微创医疗(00853) - 2023 - 中期财报

Revenue Growth and Financial Performance - Revenue increased by 19% to $482.605 million in the first half of 2023 compared to$404.984 million in the same period of 2022[11] - Gross profit rose by 16% to $288.416 million in H1 2023 from$247.702 million in H1 2022[11] - Net loss attributable to equity shareholders decreased by 18% to $162.618 million in H1 2023 from$198.130 million in H1 2022[11] - Global business revenue increased by 25% year-over-year to 483 million, driven by strong demand recovery in the medical sector[13] - Revenue from neurovascular intervention, cardiovascular intervention, heart valve, and large vessel & peripheral vascular intervention businesses grew by 45%, 42%, 41%, and 36% respectively year-over-year[13] - Surgical robot business revenue surged by 3,110% year-over-year, driven by commercialization progress[13] - Cardiovascular intervention business international revenue increased by 94% year-over-year, supported by overseas market penetration[13] - Orthopedic business revenue grew by 10% year-over-year, with domestic joint product implant volume nearly doubling[14] - Rhythm management business revenue increased by 5% year-over-year, with domestic revenue surging 107% due to the Rega® pacemaker[14] - Large vessel & peripheral vascular intervention business international revenue rose by 114% year-over-year, covering 28 overseas countries and regions[14] - Neurovascular intervention business achieved a 505% year-over-year increase in operating profit and turned a net profit[15] - Global business revenue reached 482.6 million, a significant increase of 25% year-over-year (excluding currency impact)[19] - International (non-China) business revenue was $234.4 million, a stable increase of 11$79.2 million (excluding currency impact)[20] - Overseas revenue for the cardiovascular business surged by 93.7% year-over-year to $16.1 million (excluding currency impact)[20] - Sales in Asia (excluding China) and South America for the cardiovascular business increased by 142$63.1 million, a significant year-on-year increase of 33.5% (excluding exchange rate effects)[21] - The company's coronary stent and balloon products maintained the top market share in China, with the volume of interventional procedures gradually recovering[21] - The company's global orthopedic business revenue reached $115.9 million, a year-on-year increase of 10.0$104.2 million, a year-on-year increase of 7.7% (excluding exchange rate effects), with EMEA region revenue increasing by 18%[23] - China orthopedic business revenue was $11.6 million, a year-on-year increase of 51.1$108.3 million, a year-on-year increase of 4.7% (excluding exchange rate effects)[25] - International (non-China) rhythm management business revenue was $100.5 million, a year-on-year increase of 2.3$7.8 million, a significant increase of 50.5% year-over-year (excluding currency impact)[26] - The company's domestically developed MRI-compatible pacemaker, Rega®, drove a 107% year-over-year increase in revenue for the domestic pacemaker product portfolio[26] - The company's aortic and peripheral vascular intervention business generated revenue of $89.0 million, a 35.5$39.5 million, up 30.1%[27] - The company's overseas aortic and peripheral vascular intervention business achieved sales revenue of $6.0 million, a 114.3$42.6 million, a 45.2% year-over-year increase (excluding currency impact), with a net profit of $8.4 million, turning a profit compared to the previous year[29] - Heart valve business revenue reached$25.0 million, a significant increase of 41.4% year-over-year (excluding currency impact)[31] - Heart valve business gross margin improved by 2 percentage points to 66.1% due to cost-saving measures and economies of scale[31] - Heart valve business operating efficiency improved, with R&D, distribution, and administrative costs as a percentage of revenue decreasing by 12 percentage points[31] - Implant volume for heart valve products increased by 46% year-over-year, driven by market share gains and procedure penetration[32] - VitaFlow® and VitaFlow Liberty® products expanded to approximately 70 new hospitals, covering over 500 hospitals in total[32] - International heart valve business revenue surged by 243.1%, driven by rapid growth in Latin America[32] - Surgical robot business revenue soared by 3,110.2% year-over-year (excluding currency impact) to $4.9 million[33] - Toumai® surgical robot completed over 1,200 cases, setting a new record for domestic surgical robot procedures[33] - Honghu® surgical robot completed over 600 clinical validation cases, including high-complexity surgeries[33] - Surgical medical device business revenue reached$3.1 million, a significant increase of 39.4% year-over-year (excluding exchange rate effects)[35] - The OCT system and disposable imaging catheters in the interventional imaging field saw significant growth in shipments and market share[36] - The company's cold and hot compress therapy device achieved coverage in over 150 hospitals in China, with distribution channels covering major