微创医疗(0853.HK)：2024年利润端达到业绩指引 公司扭亏为盈在即

Core Viewpoint - In 2024, the company continues to implement cost reduction and efficiency enhancement strategies, focusing on its core business, resulting in a significant narrowing of losses, aligning with the profit guidance in the convertible bond announcement in April 2024. However, revenue growth is slightly below expectations due to price adjustments in some products caused by domestic industry procurement and national policy guidance [1][2][3] Financial Performance - In 2024, the company achieved revenue of $1.031 billion, a year-on-year increase of 9.6$269 million, a significant reduction of 58.6% year-on-year, with EBITDA turning positive, improving from a loss of $370 million in the same period last year to a profit of$60 million [1][2] - The company’s EPS was -12.15 cents per share [1] Business Segments - The coronary business generated revenue of $166 million, up 9.9$253 million in revenue, a 6.2% increase, with domestic growth of 26.1% [4] - The neuromodulation business reported revenue of $107 million, a 14.4$36 million, a remarkable growth of 146.0% [4][5] Regional Performance - In 2024, domestic revenue was $522 million, accounting for 50.6$509 million, representing 49.4% of total revenue, with an 11.1% increase [5][6] Future Outlook - For 2025, the company is expected to achieve profitability, with self-owned products overseas anticipated to be a highlight. The coronary business is expected to enter a second growth phase, contributing positive cash flow [3][7] - Revenue projections for 2025-2027 are $1.141 billion,$1.320 billion, and $1.526 billion, with year-on-year growth rates of 10.67%, 15.65%, and 15.66%, respectively [8]