Investment Rating - The report assigns a "Buy" rating for Sisram Medical (复锐医疗科技) as a first-time coverage [6][7]. Core Views - Sisram Medical is positioned as a global leader in energy source devices, expanding its presence in the beauty and health ecosystem. The company has diversified its business into injection fillers, personal care, and digital dentistry, leveraging its strong R&D capabilities and market presence [6][18]. - The Chinese medical aesthetics market is experiencing stable growth, with the light medical aesthetics segment showing promising prospects. The company is well-positioned to capitalize on this trend through its established product lines and market strategies [6][45]. Financial Data and Profit Forecast - Total revenue projections for Sisram Medical are as follows: - 2023: $359.29 million (YoY +1.36%) - 2024E: $368.57 million (YoY +2.58%) - 2025E: $429.16 million (YoY +16.44%) - 2026E: $494.15 million (YoY +15.15%) [5][6] - Net profit forecasts are: - 2023: $31.50 million (YoY -21.59%) - 2024E: $30.07 million (YoY -4.53%) - 2025E: $39.09 million (YoY +29.99%) - 2026E: $47.16 million (YoY +20.64%) [5][6] - Earnings per share (EPS) estimates are: - 2023: $0.07 - 2024E: $0.06 - 2025E: $0.08 - 2026E: $0.10 [5][6] Business Expansion and Market Position - Sisram Medical has a solid foundation in energy source devices and a promising outlook for injection fillers. The company is expanding its business into digital dentistry and personal care, aiming to create a comprehensive beauty and health ecosystem [6][18]. - The company has established a strong direct sales network, with 78% of its revenue coming from direct sales in 2023, and is actively expanding its global reach [6][24]. Market Trends and Growth Potential - The light medical aesthetics market in China is projected to grow significantly, with a CAGR of 12.8% expected from 2024 to 2030. The non-surgical segment is anticipated to account for 65% of the market by 2030 [46]. - The energy source device market is expected to maintain rapid growth, driven by consumer demand for non-invasive procedures such as photorejuvenation and hair removal [6][45].

Investment Rating - The investment rating for the company is upgraded to "Accumulate" with a target price of 3.75 HKD [1]. Core Views - The medical beauty business is steadily growing, with strong performance in the Asia-Pacific and European markets [1]. - The company reported a revenue of 1.209 billion HKD for H1 2024, a decrease of 1.4% year-on-year, and a net profit of 78 million HKD, down 42.05% year-on-year [1]. - The medical beauty segment generated 1.056 billion HKD in revenue, accounting for 88.5% of total revenue, with a year-on-year growth of 1.3% [1]. - The company is focusing on new product launches, which have been well received in the market, and is expanding its commercialization efforts in the Asia-Pacific region [1]. Business Segment Summary - **Medical Beauty Business**: Revenue reached 1.056 billion HKD, with a year-on-year growth of 1.3%. The revenue mainly comes from classic devices like Soprano, Harmony, Opus, Accent, and Hybrid [1]. - **Injectable Fillers**: Revenue was 31.949 million HKD, a decrease of 7.5% year-on-year, due to a shift in focus towards new product launches [1]. - **Dental Business**: Revenue was 19.952 million HKD, down 47.0% year-on-year, as this segment is still in the incubation phase and facing demand-side pressures [1]. - **Service and Other Businesses**: Revenue was 85.271 million HKD, a decrease of 14.1% year-on-year [1]. Regional Performance Summary - **North America**: Revenue was 474 million HKD, accounting for 39.7% of total revenue, down 15.7% year-on-year due to rising credit costs affecting customer purchasing decisions [1]. - **Asia-Pacific**: Revenue was 396 million HKD, accounting for 33.3% of total revenue, with a year-on-year growth of 15.5% driven by strong performance from Alma China [1]. - **Europe**: Revenue was 170 million HKD, accounting for 14.2% of total revenue, with a year-on-year growth of 10.0% due to the transition to direct sales in the UK market [1]. - **Middle East and Africa**: Revenue was 109 million HKD, accounting for 9.1% of total revenue, with a year-on-year growth of 10.9% [1]. - **Latin America**: Revenue was 44.661 million HKD, accounting for 3.7% of total revenue, down 20.3% year-on-year [1]. Profitability and Cost Structure - The company's gross margin for H1 2024 was 62.41%, an increase of 1.06 percentage points year-on-year, primarily due to a higher proportion of direct sales [1]. - The selling expense ratio increased by 2.59 percentage points year-on-year due to increased sales and marketing activities [1]. - The management expense ratio increased by 1.49 percentage points year-on-year due to expenses related to new office operations [1]. - R&D expense ratio remained stable year-on-year [1]. Future Outlook - The company expects revenues for 2024-2026 to be 2.569 billion HKD, 3.002 billion HKD, and 3.505 billion HKD respectively, with net profits of 215 million HKD, 280 million HKD, and 339 million HKD respectively [1].