first- and second-tier cities[36] - The first rehabilitation robot product, the "Lower Limb Rehabilitation Trainer," entered mass production and is set to begin domestic sales[36] - La Fenice® insulin pump sales nearly doubled year-over-year, driven by expanded sales channels and improved hospital repurchase rates[37] - Total revenue for the six months ended June 30, 2023, increased by 19.2% to $482.6 million, or 24.8$405.0 million in the same period of 2022[48] - Non-China sales accounted for 48.6% of total revenue, driven by the company's global strategy and diversified product portfolio[46] - Cardiovascular intervention business revenue grew by 30.5% (42.4% excluding currency impact) to $79.2 million, driven by market expansion and product optimization in key regions[49] - Orthopedic medical devices business revenue increased by 7.6$115.9 million, supported by the adoption of new technologies like surgical robots[50] - Rhythm management business revenue rose by 3.7% (4.7% excluding currency impact) to $108.3 million, driven by increased elective surgeries and new product adoption[51] - Large vessel and peripheral vascular intervention business revenue grew by 25.7$89.0 million, supported by strong demand and new product launches[52] - Neurointervention business revenue increased by 36.0% (45.2% excluding currency impact) to $42.6 million, driven by market-leading products and new product penetration[53] - Heart valve business revenue rose by 31.9$25.0 million, driven by increased market recognition and sales of VitaFlow® products[54] - Surgical robot business revenue surged by 3,037.8% (3,110.2% excluding currency impact) to $4.9 million, reflecting rapid market adoption[47] - Surgical robot business revenue reached$4.9 million, a 3,110.2% increase year-over-year (excluding currency impact) or 3,037.8% increase in USD terms, driven by market expansion and increased sales of core products[55] - Surgical medical device business revenue increased to $3.1 million, up 39.4$14.6 million, a 92.9% increase year-over-year (excluding currency impact) or 71.3% in USD terms, driven by strong growth in emerging sectors like interventional imaging and non-vascular intervention[57] - Revenue for the six months ended June 30, 2023, was $482.605 million, an increase from$404.984 million in the same period in 2022[105] - Gross profit for the six months ended June 30, 2023, was $288.416 million, up from$247.702 million in the same period in 2022[105] - Loss from operations for the six months ended June 30, 2023, was $159.943 million, an improvement from$185.569 million in the same period in 2022[105] - Net loss attributable to equity shareholders for the six months ended June 30, 2023, was $162.618 million, compared to$198.130 million in the same period in 2022[105] - Basic loss per share for the six months ended June 30, 2023, was 8.94 cents, compared to 10.94 cents in the same period in 2022[105] - Revenue from contracts with customers for medical device sales increased to $472.745 million in the first half of 2023, up from$399.521 million in the same period in 2022[116] - Total revenue from external customers reached $482.605 million in the first half of 2023, compared to$404.984 million in the first half of 2022[116] - Revenue from the Chinese market (operating country) grew to $248.179 million in the first half of 2023, up from$188.660 million in the same period in 2022[117] - Revenue from the North American market increased to $50.354 million in the first half of 2023, compared to$48.936 million in the first half of 2022[117] - Revenue from the European market rose to $132.128 million in the first half of 2023, up from$123.806 million in the same period in 2022[117] - Revenue from the Asian market (excluding China) increased to $34.078 million in the first half of 2023, compared to$30.040 million in the first half of 2022[117] - Revenue from the South American market grew to $11.052 million in the first half of 2023, up from$6.161 million in the same period in 2022[117] - Revenue from other regions decreased to $6.814 million in the first half of 2023, down from$7.381 million in the first half of 2022[117] - Revenue from property rentals in China and the US increased to $3.259 million in the first half of 2023, up from$1.831 million in the same period in 2022[117] - The cardiovascular intervention business generated $568.128 million in revenue, while the orthopedic medical device integration business contributed$533.021 million in revenue[121] - Total revenue for the six months ended June 30, 2023, was $415.229 million, with the largest contributions from the Orthopedic Medical Devices segment at$108.674 million and the Rhythm Management segment at $104.437 million[122] - The company reported a total segment loss of$192.374 million for the six months ended June 30, 2022, with the largest losses in the Surgical Robot segment at $71.177 million and the Rhythm Management segment at$36.777 million[122] - Total segment assets as of June 30, 2022, amounted to $3.557 billion, with the Cardiovascular Intervention segment