Financial Performance - Revenue for the year ended December 31, 2022, was $354.48 million, an increase of 20.5% from $294.29 million in 2021[7] - Gross profit for the same period was $202.23 million, representing a gross margin of 57.0%, compared to $166.86 million and a gross margin of 56.7% in 2021[7] - Net profit for the year was $40.08 million, up 23.2% from $32.52 million in the previous year[7] - Basic earnings per share increased to 8.62 cents from 6.90 cents, reflecting a growth of 24.9%[7] - The total comprehensive income for the year was $34.76 million, up from $32.10 million in the previous year[9] - Total revenue for the year 2022 reached $354,480 thousand, an increase of 20.5% compared to $294,294 thousand in 2021[26] - The company achieved a pre-tax profit of $44.2 million and a net profit of $40.1 million, representing increases of 6.2% and 23.2% respectively compared to the previous year[99] - Adjusted net profit for the year was $48.6 million, a 20.7% increase year-on-year, with an adjusted net profit margin of 13.7%[99] - Net profit increased by 23.2% from $32.5 million in 2021 to $40.1 million in 2022, with net profit margins of 11.3% and 11.1% for 2022 and 2021, respectively[199] Assets and Liabilities - The company reported total assets of $432.23 million as of December 31, 2022, compared to $403.63 million in 2021, indicating a growth of 7.1%[11] - Non-current assets totaled $305,036 thousand in 2022, up from $232,532 thousand in 2021, reflecting a growth of 31.1%[22] - The net asset value increased to $432,225 thousand in 2022, compared to $403,625 thousand in 2021, representing a growth of 7.0%[23] - The total current liabilities decreased slightly to $80,125 thousand in 2022 from $83,556 thousand in 2021, a reduction of 5.2%[22] - The total non-current liabilities remained relatively stable at $43,251 thousand in 2022, compared to $42,951 thousand in 2021[23] Revenue Breakdown - Revenue from North America increased to $143.66 million in 2022, up 28.4% from $112.04 million in 2021[46] - Revenue from Europe rose to $58.32 million in 2022, compared to $51.89 million in 2021, reflecting a growth of 12.5%[46] - Revenue from the dental business reached $18.6 million, a 34.4% increase compared to 2021[175] - Revenue from the Asia-Pacific region grew by 15.1%, from $85.2 million in 2021 to $98.1 million in 2022, driven by the integration of Fosun Dental and the successful launch of LMNT One™[170] - Revenue from consumables grew from $5.1 million in 2021 to $6.2 million in 2022, marking a 22% increase[168] - North America revenue increased by 28.2% from $112.0 million in 2021 to $143.7 million in 2022, driven by the strong position of the Alma brand and the successful launch of Alma Ted™[193] - Middle East and Africa revenue rose by 18.7% from $30.8 million in 2021 to $36.6 million in 2022, primarily due to the expansion of direct operations in Israel[195] Research and Development - Research and development expenses for the year were $18.02 million, an increase from $15.59 million in 2021, highlighting the company's commitment to innovation[7] - Research and development investment increased by 15.6% year-on-year[132] - R&D expenses increased by 15.6% from $15.6 million in 2021 to $18.0 million in 2022, attributed to higher personnel costs[187] - The company’s employee base includes 10.9% research and development experts, highlighting its commitment to innovation[135] Market Expansion and Product Development - The company plans to continue expanding its market presence and investing in new product development to drive future growth[16] - The company launched a new transdermal drug delivery device, Alma Ted™, in March 2022 in the US, addressing the growing demand for non-invasive hair loss treatments[83] - The company introduced the first home-use device, LMNT One™, in May 2022 in China, followed by a launch in Italy in June 2022, catering to consumer demand for at-home comfort experiences[95] - The company successfully launched the CBD+ professional skincare solution™ in March 2022, which has been clinically proven to improve skin redness and soothe sensitive skin[92] - The company signed a distribution agreement with IBSA Derma for the distribution of its products in Israel, Hong Kong, India, and mainland China, enhancing its market presence[81] - The company has established new direct sales offices in the UK and Dubai to expand its direct sales strategy[137] - The company aims to enhance global brand awareness and focus on digital and B2C marketing strategies[162] Financial Management and Taxation - The effective corporate tax rate in Israel remained at 23% for both 2022 and 2021[54] - The total tax expense for the year 2022 was $4.162 million, a decrease from $9.152 million in 2021[69] - The effective tax rate for the company was 6% for the year ended December 31, 2022, consistent with the previous year, due to its status as a special preferred technology enterprise[59] - The effective tax rate for the company remained at 6% for both 2021 and 2022 due to its status as a special priority technology enterprise[197] Investments and Future Outlook - The company plans to continue investing in strategic projects, including upgrading IT infrastructure and advancing clinical research[100] - The company raised approximately HKD 615.47 million from the placement, with net proceeds expected to be used for developing its injection filling business, expanding global sales channels, and general working capital[130] - The company expects revenue growth of no less than 15%-25% for the full year of 2023 compared to the same period in 2022[161] - The company aims to create and expand an ecosystem covering multiple business lines and consumer brands to achieve long-term strategic goals[134]
复锐医疗科技(01696) - 2022 - 年度业绩