Financial Performance - For the year ended December 31, 2023, total revenue reached $153.865 million, representing a 12.5% increase compared to $136.824 million in 2022[2]. - Gross profit for the same period was $106.498 million, up 15.2% from $92.458 million in 2022, resulting in a gross margin of 69.2%[2][5]. - The net profit attributable to the company's owners surged to $45.073 million, a remarkable increase of 143.8% from $18.491 million in the previous year[2][6]. - Adjusted net profit (non-HKFRS measure) was $46.153 million, reflecting a 73.1% increase from $26.666 million in 2022[4]. - Basic earnings per share rose to 5.45 cents, up 71.9% from 3.17 cents in 2022, while diluted earnings per share increased to 5.41 cents, a 112.2% rise from 2.55 cents[2][5]. - The company reported a significant increase in operating profit to $39.939 million, compared to $21.072 million in the previous year[5]. - The adjusted net profit margin (non-HKFRS measure) improved to 30.0%, up from 19.5% in 2022, indicating enhanced profitability[3]. - The company recorded a net profit attributable to shareholders of $45,073,000 in 2023, up from $18,491,000 in 2022, which is a 143.5% increase[24]. - The company’s net profit attributable to shareholders surged by 143.8% from $18.5 million in 2022 to $45.1 million in 2023, largely due to increased gross profit and higher interest income[59]. Revenue Breakdown - Revenue from external customers by region includes $38,005 thousand from Japan, $36,362 thousand from Europe, Middle East and Africa, $36,357 thousand from Asia-Pacific, $21,874 thousand from China, and $21,267 thousand from the United States[16]. - Revenue from the U.S. market reached $21.3 million, a substantial increase of 27.9%, primarily due to increased sales of peripheral balloons and scoring balloons[39]. - Revenue from Japan increased by 17.2% to $38.0 million, despite currency depreciation affecting reported figures[35]. - Revenue from Europe, the Middle East, and Africa grew by 12.6% to $36.4 million, driven by the adoption of new generation products[36]. - Revenue from the Asia-Pacific region increased by 14.0% to $36.4 million, supported by sales growth in several countries including Singapore and India[37]. - Revenue from China remained flat, with reported income of approximately $21.9 million, a decrease of 7.3% due to anti-corruption measures affecting PCI procedures[38]. Assets and Liabilities - Total assets as of December 31, 2023, amounted to $410.144 million, an increase from $351.060 million in 2022[7]. - Total liabilities increased to $40,726 thousand in 2023, up from $28,494 thousand in 2022, representing an increase of 43%[8]. - Total equity rose to $369,418 thousand in 2023, compared to $322,566 thousand in 2022, marking a growth of 14.5%[8]. - Current liabilities totaled $35,624 thousand in 2023, significantly higher than $23,812 thousand in 2022, reflecting a 49.6% increase[8]. - Non-current liabilities amounted to $5,102 thousand in 2023, up from $4,682 thousand in 2022, indicating an 8.9% increase[8]. - The accumulated losses decreased to $(78,707) thousand in 2023 from $(123,819) thousand in 2022, showing an improvement of 36.4%[8]. Research and Development - Research and development expenses remained stable at $14.379 million, slightly up from $14.113 million in 2022[5]. - The company has allocated HKD 62.7 million (17.1%) for the ongoing development, clinical trials, and product registration of drug-eluting balloon products[73]. - A total of HKD 15.7 million (4.3%) is designated for the registration and commercialization of next-generation COMBO dual therapy stent products in China, Japan, and Europe[73]. - The company has earmarked HKD 12.4 million (3.4%) for the development of new coronary and peripheral balloon and catheter products, with an expected completion date in 2027[73]. - The company plans to expand its R&D team in Shenzhen with an allocation of HKD 6.7 million (1.8%) to increase production capacity by 2027[75]. Strategic Initiatives - The company plans to propose a dividend of 10 HK cents per share, totaling approximately $10.6 million, to be approved at the 2023 annual general meeting[31]. - The company expanded its sales network to over 70 countries, with direct sales and distributors contributing approximately $80.0 million and $73.9 million to total revenue, accounting for 52.0% and 48.0% respectively[40]. - The company acquired 100% of SJ Medicare Co. Ltd. in South Korea and 84% of PT Revass Utama Medika in Indonesia to enhance market presence and capture growth potential[40]. - The company is launching the Scoreflex TRIO balloon in major direct sales markets in the Asia-Pacific and Europe, with FDA registration applications for Sapphire Ultra and Sapphire NC Ultra expected to be approved in Q1 2024[44]. - The company anticipates that recent acquisitions will significantly boost revenue growth in the Asia-Pacific region, particularly in Indonesia, which has a growing demand for medical products and services[44]. Corporate Governance and Compliance - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[80]. - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2023, and recommends their approval to the board[82]. - The company confirms it has maintained the required public float as per listing rules[85]. - The company has no significant contingent liabilities as of December 31, 2023[68]. Future Outlook - The company plans to invest approximately RMB 430 million to build its largest R&D and production base in Fuyang, Hangzhou, with a total construction area of about 60,000 square meters, expected to be operational by 2027[42]. - The new R&D and production base is expected to be operational by 2027, with an annual production capacity increase of 2.4 million units[79]. - The company believes that the trend towards "intervention without implantation" will increase the use of drug-eluting balloons, enhancing its treatment capabilities in PCI and PTA procedures[44]. - Despite temporary impacts from anti-corruption campaigns in China, the company expects steady growth in PCI procedures driven by an aging population and rising income levels[45].
业聚医疗(06929) - 2023 - 年度业绩