Global Expansion and Market Development - The company has expanded its global presence to over 100 countries and regions through a direct sales strategy over the past five years[3]. - The company is focusing on local market development in China, aiming to align its product offerings with local consumer needs and enhance its operational capabilities[4]. - The company aims to strengthen its leadership in key markets like Asia-Pacific and North America while expanding its beauty health ecosystem[9]. - The company is actively evaluating additional direct sales office opportunities in strategic markets within the Asia-Pacific region[18]. - The company established new sales offices in the UK, UAE, and Japan, and acquired 60% of a Chinese distributor, significantly strengthening its infrastructure for future growth[18]. Product Development and Innovation - The company aims to establish a product matrix that meets high demand and high-value needs, focusing on enhancing market penetration and customer coverage[3]. - The company launched the innovative multi-mode anti-aging platform Alma Harmony™ and the intelligent skin analysis solution Alma IQ™ in the U.S., which have received high market recognition[6]. - The Soprano Titanium™ special edition was launched globally, enhancing the company's leading position in the hair removal market with over 20% efficiency improvement[6]. - The company launched significant new products, including Soprano Titanium™ and Alma Harmony™, along with the innovative Alma IQ™ skin analysis solution[7]. - The company’s Alma Harmony™ product received FDA approval for over 130 indications, showcasing its innovative capabilities in addressing various skin conditions[15]. Financial Performance - Total revenue for the first half of 2024 was $168.73 million, a slight decrease from $171.62 million in the same period of 2023[11]. - Gross profit for the first half of 2024 was $105.31 million, with a gross margin of 62.4%, up from 61.4% in the previous year[11]. - The net profit margin decreased to 7.8% in the first half of 2024 from 10.9% in the same period of 2023[11]. - Adjusted net profit was $16.7 million, a decrease of 19.4% compared to the same period in 2023, with an adjusted net profit margin of 9.9%[14]. - Revenue decreased from $171.6 million to $168.7 million, a decline of 1.7% year-over-year, primarily due to challenging economic conditions in North America, offset by double-digit revenue growth in Asia-Pacific, Europe, and the Middle East and Africa[26]. Strategic Partnerships and Collaborations - The company is leveraging strategic partnerships to expand its product pipeline and enhance its competitive advantage in the non-invasive and minimally invasive medical aesthetics sector[5]. - Strategic partnerships established for high-end products, including exclusive distribution rights for Profhilo® and DAXXIFY® in key markets[8]. - The company established a strategic partnership with Prollenium® to distribute the Revanesse® dermal filler series in key markets including Germany, Austria, Switzerland, Australia, and New Zealand[13]. - The strategic partnership with Prollenium® aims to expand the injection filling product portfolio, enhancing the effectiveness and longevity of various aesthetic treatments[20]. Research and Development - Research and development expenses amounted to $8.1 million, with three new products launched during the reporting period[15]. - The company initiated two additional clinical studies and ten peer-reviewed studies in the fields of aesthetics, dermatology, and plastic surgery[16]. - The company achieved significant progress in intellectual property, including the application for two new patents in the fields of radiofrequency and ultrasound[16]. - Research and development expenses decreased by 11.9% to $8.1 million, indicating strict cost control measures[36]. Cash Flow and Financial Position - Cash flow from operating activities was $4.0 million, significantly lower than $8.0 million in the same period last year, representing a 50.5% decline[49]. - Cash flow from investing activities was $9.2 million, compared to an outflow of $24.2 million in the