Financial Performance - The company reported a revenue of $950.7 million for the year ended December 31, 2023, representing a 15.8% increase compared to $840.8 million in 2022, excluding foreign exchange effects[2]. - Gross profit for the year was $532.1 million, up 6.0% from $501.8 million in the previous year[2]. - The net loss for the year was $649.2 million, an increase of 10.4% from a loss of $588.1 million in 2022[2]. - The adjusted net loss under non-Hong Kong Financial Reporting Standards was $434.6 million, a decrease of 13.5% from $502.5 million in the prior year[3]. - The company reported a total revenue of $950.725 million for the year ended December 31, 2023, compared to $840.831 million in 2022, representing a year-over-year increase of approximately 13.1%[16]. - Revenue from medical device sales was $928.686 million in 2023, up from $822.484 million in 2022, indicating a growth of about 12.9%[16]. - The company incurred a net loss of $649.157 million for the year ended December 31, 2023, alongside an operating cash outflow of $231.873 million[12]. - The company’s total comprehensive loss for the year was $667.9 million, compared to $764.9 million in 2022[5]. - The basic loss per share was $(26.19), an increase from $(24.08) in the previous year[4]. - The company reported a total comprehensive loss of $(649.157) million for 2023, up from $(588.115) million in 2022[23]. Revenue Growth by Segment - The company’s subsidiary, Shanghai MicroPort CardioFlow Medtech Co., Ltd., saw a revenue increase of 32%, while MicroPort NeuroTech Co., Ltd. and MicroPort Valve Co., Ltd. reported increases of 22% and 33%, respectively[3]. - The revenue from Shanghai MicroPort Robotics Co., Ltd. surged by 258%, driven by external customer growth[3]. - Cardiovascular intervention business generated revenue of $145,322 thousand[21]. - Orthopedic medical devices business reported revenue of $235,626 thousand[21]. - Heart valve business achieved revenue of $47,134 thousand[21]. - The cardiovascular intervention business recorded revenue of $147.2 million, representing a 16.2% increase excluding foreign exchange effects and a 9.8% increase in USD terms[92]. - The orthopedic medical device business generated revenue of $237.3 million, up 7.3% excluding foreign exchange effects and 6.2% in USD terms[93]. - The aortic and peripheral vascular intervention business achieved revenue of $168.0 million, reflecting a 32.2% increase excluding foreign exchange effects and a 26.1% increase in USD terms[95]. - The neurointervention business recorded revenue of $93.9 million for the year ended December 31, 2023, representing a 21.6% increase (excluding currency effects) or a 17.5% increase (in USD) compared to the previous year[96]. Cost Management and Efficiency - Research and development costs decreased to $379.4 million from $419.8 million, reflecting improved operational efficiency[4]. - The company is focusing on resource allocation and cost control measures to enhance profitability and operational efficiency[3]. - The company plans to implement stricter cost control measures and significantly reduce research and development budgets to alleviate liquidity pressure[13]. - Administrative expenses were reduced by 18.5% to $201.7 million, reflecting effective cost control and improved operational efficiency[106]. - Financing costs increased by 22.5% to $96.0 million, primarily due to accrued interest on convertible bonds and increased borrowings[108]. Assets and Liabilities - Total assets amounted to $1.258 billion as of December 31, 2023, down from $1.539 billion in the previous year[9]. - The company's equity attributable to shareholders decreased to $757.819 million in 2023 from $1.135 billion in 2022, reflecting a decline of approximately 33.2%[10]. - Reportable segment liabilities rose to $1.730 billion in 2023 from $1.425 billion in 2022, indicating a significant increase of 21.4%[23]. - The company’s cash and cash equivalents decreased to $49.390 million in 2023 from $243.035 million in 2022[23]. - Total borrowings amounted to $1,566.5 million as of December 31, 2023, an increase of $274.9 million from $1,291.6 million as of December 31, 2022, with the debt-to-asset ratio rising from 55.1% to 64.3%[115]. Market Expansion and Product Development - The company holds over 10,000 global patents and provides over 600 medical solutions across more than 20,000 hospitals worldwide[64]. - The company is focused on enhancing operational efficiency, with a significant reduction of 22.1 percentage points in the combined expense ratio for R&D, management, and sales[65]. - The company plans to emphasize financial health and cash flow adequacy to achieve breakeven in the coming years[65]. - The company received 33 Class III medical device registrations from NMPA in China and 15 product approvals from the FDA in the reporting period, maintaining its leading position in the industry for nine consecutive years[85]. - New product approvals include the ENO™ series MRI-compatible pacemakers and the AnchorMan® left atrial appendage occluder, expected to drive future growth[86]. Financing and Debt Management - The company has a convertible bond with a principal amount of $448 million due in June 2024, and short-term bank borrowings of $295.438 million also due in 2024[12]. - The company is actively negotiating with multiple banks and potential investors for refinancing its convertible bonds and renewing existing bank borrowings[13]. - The company issued convertible bonds amounting to $762,737,000 as of December 31, 2023, slightly down from $769,553,000 in the previous year[51]. - The company reported interest expenses on convertible bonds of $35.88 million in 2023, significantly higher than $16.25 million in 2022, reflecting a year-over-year increase of about 120%[27]. Future Outlook - The company expects to be subject to a minimum tax rate of 15% due to new tax laws effective January 2024, which may impact future tax liabilities[30]. - The company plans to continue expanding both domestic and overseas markets, focusing on maximizing shareholder value through self-development and various financing sources[119]. - The Chinese market's recovery and supportive policies are expected to drive further growth in the medical device industry[63].
微创医疗(00853) - 2023 - 年度业绩