holding the highest assets at$565.823 million[122] - The company's total segment liabilities as of June 30, 2022, were $1.425 billion, with the Rhythm Management segment having the highest liabilities at$438.940 million[122] - The company's comprehensive loss for the six months ended June 30, 2023, was $219.921 million, compared to$253.275 million for the same period in 2022[123] - Government subsidies contributed $10.842 million to other net income for the six months ended June 30, 2023, compared to$6.125 million in the same period in 2022[124] - The company's financing costs for the six months ended June 30, 2023, included $8.208 million in interest on convertible bonds and$11.007 million in interest on other interest-bearing borrowings[125] - Research and development costs for the six months ended June 30, 2023, were $199.130 million, with$3.466 million capitalized as development costs[127] - The company's current tax expense for the six months ended June 30, 2023, included $10.192 million in Chinese corporate income tax and$3.723 million in taxes from other jurisdictions[128] - Certain subsidiaries of the company are eligible for a preferential corporate income tax rate of 15% due to their certification as "High-Tech Enterprises"[128] - The company's basic loss per share for the six months ended June 30, 2023, was calculated based on a loss attributable to ordinary equity shareholders of $162.618 million, compared to$198.130 million for the same period in 2022[130] - The diluted loss per share for the six months ended June 30, 2023, was $171.898 million, compared to$204.794 million for the same period in 2022[131] - The company recognized new right-of-use assets of $9.240 million for manufacturing facilities, warehouses, and office buildings in the six months ended June 30, 2023, compared to$8.802 million in the same period in 2022[132] - The company acquired property, plant, and equipment with a cost of $42.970 million in the six months ended June 30, 2023, compared to$58.613 million in the same period in 2022[132] - The company incurred building construction costs of $48.559 million and capitalized development costs of$11.796 million in the six months ended June 30, 2023, compared to $30.338 million and$8.621 million, respectively, in the same period in 2022[132] - The company disposed of or wrote off property, plant, and equipment with a net book value of $11.937 million, resulting in a loss of$5.492 million in the six months ended June 30, 2023, compared to a net book value of $612,000 and a loss of$79,000 in the same period in 2022[132] - The company's trade receivables, net of loss provisions, amounted to $188.667 million as of June 30, 2023, compared to$170.873 million as of December 31, 2022[135] - The company's trade payables amounted to $146.834 million as of June 30, 2023, compared to$143.261 million as of December 31, 2022[137] - The company received a cash consideration of RMB 58 million (equivalent to $8.027 million) for the capital increase of MicroPort YouTong Medical Technology (Jiaxing) Co., Ltd., which was recorded as "other payables" as of June 30, 2023[138] - Total interest-bearing borrowings increased to$674,664 thousand as of June 30, 2023, compared to $522,076 thousand as of December 31, 2022[140] - Bank loans with collateral amounted to$254,392 thousand, and unsecured bank loans were $420,272 thousand as of June 30, 2023[141] - The company's convertible bonds outstanding as of June 30, 2023, were$748,672 thousand, with a market value of approximately $596.8 million[143][144] - The company repurchased$35,000,000 of its 2021 convertible bonds for a total cash consideration of $31,869,000 during the first half of 2023[144] - The weighted average exercise price of outstanding share options increased to HK$17.12 as of June 30, 2023, from HK$16.16 as of December 31, 2022[149] - The company did not propose any interim or final dividends for the six months ended June 30, 2023[146] - The company did not repurchase any shares under the share reward plan during the six months ended June 30, 2023[147] - The company's total bank financing drawn as of June 30, 2023, was$109,158,000, secured by land use rights and self-use buildings with a net book value of $185,453,000[141] - The company's total bank loans secured by equity interests in subsidiaries amounted to$145,234,000 as of June 30, 2023[141] - The company is actively seeking potential financing opportunities to meet its liquidity needs[145] - The company granted 10,079,716 stock options to MicroPort CardioFlow MedTech Corporation at a weighted average exercise price of HKD 2.53, with a vesting period from March 2023 to March 2028[151] - The company granted 2,115,311 stock options to Suzhou MicroPort Orthopedics (Group) Co., Ltd. at a weighted average exercise price of CNY 11.42, with a vesting period from April 2023 to April 2028[151] - The company granted 1,803,541 shares to employees under the share incentive plan at a fair value of $4,241,000, compared to 1,578,325 shares at$3,559,000 in the same period last year[152] - MicroPort