previous year, marking a 138.1% increase[49]. - Total cash and cash equivalents at the end of the period increased by 35.1% to $70.1 million, up from $51.9 million[49]. - The company maintained a strong cash position with cash and cash equivalents exceeding total debt[43]. Corporate Governance and Compliance - The company is committed to high standards of corporate governance and has adhered to all relevant codes during the reporting period[130]. - The audit committee reviewed the unaudited interim results for the six months ending June 30, 2024[131]. - The company has appointed new independent non-executive directors, enhancing its governance structure[129]. Market Outlook and Future Plans - The company anticipates strong performance in revenue and net income for the second half of 2024, driven by year-over-year growth in new order volume[23]. - The company expects revenue guidance for the second half of 2024 to be between HKD 1.5 billion and HKD 1.7 billion, indicating a potential growth of 25% to 42% compared to the first half[135]. - New product launches are anticipated to contribute an additional HKD 300 million in revenue by the end of 2024[136]. - Market expansion plans include entering two new countries in the Asia-Pacific region by Q4 2024, targeting a market size of approximately HKD 500 million[136].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The global medical aesthetics industry is expanding, with non-surgical segments growing faster than surgical ones. The industry features high entry barriers and significant profit margins, particularly in the upstream sector [3][4]. - The company is positioned as a leader in energy-based medical aesthetics, with a diverse product portfolio and a strong focus on innovation and market expansion [4][6]. - Revenue forecasts for the company indicate growth from $370 million in 2024 to $473 million by 2026, with a projected net profit increase from $34 million to $43 million in the same period [6][8]. Summary by Sections Industry Overview - The medical aesthetics industry combines medical and consumer attributes, influenced by disposable income and consumer preferences. The upstream sector has a gross margin of 80%-95%, while the downstream customer acquisition platforms have a margin of about 60%-80% [3][4]. - The energy-based aesthetics market is projected to grow steadily, with a significant portion of revenue coming from skin rejuvenation treatments [3][4]. Company Overview - The company has established a "big medical aesthetics" ecosystem, focusing on energy-based aesthetics, injection fillers, digital dentistry, and personal care. In 2023, its energy-based aesthetics revenue reached $320 million, with a year-on-year growth of 3.2% [4][6]. - The injection filler segment, which the company entered in 2019, generated over $10 million in revenue in 2023, reflecting a 9.3% increase year-on-year [4][6]. Financial Performance - The company is expected to achieve revenues of $370 million, $421 million, and $473 million from 2024 to 2026, with corresponding net profits of $34 million, $39 million, and $43 million [6][8]. - The company's valuation metrics indicate it is undervalued compared to peers, with a projected P/E ratio of 5.7X for 2024, decreasing to 4.5X by 2026 [6][8]. Market Positioning - The company has a strong market presence in energy-based aesthetics, holding a 4.4% share of the global market in 2016, ranking fifth. It has launched approximately 30 products in this segment since 2006 [4][6]. - The company is actively expanding its direct sales channels globally, with a significant focus on the Chinese market, where it has formed a joint venture to enhance its presence [6][4].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Sisram Medical Ltd 復 銳 醫療科技有限公司 * （於以色列註冊成立的有限公司） （股份代號：1696） 截至二零二四年六月三十日止六個月的中期業績公告 | --- | --- | --- | |-------|-----------------------------------------------------------------------------|--------------| | | | | | | 財務概要 | | | | 截至二零二四年六月三十日止六個月： | | | • | 收益為 168.7 百萬美元，較截至二零二三年六月三十日止六個月的收益減少 1.7% 。 | | | • | 直銷產生的收益佔比為 86.1% ，分銷商產生收益佔比為 13.9% | ，而於二零二 | | | 三年同期則分別為 72.1% 及 27.9% 。 | | | • | 毛利率由二 ...

