MICROPORT-微创医疗(00853) - 2024 - 年度业绩

Financial Performance - Revenue for the year ended December 31, 2024, was $1,031.1 million, representing a 9.6% increase compared to$ 950.7 million in 2023[1]. - Gross profit increased by 7.9% to $574.1 million from$ 532.1 million year-on-year[1]. - Net loss narrowed significantly by 58.6% to $268.5 million from$ 649.2 million in the previous year[1]. - EBITDA turned positive, improving from a loss of $370.4 million to a profit of$ 60.4 million[1]. - Revenue from medical device sales for the current period was $1,006,188,000, compared to$ 928,686,000 in the previous period, reflecting a growth of approximately 8.35%[26]. - The total revenue for the group, including other income sources, was $1,031,063,000, up from$ 950,725,000, indicating an increase of about 8.47%[26]. - The expected revenue from existing contracts as of December 31, 2024, is $34,354,000, down from$ 45,249,000 in 2023, showing a decrease of approximately 24.5%[27]. - The company reported a net loss of $268,459,000 for the year ending December 31, 2024, compared to a net loss in the previous year[13]. - The company’s total reportable segment profit/loss net amount was$ (224,149) thousand in 2024, worsening from $(534,485) thousand in 2023, reflecting a continued challenge in profitability[34][35]. Cost Management and Efficiency - Total sales, management, and R&D expenses decreased by$ 216.5 million, a 24% reduction compared to the previous year[5]. - The R&D expense ratio dropped from 40% to 21% year-on-year, reflecting improved operational efficiency[5]. - Research and development costs decreased by 42.9% to $216.5 million, attributed to active cost control and resource focus on core projects[131]. - Distribution costs fell by 9.2% to$ 304.2 million, due to enhanced collaboration between domestic and overseas sales platforms[132]. - Administrative expenses decreased by 11.3% to $178.9 million, driven by resource focus and cost-saving measures[133]. Assets and Liabilities - Total assets decreased from$ 2,010,447,000 in 2023 to $1,737,273,000 in 2024, a decline of approximately 13.6%[8]. - Current liabilities decreased from$ 1,363,920,000 in 2023 to $1,179,013,000 in 2024, a reduction of about 13.5%[9]. - Non-current liabilities increased from$ 1,165,488,000 in 2023 to $1,309,565,000 in 2024, an increase of about 12.3%[9]. - The company's equity decreased from$ 1,402,997,000 in 2023 to $1,144,844,000 in 2024, a decline of approximately 18.4%[9]. - Cash and cash equivalents decreased significantly from$ 1,019,551,000 in 2023 to $712,995,000 in 2024, a drop of approximately 30.0%[8]. - Total liabilities slightly decreased to$ 2,488,578,000 in 2024 from $2,529,408,000 in 2023, a reduction of about 1.6%[37]. Business Expansion and Market Presence - The company achieved an 85% year-on-year increase in overseas business revenue, leveraging its global platform[5]. - The company received 58 first registrations for Class III medical devices from the National Medical Products Administration in China during the reporting period[3]. - A total of 249 first registrations were obtained in 43 overseas markets, enhancing the company's international presence[3]. - The company aims to enhance its international competitiveness by expanding its global innovation network and establishing overseas R&D and clinical trial capabilities[81]. - The company is actively exploring simultaneous clinical research and application of innovative products in domestic and international markets[96]. Financing and Debt Management - The company plans to implement measures to alleviate liquidity pressures and improve its financial position in the coming year[14]. - The group has implemented several strategies to enhance liquidity, including stricter cost control measures and significant reductions in operating cost budgets[16]. - The group plans to generate additional cash by selling several properties and equity-method investees[16]. - The company is negotiating with banks for the renewal of existing loans and obtaining new bank financing[16]. - As of December 31, 2024, the total interest-bearing borrowings amounted to$ 1,075,777,000, an increase from $803,768,000 in 2023, representing a growth of approximately 33.8%[56]. Product Development and Innovation - The company received 58 Class III medical device registrations from NMPA and 249 registrations in 43 overseas markets, with 18 products obtaining CE certification and 4 products receiving FDA registration[108]. - The new generation bioresorbable coronary stent Firesorb® was approved for market launch in July 2024 and has contributed to sales revenue during the reporting period[87]. - The company is expanding its market coverage in China, focusing on second, third, and fourth-tier cities[95]. - The innovative mitral valve intervention product AltaValve™ received FDA breakthrough device designation, highlighting the company's global technological leadership in structural heart disease[102]. - The company has established a comprehensive innovative R&D layout for structural heart disease, focusing on TAVI and other catheter-based solutions[100]. Corporate Governance and Compliance - The independent auditor, KPMG, confirmed that the consolidated financial statements accurately reflect the company's financial position as of December 31, 2024[150]. - The company has maintained compliance with the corporate governance code throughout the fiscal year ending December 31, 2024[153]. - The company has established an audit committee that reviewed and discussed the annual performance for the year ending December 31, 2024[163]. - The executive director is Dr. Chang Zhaohua, indicating a stable leadership structure[165]. - The board includes non-executive directors and independent non-executive directors, ensuring diverse oversight[165].