微创医疗(00853) - 2024 - 中期财报

Financial Performance - Revenue for the six months ended June 30, 2024, was $558.7 million, an increase of 15.8$482.6 million in the same period of 2023[11]. - Gross profit for the same period was $330.6 million, reflecting a 14.6$288.4 million year-over-year[11]. - The loss for the period decreased by 51.5%, from $219.9 million in 2023 to$106.7 million in 2024[11]. - Loss attributable to equity shareholders of the company was $96.8 million, down 40.5$162.6 million in the previous year[11]. - Basic loss per share improved to (5.29) cents, a reduction of 40.8% compared to (8.94) cents in 2023[11]. - The adjusted net loss under non-Hong Kong Financial Reporting Standards for the period was $68.4 million, a decrease of 63.1$185.2 million in the prior year[11]. - The company recorded a net loss of $106.7 million for the six months ended June 30, 2024, a decrease of 51.5$219.9 million for the same period in 2023[73]. - Total comprehensive loss for the period was $117.788 million, compared to$266.945 million in the prior year, highlighting a substantial reduction in overall losses[145]. Revenue Growth by Segment - The neuromodulation business, structural heart disease business, aortic and peripheral vascular intervention business, and surgical robotics business saw revenue growth of 36.5%, 26.7%, 26.3%, and 117.0% respectively compared to the same period last year[14]. - The cardiovascular intervention business reported a global revenue growth of 13.4% and a net profit increase of 279.4% during the reporting period[15]. - The orthopedic medical device business experienced a revenue increase of 9.0% and a significant reduction in net loss by 37.5%[15]. - The heart rhythm management business saw a revenue growth of 5.6%, with a substantial increase of 61.5% in the Chinese market[17]. - The aortic and peripheral vascular intervention business achieved a global revenue growth of 26.3%, with overseas sales increasing by over 65%[17]. - The surgical robotics business reported a remarkable revenue growth of 117.0%, with overseas sales increasing by 293.2%[18]. - The cardiovascular intervention business generated global revenue of $93.3 million, a year-on-year increase of 13.4$126.3 million, reflecting a 9.0% increase (both in USD and excluding currency effects) compared to the same period last year[52]. - The arrhythmia management business achieved revenue of $113.4 million, up 5.6$110.4 million, a 26.3% increase (excluding currency effects) or 24.0% increase (in USD) compared to the previous year[55]. - The neurointervention business reported revenue of $57.1 million, a 36.5$31.1 million, a 26.7% increase (excluding currency effects) or 24.3% increase (in USD) compared to the same period last year[57]. - The surgical robotics business generated revenue of $10.0 million, a significant increase of 117.0$187.3 million for the six months ended June 30, 2023, to 115.0 million for the six months ended June 30, 2024[65]. - The company is advancing the R&D registration process for innovative medical devices that are close to approval and have significant market potential[21]. - The company is actively developing a diversified supplier base to mitigate risks and enhance the global orthopedic supply chain collaboration[26]. Operational Efficiency - The operating expense ratio improved significantly from 94% to 64%, with R&D expense ratio decreasing from 39% to 21%[14]. - The company plans to continue focusing on core businesses, enhancing operational efficiency, and accelerating the development of innovative medical devices to meet unmet clinical needs[18]. - The company has established a comprehensive marketing and service network both domestically and internationally, optimizing resource allocation to enhance operational efficiency[21]. - The company is transitioning from a distribution model to a direct sales model in the U.S. starting Q1 2024, aiming to improve operational efficiency and profit levels[34]. Market Expansion and Strategy - The company aims to provide affordable and transformative medical solutions to improve patient health and extend life expectancy[4]. - The company plans to continue focusing on core business and accelerate international market expansion to enhance the commercialization value of its existing products[21]. - The company is actively expanding its international market presence, with 7 products achieving overseas sales in 34 countries and regions[31]. - The company plans to accelerate global expansion and integrate its brand and operations, focusing on localizing its global strategy to reach more countries and regions[82]. - The company is exploring potential mergers and acquisitions to bolster its competitive position in the market[199]. Financial Position and Liquidity - The group had cash and cash equivalents of 740.1 million as of June 30, 2024, down from $1,019.6 million as of December 31, 2023[75]. - Total borrowings amounted to$1,564.4 million as of June 30, 2024, a slight decrease from $1,566.5 million as of December 31, 2023[77]. - The group’s net current assets increased to$995.3 million as of June 30, 2024, from $646.5 million as of December 31, 2023[78]. - The company faces significant uncertainties regarding its ability to continue as a going concern due to financial performance and covenant compliance issues[140]. - The company plans to implement stricter cost control measures and significantly reduce its research and development budget to improve liquidity[178]. Shareholder Information - As of June 30, 2024, Dr. Chang Zhao Hua holds 49,047,671 shares, representing approximately 2.67% of the company's equity[85]. - Otsuka Holdings Co., Ltd. holds 382,994,120 shares, representing 20.87% of the total issued shares[91]. - The Perfect Science Foundation Limited owns 348,716,563 shares, accounting for 19.00% of the total issued shares[91]. - We'Tron Capital Limited has 345,417,444 shares, which is 18.82% of the total issued shares[91]. - JPMorgan Chase & Co. holds 222,268,755 shares, representing 12.11% of the total issued shares[91]. - Hillhouse Capital Advisors, Ltd. owns 153,694,000 shares, accounting for 8.37% of the total issued shares[91]. - Shanghai Zhangjiang (Group) Co., Ltd. holds 151,748,050 shares, which is 8.27% of the total issued shares[91]. Corporate Governance - The company has complied with all applicable code provisions of the Corporate Governance Code during the reporting period, except for the separation of the roles of Chairman and CEO[123]. - The company has established an audit committee that reviewed the interim results for the six months ending June 30, 2024[125]. - All directors confirmed compliance with the standard code of conduct for securities trading during the six months ending June 30, 2024[100].