Revenue Growth - The company's revenue increased from $354.5 million to $359.3 million, representing a 1.4% year-over-year growth, primarily driven by the growth in revenue from newly established direct sales offices in North America and China[4]. - Total revenue for the reporting period reached $359.3 million, an increase of 1.4% compared to 2022[13]. - Revenue for the year was $359.3 million, a slight increase from $354.5 million in the previous year[48]. - Total revenue for the year 2023 was $359,292 thousand, a slight increase from $354,480 thousand in 2022, representing a growth of approximately 0.23%[162]. Profitability - The company reported a decrease in net profit to $32.9 million, down 17.9% from the previous year, with a net profit margin of 9.2%[4]. - The group achieved a profit before tax of $37.1 million, representing a decrease of 16.1% compared to the previous year[41]. - The adjusted net profit for the year was $37.5 million, down 22.9% year-on-year, with an adjusted net profit margin of 10.4%[41]. - Net profit for the year 2023 was $32,898 thousand, down from $40,080 thousand in 2022, reflecting a decrease of approximately 18.0%[164]. Gross Profit and Margin - Gross profit margin improved to 61.1%, up from 57% in the previous year, reflecting an 8.6% increase in gross profit to $219.5 million[4]. - Gross profit rose from $202.2 million in 2022 to $219.5 million in 2023, an increase of $17.3 million, with a gross margin of 61.1%, up from 57.0% in 2022[13]. - Gross margin improved to 61.1%, an increase of 4.1 percentage points from 57.0% in the same period last year[72]. - Gross profit increased by 8.6% from $202.2 million in 2022 to $219.5 million in 2023[119]. Market Expansion and Strategic Initiatives - The establishment of a new direct sales office in Japan is a strategic move to enhance the company's presence in the Asian market, focusing on beauty and health products[1]. - A new direct sales office was established in Dubai, aimed at becoming a trade hub for the Middle East market, starting with energy-based devices and expanding to other beauty health ecosystem units[28]. - The company has established direct sales offices in key strategic markets to simplify the supply chain and enhance product average selling prices[88]. - The acquisition of PhotonMed HK's distribution business is expected to strengthen the company's market position and brand recognition in the Asia-Pacific region[7][8]. Product Development and Innovation - The company is actively developing new products, including injectable fillers, with several registration applications submitted to the National Medical Products Administration in China[9]. - The company launched the VorFat system, a new fat tissue micro-particle technology, which received FDA approval, enhancing the product portfolio and market competitiveness[16]. - The company launched three new products in new regions during the reporting period, including the Soprano Titanium™ platform in North America[41]. - The company is focusing on clinical and pre-clinical research, with 20 studies ongoing in various fields including aesthetics and dermatology[16]. Financial Health and Cash Flow - Cash flow from operating activities increased by 99.4% to $43.9 million compared to the previous year[41]. - Cash and bank balances decreased to $70.6 million in 2023 from $81.5 million in 2022[59]. - The total liabilities increased to $144.0 million in 2023, up from $123.4 million in 2022, indicating a rise of 16.5%[59]. Regional Performance - The Asia-Pacific region saw a revenue increase of 11.8%, while North America experienced a 9.2% increase during the reporting period[13]. - North America revenue increased by 9.2% from $143.7 million in 2022 to $156.9 million in 2023, primarily due to the success of the hair growth division[114]. - Europe revenue decreased by 14.0% from $58.3 million in 2022 to $50.2 million in 2023, attributed to challenging macroeconomic conditions and the impact of the Russia-Ukraine conflict[115]. - Revenue from the Asia-Pacific region increased by 11.8% from $98.1 million in 2022 to $109.7 million in 2023, driven by successful operations in direct sales offices in China, India, South Korea, and Australia[97]. Cost Management - Total sales cost decreased by 8.2% from $152.3 million in 2022 to $139.8 million in 2023, improving gross margin through effective cost control[118]. - Sales and distribution expenses rose by 25.7% from $99.7 million in 2022 to $125.3 million in 2023, mainly due to costs associated with new direct sales offices and brand ambassador programs[120]. Research and Development - R&D expenditure for the year was $18.0 million, reflecting the company's commitment to innovation[41]. - Research and development expenses remained stable at $18,029 thousand in 2023, slightly up from $18,023 thousand in 2022[162]. Strategic Focus for Future - The company plans to focus on consolidating its leadership in key markets such as Asia-Pacific and North America in 2024[72]. - The company aims to diversify its business lines and expand its ecosystem in the beauty and health sector[53]. - The company will continue to focus on mergers and acquisitions to enhance R&D capabilities and product offerings[3.7].

