Financial Performance - Revenue for the year ended December 31, 2024, was $8,131,000, a decrease of 21% compared to $10,255,000 in 2023[4] - Gross profit for the same period was $6,139,000, down 15% from $7,227,000 in the previous year[4] - The net loss for the year was $15,303,000, representing a 46% improvement from a loss of $28,092,000 in 2023[4] - Total comprehensive loss for the year was $16,129,000, compared to $28,695,000 in 2023, reflecting a substantial improvement[9] - The company reported a significant reduction in adjusted net loss, from $27,536,000 in 2023 to $15,067,000 in 2024, a decrease of 45%[4] - The company reported a pre-tax loss of $15,303,000 for 2024, compared to a loss of $28,091,000 in 2023, indicating an improvement of 45.5%[40] - The company’s total revenue for the reporting period was $8.1 million, with annual losses narrowing from $28.1 million in fiscal 2023 to $15.3 million, a year-on-year reduction of 46%[56] - Total customer contract revenue for 2024 was $8,131,000, a decrease of 20.7% from $10,255,000 in 2023[22] Cash and Assets - Cash and bank balances decreased by 11% to $139,346,000 from $156,647,000 year-over-year[4] - Cash and cash equivalents fell significantly from $83,564,000 in 2023 to $46,473,000 in 2024, a decline of about 44.5%[10] - Total assets less current liabilities decreased from $186,647,000 in 2023 to $169,477,000 in 2024, a decline of approximately 9.2%[11] - Non-current assets totalled $24,105,000 in 2024, slightly up from $23,153,000 in 2023, indicating a growth of about 4.1%[10] - The capital debt ratio as of December 31, 2024, was 0.2%, significantly lower than 1.3% in 2023[111] Sales and Revenue Breakdown - Revenue from the sale of medical devices and consumables dropped from $11,984,000 in 2023 to $7,571,000 in 2024, a decrease of approximately 36.5%[21] - Revenue from major customers included $1,547,000 from Customer B and $1,432,000 from Customer C in 2024, while Customer A contributed $6,317,000 in 2023[20] - Revenue from mainland China decreased to $3,214,000 in 2024 from $6,465,000 in 2023, representing a decline of 50.3%[22] - Revenue from the European Union increased to $2,628,000 in 2024 from $1,848,000 in 2023, showing a growth of 42.2%[22] - Other countries/regions generated $2,289,000 in revenue for 2024, up from $1,942,000 in 2023, an increase of 17.8%[22] Product Development and Innovation - The company launched the BroncQCT® software, which enhances the efficiency of CT image reading for lung diagnostics, receiving approval for market entry in March 2025[6] - Clinical trials for the BroncAblate® system demonstrated its safety and effectiveness in treating lung tumors, with results published in a leading journal[5] - The company is focused on developing and upgrading interventional treatment products for lung diseases, particularly lung cancer and severe COPD, to enhance patient quality of life and potentially extend survival[50] - The company launched several innovative products and clinical procedures in the respiratory intervention field, with successful clinical applications in multiple hospitals across various provinces[53] - The company’s innovative product, the BroncAblate® system, demonstrated safety and efficacy in treating lung tumors, as published in the journal Respirology[52] Market Expansion and Regulatory Approvals - The company achieved a 29% year-over-year increase in overseas sales revenue, expanding its presence to 37 countries/regions by the end of 2024[7] - The company has obtained 66 registration certificates overseas, including two new FDA registrations for Biostar® and BroncTru®[7] - The company’s overseas market expansion included new registrations in Poland and Saudi Arabia in 2024[54] - The company has obtained 83 registration certificates for its products both domestically and internationally, with several products currently in the global registration process[92] Cost Management and Expenses - The cost of sales for the same period was $2.0 million, down 34.2% from $3.0 million in the previous year, indicating effective cost management[102] - Sales and distribution expenses were $8.5 million, a decrease of approximately $3.0 million or 26.1% year-on-year, reflecting effective optimization of sales expenditure[105] - Total administrative expenses decreased by 18.6% to approximately $7.3 million in 2024 from $8.9 million in 2023[108] - R&D expenses for the year ended December 31, 2024, were approximately $11.5 million, a decrease of 43.1% compared to $20.2 million in 2023[106] Employee and Management Information - The company had 200 employees as of December 31, 2024, with 178 based in China and 22 overseas[130] - Total employee costs for the reporting period were approximately $14.6 million, down from $22.6 million in the same period of 2023[130] - The company reported a significant narrowing of losses compared to the same period last year, with total management compensation decreasing from $726,000 in 2023 to $354,000 in 2024[47] Corporate Governance and Compliance - The audit committee reviewed the annual consolidated financial statements for the year ending December 31, 2024, and found them compliant with applicable accounting standards[132] - The company has complied with all applicable corporate governance codes during the reporting period, except for the separation of the roles of Chairman and CEO[123] - The company is listed on the Hong Kong Stock Exchange, indicating its compliance with local regulations[146] Future Outlook and Strategic Plans - The company plans to selectively expand its global business, leveraging its competitive products to provide quality medical services worldwide[99] - The company aims to strengthen the penetration and influence of its treatment products in the Chinese market while focusing on the pre-market clinical trials of its in-development products[98] - The company is reallocating funds to enhance operational efficiency and capitalize on new market opportunities, particularly in the development of core products[140] - The company aims to strengthen its competitive position in the respiratory disease treatment sector through innovation and strategic resource allocation[142]
堃博医疗-B(02216) - 2024 - 年度业绩