Financial Performance - Revenue for the six months ended June 30, 2023, was $81,410 thousand, representing an increase of 18.2% compared to $68,851 thousand in the same period of 2022[5]. - Gross profit increased by 22.1% to $58,270 thousand, up from $47,714 thousand year-on-year[5]. - Profit before tax surged by 189.3% to $28,029 thousand, compared to $9,689 thousand in the previous year[5]. - Net profit attributable to owners of the company reached $25,183 thousand, a significant increase of 213.3% from $8,037 thousand[5]. - Basic earnings per share rose to 3.04 cents, reflecting an increase of 118.7% from 1.39 cents in the prior year[5]. - Adjusted profit for the period (non-HKFRS measure) was $25,371 thousand, up 105.6% from $12,340 thousand[7]. - The gross margin improved to 71.6%, up from 69.3% in the previous year, indicating enhanced profitability[5]. - The net profit margin increased to 30.9%, compared to 11.7% in the same period last year, showcasing improved efficiency[5]. - Adjusted profit for the period increased by 105.6% to approximately $25.4 million, with core operating profit rising 52.1% to $20.4 million, resulting in a core operating profit margin of 25.1%[9]. - The total comprehensive income for the period was $23,891 thousand for the six months ended June 30, 2023, compared to $4,199 thousand for the same period in 2022, indicating a substantial increase of approximately 468%[78]. Revenue Growth - The company's revenue for the first half of 2023 was $81.4 million, representing an 18.2% year-over-year increase, with PCI balloon sales growing by 16.4% to $60.4 million and PTA balloon sales increasing by 38.5% to $7.7 million[9]. - The company achieved a significant revenue growth of 61.6% in the US market, reaching $11.3 million, with sales of scoring balloons doubling compared to the previous year[14]. - Revenue in Japan grew by 14.4% to $19.6 million, driven by strong sales of the new Scoreflex TRIO balloon series, although this growth was partially offset by the depreciation of the yen against the dollar[10]. - The Asia-Pacific region reported a revenue increase of 23.4% to $18.3 million, attributed to higher sales in direct sales countries like Singapore and Malaysia, as well as a significant rise in coronary stent sales[12]. - Revenue in the Europe, Middle East, and Africa region increased by 14.2% to $18.9 million, driven by the adoption of new generation products like Sapphire 3 and Sapphire NC 24[11]. - Revenue for the six months ended June 30, 2023, increased by 18.2% to $81.4 million from $68.9 million in the same period of 2022, driven by increased sales in various product lines[20]. Market Expansion and Product Development - The company is focusing on expanding its market presence and developing new products and technologies to drive future growth[6]. - The company plans to enhance its product portfolio in the Chinese market by promoting non-volume procurement products, focusing on microcatheters and peripheral products[19]. - The upcoming coronary products, Sapphire Ultra and Sapphire Ultra NC, are expected to receive FDA approval by the end of 2023, utilizing new material technology to reduce costs while maintaining performance[19]. - The company aims to deepen collaboration with Abbott, its U.S. distributor, to expand hospital coverage in the U.S. market following Abbott's acquisition of CSI[19]. - The company is actively seeking acquisition targets for innovative and high-quality vascular intervention products that can synergize with its extensive sales network[19]. - The company plans to accelerate the construction of the new R&D and production facility in Fuyang, Hangzhou, aiming to commence work by the end of this year after obtaining necessary permits[19]. Financial Position and Liquidity - Cash and bank balances as of June 30, 2023, were approximately $239.0 million, with $209.9 million in time deposits and high-interest accounts[19]. - Current assets totaled approximately $334.6 million, while current liabilities were about $22.4 million, resulting in a current ratio of approximately 15.0 times[37]. - Cash and bank balances increased to $239.0 million as of June 30, 2023, up from $229.1 million at the end of 2022, reflecting a net cash inflow from operating activities of $12.4 million[37]. - The group recorded a net foreign exchange loss of $0.7 million for the six months ended June 30, 2023, compared to a net loss of $1.2 million in the same period of 2022[38]. - The group has no assets pledged as collateral as of June 30, 2023[40]. - The board will continue to adopt a prudent financial policy to manage financial resources and maintain sufficient liquidity for future opportunities[40]. Research and Development - The company has over 210 authorized patents and published patent applications globally, with significant progress in R&D, including CE certification for the Scoreflex TRIO balloon catheter and ongoing clinical trials in China[16]. - The company received government grants totaling $1,266,000 in the first half of 2023, significantly higher than $320,000 in the same period of 2022[106]. - 17.1% of the net proceeds (HKD 62.7 million) is allocated for the ongoing R&D and commercialization of drug-eluting balloon products[53]. - The company is investing in R&D for new technologies, allocating 12% of its revenue towards innovation[148]. Shareholder Information - The board did not recommend an interim dividend for the six months ended June 30, 2023, but will consider a final dividend to share results with shareholders[62]. - The company has a total of 82,776,993 share options available for grant under the post-IPO share option scheme, representing 10% of the total issued shares as of June 30, 2023[56]. - The company granted a total of 6,172,000 share options to employees at an exercise price of HKD 9 per share on July 10, 2023[56]. - The company has adopted a share incentive plan, with a total of 82,776,993 shares available for grant under this plan as of the report date[57]. Operational Expenses - Sales and distribution expenses rose by 17.2% to $19.3 million, attributed to increased sales commissions and marketing activities post-COVID-19[28]. - R&D expenses increased by 2.2% to $6.9 million, mainly due to higher overall salaries and product registration costs[30]. - Total expenses for the six months ended June 30, 2023, were $58,850,000, compared to $55,070,000 in the same period of 2022, reflecting an increase of approximately 5.0%[108].
业聚医疗(06929) - 2023 - 中期财报