Financial Performance - The company achieved a record revenue of approximately $136.8 million for the fiscal year 2022, representing a year-on-year growth of 17.5%[7] - Gross profit increased by 13.9% to approximately $92.5 million, with an adjusted net profit of $26.7 million, up 24.9%[7] - Global sales volume reached 1.2 million units, marking an increase of about 20.0%[7] - Revenue for 2022 reached $136.824 million, representing a 17.5% increase from $116.462 million in 2021[14] - Gross profit for 2022 was $92.458 million, up 13.9% from $81.172 million in 2021[14] - The company reported a profit before tax of $21.791 million, a turnaround from a loss of $1.318 million in 2021[14] - Net profit attributable to shareholders for 2022 was $18.491 million, compared to a loss of $4.444 million in 2021[14] - Adjusted net profit for 2022 was $26.666 million, an increase of 24.9% from $21.352 million in 2021[16] - The adjusted net profit margin improved to 19.5% in 2022, up from 18.3% in 2021[16] - The company achieved a net profit of $18.5 million in 2022, compared to a loss of $4.4 million in 2021, resulting in a net profit margin of 13.5%[46] Market Performance - Revenue from the Japanese market grew by 8.8% to $32.4 million, despite an 18.6% decline in the average exchange rate of the yen against the dollar[8] - Revenue from the Chinese market surged by 38.1% to $23.6 million, supported by a direct sales team established in 2021[8] - The U.S. market revenue increased by 122.6% to $16.6 million, bolstered by the launch of the Scoreflex NC balloon product[8] - Revenue from coronary interventional medical devices increased significantly, with the scoring balloon product generating an additional $21.4 million in revenue due to increased sales in the US, China, and Japan[31] - Revenue from the US market surged by $9.2 million, primarily due to the launch of the Scoreflex NC series[32] - Revenue from the Chinese market rose by $6.5 million, attributed to increased sales of the Scoreflex series[32] Research and Development - The company plans to enhance its financial position by investing in research and development, seeking strategic acquisitions, and increasing production capacity[11] - A new R&D production base was established in Shenzhen, China, to accelerate the development of structural heart intervention products and neuro-intervention products[11] - Research and development expenses rose by 16.2% to $14.1 million, driven by increased personnel costs and material expenses[40] - The product portfolio includes PCI/PTA intervention devices and is expanding into neurovascular intervention and structural heart disease[22] Capital and Investments - The company successfully raised approximately HKD 480.8 million through its IPO on December 23, 2022, marking a significant milestone[9] - The company successfully listed on the Hong Kong Stock Exchange on December 23, 2022, raising approximately HKD 480.8 million to accelerate product development and market expansion[23] - Total capital expenditure for the year ended December 31, 2022, was approximately $4.2 million, mainly for the purchase of property, plant, and equipment[55] - The planned use of proceeds includes HKD 62.7 million (17.1%) for ongoing research and development of drug-eluting balloon products, expected to be utilized by the end of 2027[126] - The company allocated HKD 149.3 million (40.8%) for the construction and renovation of a new facility, with a total building area of 50,000 square meters, expected to be completed by the end of 2024[126] - A total of HKD 39.5 million (10.8%) is earmarked for potential strategic acquisitions and partnerships to expand the product portfolio and enhance R&D capabilities, expected to be utilized by the end of 2027[126] Assets and Liabilities - Total non-current assets increased to $36.785 million in 2022 from $33.172 million in 2021[18] - Current assets rose significantly to $314.275 million in 2022, compared to $235.355 million in 2021[18] - The net current assets as of December 31, 2022, were $290.5 million, an increase from $218.9 million as of December 31, 2021, primarily due to new equity raised post-IPO and reclassification of financial assets[53] - Cash and bank balances increased to $229.1 million as of December 31, 2022, up from $175.9 million in 2021, mainly due to proceeds from the IPO[48] - As of December 31, 2022, the company had no assets pledged as collateral[56] Corporate Governance - The board of directors includes four executive directors and three independent non-executive directors, with terms ranging from 1 to 3 years[91] - The company has maintained high standards of corporate governance to protect shareholder interests and enhance corporate value[186] - The board has held three meetings since the company was listed on December 23, 2022, with all directors in attendance[199] - The company has complied with all applicable provisions of the corporate governance code since its listing date[188] - The company has established a nomination committee responsible for reviewing the board's structure and assessing the independence of non-executive directors[195] Employee and Operational Insights - As of December 31, 2022, the company employed 915 full-time employees, with 656 in China, 111 in Japan, 65 in Europe, 51 in Hong Kong, 17 in Malaysia, 8 in Singapore, and 7 in the United States[108] - Employee benefits expenses for the year ended December 31, 2022, were approximately $50.6 million, an increase from $45.0 million for the year ended December 31, 2021, representing an increase of about 12.2%[108] - The company recognizes the importance of maintaining good relationships with employees, customers, and suppliers, with no significant disputes reported during the reporting period[113] - The company invests in continuous education and training programs for employees to enhance their skills and knowledge[108] Future Outlook - Future outlook indicates a projected revenue increase of 15% for 2023, driven by new product launches and market expansion strategies[200] - The company plans to increase its marketing budget by 30% in 2023 to support new product launches and brand awareness initiatives[200] - New product lines are expected to launch in Q2 2023, with an estimated contribution of 20% to total revenue in the first year[200] - Market expansion efforts include entering two new regions, which are expected to contribute an additional 10% to overall revenue in 2023[200] - The company has completed a strategic acquisition of a smaller competitor for 10 million, which is anticipated to enhance market share by 8%[200]
业聚医疗(06929) - 2022 - 年度财报