Revenue and Profitability - For the year ended December 31, 2023, revenue was $359.3 million, an increase of 1.4% compared to $354.5 million in 2022[10]. - Total revenue for the year ended December 31, 2023, was $359.292 million, a slight increase from $354.480 million in 2022, representing a growth of approximately 1.0%[65]. - Revenue breakdown by region shows North America at $156.891 million, up from $143.664 million in 2022, reflecting a growth of about 9.0%[65]. - The Asia-Pacific region generated $109.685 million, an increase from $98.069 million, indicating a growth of approximately 11.0%[65]. - Revenue from product sales was $336,089 thousand in 2023, compared to $334,653 thousand in 2022, indicating a growth of about 0.43%[105]. - Service revenue increased to $23,203 thousand in 2023 from $19,827 thousand in 2022, reflecting a growth of approximately 16.93%[105]. - The total comprehensive income for the year was $32.9 million, down from $40.1 million in the previous year[7]. - The net profit for the year was $32.9 million, down 17.9% from the previous year's profit[140]. - The pre-tax profit for 2023 was $139,767 thousand, down from $152,254 thousand in 2022, a decrease of about 8.19%[111]. - Adjusted net profit for the reporting period was $37.5 million, a decrease of 22.9% year-over-year, with an adjusted net profit margin of 10.4%[195]. Cash Flow and Financial Position - Net cash flow from operating activities was $43.9 million, a significant increase of 99.4% compared to the previous year[10]. - The company's total assets less current liabilities increased to $525.3 million from $475.5 million in 2022[14]. - Total non-current assets increased to $345.67 million in 2023 from $297.79 million in 2022, indicating a growth of approximately 16.1%[83]. - Trade receivables at the end of 2023 amounted to $98.7 million, compared to $95.6 million in 2022[130]. - The company has sufficient funds to meet future business needs and maintain operational flexibility[140]. Dividends and Shareholder Returns - The company announced a final dividend of HK$0.158 per share (tax included) for the year ended December 31, 2023[10]. - The company declared a final dividend of HKD 0.158 per share for the year ended December 31, 2023[54]. Governance and Compliance - The company has complied with all applicable principles and code provisions of the Corporate Governance Code during the reporting period[21]. - The audit committee reviewed the annual performance for 2023 and the financial statements prepared in accordance with international financial reporting standards[33]. - The company has adopted a trading policy for directors and the CEO, ensuring compliance with relevant regulations[30]. - The board of directors includes both executive and independent non-executive members, highlighting a diverse governance structure[66]. Research and Development - Research and development expenses for 2023 were $18,029 thousand, slightly up from $18,023 thousand in 2022[91]. - The company is focused on strategic investments, including clinical research and the development of innovative solutions in energy-based medical aesthetics[137]. - The company conducted 20 clinical and preclinical studies during the reporting period, covering various fields including aesthetics and gynecology[198]. Product Development and Market Expansion - The Soprano Titanium™ hair removal platform was introduced to the North American market after receiving FDA approval[175]. - The Alma Veil™ was launched in North America, targeting various skin conditions and expanding the customer base[176]. - The company received FDA approval for the VorFat system, enhancing its product portfolio and competitive position in the global medical aesthetics market[178]. - The second-generation LMNT O2 medical-grade home beauty device was launched, supporting regional growth strategies[179]. - The company established new offices in Japan and China in 2023, advancing direct sales subsidiaries in the UK and UAE[179]. - The company launched three new products in new regions during the reporting period, including the Opus platform for non-invasive skin tightening and rejuvenation[197]. - The company has received multiple product registration applications from the National Medical Products Administration in China, including the Profhilo® injectable filler[184]. Strategic Initiatives - The company is focused on expanding its global sales channels, with a total allocation of $61 million for this purpose[50]. - A new direct sales office was established in Dubai, aimed at becoming a trade hub for the Middle East market, starting with energy source equipment and expanding into personal care and aesthetic dentistry[186]. - The company is actively pursuing mergers and acquisitions to enhance its R&D capabilities, product portfolio, and distribution channels[191]. - The company plans to strengthen its market leadership in strategic markets (Asia-Pacific and the U.S.) through deeper market penetration and closer collaboration with partners and customers[190].

