IPO雷达｜获红杉投资，北芯生命再闯IPO：三年累亏4.74亿，核心研发人员出走

Core Viewpoint - Shenzhen Beixin Life Technology Co., Ltd. is focused on innovative medical devices for precise diagnosis and treatment of cardiovascular diseases, aiming for an IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board after a failed attempt on the Hong Kong Stock Exchange [1][5]. Group 1: Company Background - Beixin Life was established in 2015 by a group of investors including Song Liang, who has over 18 years of experience in advanced medical imaging technology and cardiovascular interventional devices [2]. - The company transitioned from a limited liability company to a joint-stock company in June 2021 and submitted its prospectus for a Hong Kong IPO in August 2021, which ultimately failed [2][3]. Group 2: Financial Performance - Beixin Life has incurred cumulative losses of approximately 474 million yuan over the past three years, with revenues of 92.45 million yuan, 184 million yuan, and 317 million yuan for the years 2022, 2023, and 2024 respectively [16][18]. - The company’s net profit attributable to shareholders was -290 million yuan, -140 million yuan, and -43.6 million yuan for the same years, indicating ongoing financial struggles [16][18]. Group 3: Market Position and Competition - The company faces significant competition, with Boston Scientific and Philips dominating over 80% of the market for intravascular ultrasound (IVUS) systems, while Beixin Life holds a market share of 10.6% [11]. - In the blood flow reserve fraction (FFR) measurement system market, Beixin Life is the first domestic product approved by the National Medical Products Administration, with a projected market share of 29.5% in 2024 [14]. Group 4: Investment and Valuation - Beixin Life has undergone multiple funding rounds, with its post-investment valuation increasing from 54 million yuan in the Pre-A round to 5.043 billion yuan in the D round, reflecting a growth of over 90 times in five years [3]. - The company’s valuation has decreased to 4.8 billion yuan following a share transfer by foreign investor SpringHill, which sold its shares at 13.33 yuan each [5]. Group 5: Challenges and Risks - The company has high sales expenses, which accounted for 82.08%, 55.98%, and 34.61% of its revenue in the years 2022, 2023, and 2024, respectively, significantly higher than industry averages [19]. - Beixin Life is currently in a critical phase of commercialization and R&D, with a need to stabilize its R&D team and prevent talent loss, as evidenced by the departure of key personnel [23][26].