
In a note with the accounts the directors said that IVF tourism had a negative impact on volumes in 2025, just as it had in 2024.
The clinic’s pretax losses of €2.08 million are 27 per cent down on the losses of €2.85 million in 2024.
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The Sims Clinic has facilities in Cork, Carlow, Limerick, Dundalk and Wexford, with two in Dublin – in Swords and Clonskeagh.
The Sims Clinic is owned by the Australian-based Viney Holdco Pty Ltd.
In their report, the directors said 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 and it was reduced last year from €5.3 million to €4.98 million as numbers employed declined from 85 to 71, which is made up of 50 clinical staff and 21 in administration. Directors’ emoluments totalled €410,307.
The firm’s revenues were made up of €7.08 million in IVF revenues and €763,582 in diagnostics.
The firm’s losses last year took 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 Health Service Executive (HSE) approved clinics to provide the service.
At the end of June last, the company’s shareholder deficit totalled €1.83 million comprising accumulated losses of €7.88 million offset by share capital of €6.05 million.
Cash funds increased from €70,533 to €283,298.
The directors said 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.
“To this end, stringent controls are in place to safeguard the interests of the patients at all times.”
On future developments, the directors said 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.