Market Overview - The global beauty and wellness market is currently valued at approximately $4.4 trillion and is projected to reach $7 trillion by 2025[21]. Revenue and Financial Performance - Revenue from the injection filler segment reached $4.9 million, representing a year-on-year growth of 29.6%[22]. - The company achieved revenue of $171.6 million in the first half of 2023, with a gross profit of $105.3 million, representing a 5.7% increase from $99.6 million in the same period of 2022[26]. - Revenue for the six months ended June 30, 2023, decreased to $171.6 million from $174.5 million in the same period of 2022, a decline of 1.7%[59]. - Revenue from the medical aesthetics product line accounted for 85.9% of total revenue, with sales of $147.4 million, down 4.2% from $153.8 million in the same period of 2022[60]. - Customer contract revenue for the first half of 2023 was $171.621 million, a decrease of 1.6% compared to $174.504 million in the same period of 2022[132]. - Revenue from product sales was $157.587 million, down from $164.883 million year-over-year, while service revenue increased to $14.034 million from $9.621 million[132]. - Revenue from the injection filling business line was $4.9 million, an increase of 29.6% compared to the same period in 2022[90]. - North America revenue increased by 13.7% from $69.9 million in the same period of 2022 to $79.5 million, driven by strong performance of Alma Ted™, Soprano, and Harmony equipment platforms[92]. - Revenue from the Middle East and Africa decreased by 21.7% to $13.9 million, primarily due to negative currency effects and a temporary slowdown in Dubai during the transition to direct offices[63]. Profitability and Margins - Gross margin improved to 61.4%, up 4.3 percentage points from 57.1% in the same period of 2022, demonstrating the company's adaptability in an unstable global economy[26]. - Net profit for the period decreased by 8.5% to $18.8 million from $20.5 million in the same period of 2022, with net profit margins of 10.9% and 11.8% respectively[70]. - The company reported a net profit of $18.8 million, with a net profit margin of 10.9%, down from 11.8% in the same period of 2022[32]. - The effective tax rate for Alma, a subsidiary, was 16% during the reporting period due to its status as a "preferred enterprise" under the Capital Investment Encouragement Law[184]. Strategic Initiatives - The company completed the acquisition of PhotonMed, a leading energy source equipment distributor in China, enhancing its strategic presence in the key market[14]. - The company is focusing on the commercialization of the injection filler product Daxxify and the clinical progress of hyaluronic acid solutions to meet evolving market demands[11]. - The company plans to launch new products, including Alma Veil in the U.S. market in the coming months, following the recent FDA approval of Soprano Titanium[22]. - The company aims to strengthen its market penetration by establishing new direct sales channels in key markets[14]. - The company is actively optimizing its dental distribution business and advancing the strategic transformation of its beauty and digital dental business[11]. - The company aims to enhance market penetration in China through seamless integration and optimization of direct sales channels[87]. - The company is promoting a new hair growth solution based on the innovative TED™ platform and specially formulated hair care products[86]. - The company plans to expand its direct sales business and open new direct offices in strategic markets in the second half of 2023[54]. - The company has expanded its direct sales presence in new markets, including China, the UK, and the UAE, to drive