Financial Performance - Revenue for the six months ended June 30, 2023, was $171.6 million, a decrease of 1.7% compared to $174.1 million for the same period in 2022[36]. - Gross profit for the same period was $105.3 million, an increase of 5.7% from $99.7 million in the prior year, resulting in a gross margin increase from 57.1% to 61.4%[36]. - Profit attributable to equity holders for the six months was $18.9 million, down 8.4% from $20.6 million in the previous year[36]. - Total revenue for the six months ended June 30, 2023, was $171,621 thousand, a decrease of 1.6% from $174,504 thousand in the same period of 2022[52]. - The net profit for the period was $18,783 thousand, down 8.5% from $20,527 thousand in the prior year[52]. - Basic earnings per share for the period was $4.04, a decrease from $4.42 in the same period last year[52]. - Adjusted net profit for the period was $20.7 million, a decrease of 17.1% compared to the same period last year, resulting in an adjusted net profit margin of 12.0%[103]. - The group achieved a pre-tax profit of $20.7 million and a net profit of $18.8 million, down 10.1% and 8.5% respectively from the previous year, mainly due to increased sales and distribution expenses[124]. Revenue Breakdown - Direct sales revenue accounted for 72.1% of total revenue, up from 64.8% in the same period last year, reflecting the company's strategy to expand global direct sales offices[36]. - Revenue for medical aesthetics was $147.4 million, accounting for 85.9% of total revenue, a decrease of 4.2% compared to $153.8 million in the previous year[166]. - Revenue from the medical aesthetics product line accounted for 85.9% of total revenue, with sales of $147.4 million, down 4.2% from $153.8 million in the previous year[194]. - Revenue from the Asia-Pacific region increased by 1.1% to $48.4 million, attributed to growth in direct sales in South Korea, Australia, and Hong Kong[198]. - European revenue decreased by 28.4% to $21.9 million, impacted by macroeconomic conditions and the transition from a distribution model to a direct sales model in the UK[199]. Expenses and Costs - Operating expenses increased to $70,177 thousand from $61,112 thousand, primarily due to higher sales and distribution expenses, which rose by 26.2% to $59,855 thousand[52]. - The cost of goods sold for the same period was $43,406,000, down from $48,342,000, reflecting a 10.3% reduction[81]. - Research and development expenses increased to $9,159,000 from $8,329,000, representing a growth of 10%[81]. - R&D expenses increased by 10% to $9.2 million, driven by the expansion of technological capabilities and investment in the personal care brand LMNT[178]. Assets and Liabilities - Non-current assets totaled $355,094,000 as of June 30, 2023, compared to $305,036,000 at the end of 2022, marking a 16.4% increase[72]. - Current assets decreased slightly to $249,645,000 from $250,565,000, a decline of 0.4%[72]. - Non-current liabilities increased, with lease liabilities rising to $34,787 thousand from $32,718 thousand[45]. - Trade receivables increased to $103.4 million as of June 30, 2023, from $95.6 million as of December 31, 2022[7]. Strategic Initiatives - The company launched two new products in new regions and prepared for the launch of a new product, LipoSense™, aimed at enhancing surgical safety[17][18]. - The company has entered into a licensing agreement for Daxxify, a new neuromodulator product, with upfront payments totaling $52.25 million and additional milestone payments[97]. - The company has successfully introduced Alma Opus, a non-invasive radiofrequency device platform, to international markets outside the United States[105]. - The company plans to launch Alma Veil™ in North America in the second half of 2023, targeting various skin conditions and vascular diseases[127]. - The company aims to strengthen its market presence in sexual health and men's health, focusing on innovative concepts to meet evolving consumer demands[145]. Market and Brand Development - The company established a new direct sales channel in Dubai, UAE, aimed at becoming a trade hub for the Middle East, starting with energy source equipment and expanding into personal care and aesthetic services[154]. - A new global brand ambassador has been engaged for a two-year collaboration to enhance brand visibility and promote solutions effectively[130]. - The company launched a new global website for its flagship energy source equipment company, Alma, emphasizing personalized services and unique customer experiences[149]. - The first Sisram Wellness Center has been initiated in downtown Chicago, facilitating daily interactions with professionals and patients to better understand their needs[151]. - The company opened its first Sisram Wellness Center in Chicago on June 9, 2023, offering advanced medical aesthetic solutions and integrating trusted brands like Alma®[156].
复锐医疗科技(01696) - 2023 - 中期业绩