Peijia Medical Announces 2025 Interim Results

Core Viewpoint - Peijia Medical reported strong financial results for the first half of 2025, showcasing revenue growth, improved profitability, and significant advancements in its product pipeline, particularly in the transcatheter valve therapeutics and neurovascular interventions markets [1][14]. Financial Performance - Revenue for the six months ended June 30, 2025, reached RMB353.4 million, representing a 17.3% increase compared to the previous period [2]. - The revenue composition remained stable, with TAVR-related products contributing 45.7% and neurointerventional products 54.3% [2]. - TAVR-related product revenue increased by 24.0% to RMB161.6 million, driven by market share gains and a favorable product mix [3]. - Neurointerventional product revenue grew by 12.2% to RMB191.8 million, supported by deeper market penetration and the successful launch of the YonFlow® Flow Diverting Stent [3]. Operational Efficiency - The Group improved operational performance, with the Neurointerventional Business segment profit increasing by 42.4% to RMB40.9 million, while the loss in the Transcatheter Valve Therapeutic Business narrowed by 35.3% to RMB76.1 million [4]. - Selling and distribution expenses for the segment decreased by 8.3% to RMB100.0 million, with the selling and distribution expense ratio dropping by 21.8 percentage points to 61.9% [7]. - R&D expenses decreased by 17.2% to RMB54.2 million, attributed to the completion of major pivotal trials [8]. Product Development and Pipeline - The Group expanded its TAVR product hospital coverage by over 70, reaching more than 720 medical institutions in China, with total terminal implant volume exceeding 2,050 units, an 18.8% increase [5]. - Three core pipeline products are nearing registration, with the NMPA accepting the registration application for TaurusTrio™ in April 2025, and applications for TaurusNXT® and GeminiOne® expected soon [9]. - The Neurointerventional Business continued to perform strongly, with sales of the DCwire® Micro Guidewire surging nearly 140% period-to-period [11]. Market Position and Future Outlook - The Group's comprehensive product portfolio includes upgraded TAVR products, maintaining stable average ex-factory prices and margins while expanding market accessibility [6]. - The company is well-positioned for sustained future growth, with a commitment to innovation and operational excellence, as highlighted by the Chairman and CEO [14][15].