growth and tailor solutions to consumer needs[188]. - The acquisition of PhotonMed, a Chinese medical equipment distributor, is aimed at enhancing local operations and strengthening the company's direct sales strategy in the Chinese market[188]. Customer Experience and Marketing - The company is committed to improving customer experience by creating a beauty and health experience center with advanced equipment and skilled teams[14]. - The company emphasizes a customer-centric approach to drive growth and enhance service quality, aiming to meet personalized consumer needs[15]. - The company is committed to enhancing brand recognition and trust among B2C audiences through influencer marketing and digital marketing initiatives[26]. - The company launched a new global website focused on personalized services and innovative customer experiences for its Alma brand[49]. Operational and Investment Activities - The company is developing a strategic inventory management plan and raw material procurement strategy for the upcoming year to address global supply chain challenges[53]. - The group’s capital expenditure was $3.3 million, mainly for the renovation of leased properties[111]. - The company raised approximately $615.47 million HKD from a placement of 24 million new shares, intended for developing injection filling business and expanding global sales channels[145]. - The company recorded a net cash outflow from investing activities of $24,227,000, compared to a net inflow of $7,946,000 in the previous year, indicating a significant shift in investment strategy[150]. - The company’s investment in subsidiaries resulted in a cash outflow of $27,262,000, reflecting ongoing strategic acquisitions[150]. Employee and Administrative Metrics - Employee count increased by 29.5% compared to December 31, 2022, attributed to the acquisition of PhotonMed International Limited and expansion of the sales team[142]. - The group's administrative expenses increased by 1.0% to $14.0 million from $13.9 million in the same period of 2022[96]. Financial Position and Assets - Total assets increased to $604.7 million, up from $555.6 million in the previous year, indicating strong financial health[39]. - Trade receivables as of June 30, 2023, totaled $103,397,000, up from $95,633,000 as of December 31, 2022, representing an increase of about 8.5%[197]. - The total book value increased from $111,183,000 on January 1, 2023, to $126,915,000 by June 30, 2023[200]. - The net book value as of June 30, 2023, was $126,915,000[200]. Tax and Financing - Tax expenses decreased by 23.4% to $1.9 million from $2.5 million in the same period of 2022, primarily due to lower tax rates for the Israeli company since January 1, 2017[99]. - Interest coverage ratio decreased to 21.1 times from 23.4 times in the same period of 2022, due to a 9.7% decline in EBIT to $21.8 million[73]. - The group confirmed an expense of $825,000 for restricted share units, compared to $1.626 million for the same period in 2022[114]. - The company’s cash flow from financing activities showed a net outflow of $4,954,000, compared to a net outflow of $3,357,000 in the previous year, indicating increased financing costs[150].

接下来有请富睿医疗科技的吴总给大家带来今天的一个录演大家掌声欢迎我是富睿医疗科技的IR我叫吴迷达 叫我邹也行我接下来跟大家分享一下我们周期的一个情况上半年的话因为八月份的时候我们也发了这个业绩报告了大家可能也有看到 然后跟大家分享一下我们的一个财务数据了收入的话我们上半年实现了1.7亿美金同比是有一定的下滑大概1.7%的样子那后面的话以后给大家具体去介绍或者去解释一下大家什么样的一个情况那北美的话实现7900万美金的收入那基本上这个增长还是在预期之内增长了13.7% 注册填充的业务呢490万美金然后同比增长了30%的样子那在今年的这个中期的报告中呢大家可能看到有点不太一样的地方就是我们网络利率增长了4.3个百分点达到了61.4%那至于这个呢也得益于后面这个数据就是我们这个直销占比提升了7.3个百分点达到了72.1% 主要也有几个业务亮点可以说上半年我们做了很多的这些业务的一些铺垫包括完成了中国直销渠道的一个分销商的收购去把中国的渠道变成了直销的一个模式另外建立了两个直销办公室可能英国这个直销办公室大家可能在去年有看到公告但它这个一次性的投入费用基本上还是集中在去年的年底和今年的年初 另外我们开发了三款新品包括 ...

