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 - North Chip Life Technology Co., Ltd. is preparing for an IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board, focusing on innovative medical devices for cardiovascular disease diagnosis and treatment, amidst significant competition and past financial losses [2][5][8]. Group 1: Company Overview - North Chip Life was established in 2015 and has undergone multiple rounds of financing, with a valuation increase from 54 million RMB in the Pre-A round to 5.043 billion RMB in the D round, representing over a 90-fold growth in five years [3][4]. - The company has transitioned from a limited company to a joint-stock company and previously attempted to list on the Hong Kong Stock Exchange before shifting focus to the Sci-Tech Innovation Board [2][5]. Group 2: Financial Performance - Over the past three years, North Chip Life reported cumulative losses of approximately 474 million RMB, with revenues of 92.45 million RMB, 184 million RMB, and 317 million RMB for 2022, 2023, and projected for 2024, respectively [15][17]. - The company has high sales expenses, which were 82.08%, 55.98%, and 34.61% of revenue in the respective years, significantly higher than industry averages [19][21]. Group 3: Market Position and Products - North Chip Life's core products include the IVUS diagnostic system and the FFR measurement system, both of which are the first domestically developed products approved by the National Medical Products Administration [9][13]. - The projected market share for the IVUS system is 10.6% and for the FFR system is 29.5% by 2024, with major competitors like Boston Scientific and Philips holding 65.8% and 15.6% market shares, respectively [10][12]. Group 4: Challenges and Risks - The company faces significant pressure to complete a successful IPO by December 31, 2024, or it may have to buy back shares from investors under a contractual agreement [6][8]. - North Chip Life has experienced a decline in R&D personnel, which could impact its innovation capabilities, especially as it relies heavily on technological advancements in the competitive medical device sector [25][28].