Financial Performance - For the fiscal year ending December 31, 2024, revenue was $349.1 million, a decrease of 2.8% compared to the previous year[4] - Net profit for the year was $28.8 million, down 12.6% year-on-year[4] - Total revenue for the year ending December 31, 2024, was $349,112 thousand, a decrease of 2% from $359,292 thousand in 2023[18] - Revenue from North America decreased by 12% to $137,398 thousand in 2024 from $156,891 thousand in 2023[18] - Gross profit decreased from $219.5 million in 2023 to $216.7 million in 2024, a reduction of approximately $2.8 million, while gross margin improved to 62.1%, up from 61.1% in 2023[50] - The group reported a pre-tax profit of $32,541,000 for 2024, down from $37,130,000 in 2023, reflecting a decline of approximately 12.5%[34] - Adjusted net profit decreased by 22.3% from $36.9 million in 2023 to $28.7 million in 2024, with adjusted net profit margin dropping from 10.3% to 8.2%[100] Revenue Breakdown - Direct sales accounted for 87% of total revenue, up from 78% in the previous year[4] - Revenue from the Asia-Pacific, Europe, Middle East, and Africa regions was $116.2 million, $50.5 million, and $34.6 million respectively, representing increases of 6.0%, 0.7%, and 27.1% year-on-year[4] - North America revenue decreased by 12.4% year-on-year due to the ongoing impact of a high-interest environment[4] - The Asia-Pacific region saw a revenue increase of 6.0%, contributing 33.3% to total revenue in 2024[83] - Europe revenue rose by 0.7% from $50.2 million in 2023 to $50.5 million in 2024, mainly due to the successful "Go-Direct" strategy in the UK[86] - Middle East and Africa revenue surged by 27.1% from $27.2 million in 2023 to $34.6 million in 2024, supported by the launch of Soprano Titanium™ and strong performance of the Alma Harmony™ product line[86] - Latin America revenue decreased by 32.3% from $15.3 million in 2023 to $10.4 million in 2024, impacted by political instability in key regions[86] Expenses and Costs - Research and development expenses were $15.9 million, down from $18.0 million in the previous year[5] - The group's cost of goods sold decreased to $100,529,000 in 2024 from $103,947,000 in 2023, reflecting a reduction of about 4%[27] - Total sales and distribution expenses increased by 4.9% from $125.3 million in 2023 to $131.5 million in 2024, mainly due to expenses related to new direct sales office operations[90] - Financing costs totaled $2,455,000 in 2024, slightly up from $2,445,000 in 2023, showing a marginal increase of about 0.4%[29] Dividends and Shareholder Returns - The board declared a final dividend of HKD 0.126 per share (tax included) for the fiscal year ending December 31, 2024[3] - The company declared a final dividend of HKD 0.126 per share for the year ending December 31, 2024, down from HKD 0.158 in 2023, indicating a decrease of approximately 20%[35] Assets and Liabilities - Total assets amounted to $627.3 million, with total liabilities of $142.5 million as of December 31, 2024[8] - Non-current assets increased to $365,666 thousand in 2024 from $345,671 thousand in 2023, representing a growth of 5.5%[19] - Trade receivables increased to $111,139,000 in 2024 from $98,711,000 in 2023, representing a growth of about 12.5%[40] - The net value of trade receivables after impairment was $107,312,000 in 2024, compared to $96,365,000 in 2023, marking an increase of about 11.4%[40] Strategic Initiatives - The company launched three new products in new regions, including the Alma Harmony™, which has seen strong market demand and is one of the most successful product launches in the company's history[56] - 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[48] - The company aims to maintain sufficient cash levels to support business growth and strategic investments in core technology development and clinical research[56] - The company is transitioning its business model from product-driven to clinic-centered, focusing on high-value advanced product categories[62] - The company plans to commercialize DAXXIFY® in mainland China and expand the launch of injection filler products in new regions[74] Research and Development - Research and development expenditure amounted to $15.9 million during the reporting period[56] - The company conducted four additional clinical studies and published 20 clinical papers during the reporting period, showcasing its commitment to clinical research[59] - Research and development expenses decreased from $18.0 million in 2023 to $15.9 million in 2024, attributed to successful regulatory certification and improved labor productivity[92] Market Performance - Global sales and distribution network achieved total revenue of $349.1 million in 2024, a decrease of 2.8% compared to 2023, primarily due to challenging economic conditions in North America and Latin America[50] - The injection filler business generated $9.8 million in revenue, a decrease of 2.6% compared to the previous year, due to a focus on developing new generation products[82] Governance and Compliance - The audit committee has reviewed the group's annual performance and the financial statements prepared in accordance with international financial reporting standards for the year ending December 31, 2024[136] - The company has complied with all applicable principles and code provisions of the Corporate Governance Code during the reporting period[133]
复锐医疗科技(01696) - 2024 - 年度业绩