Financial Performance - Revenue for the six months ended June 30, 2023, was $171.6 million, a decrease of 1.7% compared to $174.1 million for the same period in 2022[36]. - Gross profit for the same period was $105.3 million, an increase of 5.7% from $99.7 million in the prior year, resulting in a gross margin increase from 57.1% to 61.4%[36]. - Profit attributable to equity holders for the six months was $18.9 million, down 8.4% from $20.6 million in the previous year[36]. - Total revenue for the six months ended June 30, 2023, was $171,621 thousand, a decrease of 1.6% from $174,504 thousand in the same period of 2022[52]. - The net profit for the period was $18,783 thousand, down 8.5% from $20,527 thousand in the prior year[52]. - Basic earnings per share for the period was $4.04, a decrease from $4.42 in the same period last year[52]. - Adjusted net profit for the period was $20.7 million, a decrease of 17.1% compared to the same period last year, resulting in an adjusted net profit margin of 12.0%[103]. - The group achieved a pre-tax profit of $20.7 million and a net profit of $18.8 million, down 10.1% and 8.5% respectively from the previous year, mainly due to increased sales and distribution expenses[124]. Revenue Breakdown - Direct sales revenue accounted for 72.1% of total revenue, up from 64.8% in the same period last year, reflecting the company's strategy to expand global direct sales offices[36]. - Revenue for medical aesthetics was $147.4 million, accounting for 85.9% of total revenue, a decrease of 4.2% compared to $153.8 million in the previous year[166]. - Revenue from the medical aesthetics product line accounted for 85.9% of total revenue, with sales of $147.4 million, down 4.2% from $153.8 million in the previous year[194]. - Revenue from the Asia-Pacific region increased by 1.1% to $48.4 million, attributed to growth in direct sales in South Korea, Australia, and Hong Kong[198]. - European revenue decreased by 28.4% to $21.9 million, impacted by macroeconomic conditions and the transition from a distribution model to a direct sales model in the UK[199]. Expenses and Costs - Operating expenses increased to $70,177 thousand from $61,112 thousand, primarily due to higher sales and distribution expenses, which rose by 26.2% to $59,855 thousand[52]. - The cost of goods sold for the same period was $43,406,000, down from $48,342,000, reflecting a 10.3% reduction[81]. - Research and development expenses increased to $9,159,000 from $8,329,000, representing a growth of 10%[81]. - R&D expenses increased by 10% to $9.2 million, driven by the expansion of technological capabilities and investment in the personal care brand LMNT[178]. Assets and Liabilities - Non-current assets totaled $355,094,000 as of June 30, 2023, compared to $305,036,000 at the end of 2022, marking a 16.4% increase[72]. - Current assets decreased slightly to $249,645,000 from $250,565,000, a decline of 0.4%[72]. - Non-current liabilities increased, with lease liabilities rising to $34,787 thousand from $32,718 thousand[45]. - Trade receivables increased to $103.4 million as of June 30, 2023, from $95.6 million as of December 31, 2022[7]. Strategic Initiatives - The company launched two new products in new regions and prepared for the launch of a new product, LipoSense™, aimed at enhancing surgical safety[17][18]. - The company has entered into a licensing agreement for Daxxify, a new neuromodulator product, with upfront payments totaling $52.25 million and additional milestone payments[97]. - The company has successfully introduced Alma Opus, a non-invasive radiofrequency device platform, to international markets outside the United States[105]. - The company plans to launch Alma Veil™ in North America in the second half of 2023, targeting various skin conditions and vascular diseases[127]. - The company aims to strengthen its market presence in sexual health and men's health, focusing on innovative concepts to meet evolving consumer demands[145]. Market and Brand Development - The company established a new direct sales channel in Dubai, UAE, aimed at becoming a trade hub for the Middle East, starting with energy source equipment and expanding into personal care and aesthetic services[154]. - A new global brand ambassador has been engaged for a two-year collaboration to enhance brand visibility and promote solutions effectively[130]. - The company launched a new global website for its flagship energy source equipment company, Alma, emphasizing personalized services and unique customer experiences[149]. - The first Sisram Wellness Center has been initiated in downtown Chicago, facilitating daily interactions with professionals and patients to better understand their needs[151]. - The company opened its first Sisram Wellness Center in Chicago on June 9, 2023, offering advanced medical aesthetic solutions and integrating trusted brands like Alma®[156].