Financial Performance - Revenue for the six months ended June 30, 2024, was $78,910 thousand, a decrease of 3.1% compared to $81,410 thousand for the same period in 2023[2] - Gross profit for the same period was $55,776 thousand, down 4.3% from $58,270 thousand year-over-year[2] - Profit before tax decreased by 24.1% to $21,285 thousand from $28,029 thousand in the prior year[2] - Net profit attributable to shareholders was $18,828 thousand, a decline of 25.2% compared to $25,183 thousand in the previous year[2] - Basic earnings per share were 2.28 cents, down 25.0% from 3.04 cents in the same period last year[2] - The gross margin for the period was 70.7%, a decrease of 0.9 percentage points from 71.6%[2] - The net profit margin fell to 23.9%, down 7.0 percentage points from 30.9% in the prior year[2] - The company's total expenses for the six months ended June 30, 2024, amounted to $61,945,000, an increase of 5.4% from $58,850,000 for the same period in 2023[17] - Employee benefits expenses rose to $29,043,000, up 10% from $26,392,000 in the previous year[17] - The company reported a current tax expense of $2,103,000 for the six months ended June 30, 2024, down from $2,763,000 in the previous year[18] - The effective corporate tax rate for the company in Hong Kong remained stable at 16.5% for both 2024 and 2023[19] Revenue Breakdown - Revenue from external customers in the Asia-Pacific region was $23,955 thousand, compared to $18,283 thousand for the same period in 2023, representing a growth of 31.5%[14] - The total revenue for the six months ended June 30, 2024, was $154,175 thousand, compared to $159,974 thousand for the same period in 2023, indicating a decline of 3.6%[14] - Revenue from the Asia-Pacific region increased by 31.0% year-over-year to $24.0 million, driven by strong sales of the Scoreflex TRIO balloon[32] - Revenue from Europe, the Middle East, and Africa slightly increased by 1.3% to $19.2 million, primarily due to increased sales of proprietary balloon products[33] - Revenue from Japan decreased by 3.6% year-over-year to $18.9 million, impacted by unfavorable exchange rates[34] - Revenue from China decreased by 23.3% to approximately $10.2 million, reflecting a 20.4% year-over-year decline in RMB terms[35] - Revenue from the U.S. market decreased by 40.9% to $6.7 million, primarily due to a significant drop in sales of peripheral balloons and Scoreflex NC[36] Assets and Liabilities - Total assets as of June 30, 2024, were $415,435 thousand, compared to $410,144 thousand as of December 31, 2023[5] - Total liabilities increased to $41,667 thousand from $40,726 thousand at the end of 2023[6] - Trade receivables net amount as of June 30, 2024, was $35,663,000, down from $37,966,000 at the end of 2023[26] - Trade payables increased to $6,182,000 as of June 30, 2024, compared to $4,815,000 at the end of 2023, reflecting a rise of 28.4%[28] - The total current assets amounted to approximately $347.7 million as of June 30, 2024, compared to $348.0 million as of December 31, 2023, while total current liabilities were approximately $35.9 million[62] - The group's current ratio was approximately 9.7 times as of June 30, 2024, slightly down from 9.8 times as of December 31, 2023[62] - The net current asset value as of June 30, 2024, was $311.8 million, a decrease of 0.2% from $312.3 million as of December 31, 2023[63] Research and Development - Research and development expenses increased to $7,398 thousand from $6,866 thousand, reflecting a focus on innovation[3] - Research and development expenses increased by 7.7% from $6.9 million to $7.4 million, attributed to higher clinical trial costs[56] Corporate Governance - The company has maintained high standards of corporate governance to protect shareholder interests and enhance corporate value[70] - The audit committee reviewed the interim financial information for the six months ending June 30, 2024, and confirmed compliance with applicable accounting standards and regulations[72] - The company has adopted a policy for securities trading by directors, managers, and employees, ensuring compliance with the standard code[71] - The board consists of three executive directors, three non-executive directors, and three independent non-executive directors, ensuring strong independence[70] - The company is committed to reviewing and enhancing its corporate governance practices continuously[70] Future Outlook and Strategy - The company is optimistic about restoring growth momentum despite facing challenges in various markets, with a focus on integrating eucatech AG into its operations[46] - The company anticipates a recovery in sales of Scoreflex NC and JADE in the U.S. market in the second half of the year, although annual sales may still decline[45] - The company plans to submit registration applications for new products, including Corepass modular catheters and JADE Plus, to regulatory authorities in 2024[40] - A new R&D and production facility is being constructed in Hangzhou, China, expected to commence operations in 2027, adding an annual capacity of 2.4 million units[42] - The company has approximately $246.7 million in cash and bank balances as of June 30, 2024, indicating a strong financial position to pursue growth opportunities[46] Acquisitions and Investments - The company acquired eucatech AG in November 2023 and is actively registering four products (eucaLimus, Support C, Resistant, and VITUS) in multiple countries, with eucaLimus approved for registration in Malaysia in H1 2024[40] - Capital expenditures during the reporting period totaled approximately $9.6 million, primarily for the purchase of property, plant, equipment, intangible assets, and right-of-use assets[65] Market Presence - The company continues to focus on the manufacturing, trading, sales, and marketing of medical devices for treating coronary and peripheral vascular diseases[12] - The company is focused on expanding its market presence in the Asia-Pacific region[74] - The company successfully won the highest bid for Scoreflex balloon catheters in the "3+N" alliance centralized procurement in the Beijing-Tianjin-Hebei region, with implementation starting in May 2024[45]
业聚医疗(06929) - 2024 - 中期业绩