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财说|借壳能否上岸?微创医疗对赌倒计时下的断尾求生
Xin Lang Cai Jing· 2025-07-24 00:34
Core Viewpoint - MicroPort Medical's recent announcements indicate a significant shift in its operations, including a profit warning and plans to inject its cardiac rhythm management business into a Hong Kong subsidiary, which has led to a temporary stock price surge despite ongoing financial challenges [1][3]. Financial Performance - The company expects a loss of no more than $110 million in the first half of 2025, with revenue decline limited to under 4% [1]. - For the fiscal year 2024, the company anticipates a revenue growth of nearly 10% but still projects a loss of $269 million, accumulating losses exceeding $1.8 billion over four years [1][12]. - The company reported a revenue increase of 9.6% to $1.031 billion for fiscal year 2024, with a significant reduction in net loss by 58.6% to $268 million [12]. Strategic Moves - The company is attempting to alleviate the pressure from a performance-based investment agreement by splitting its cardiac rhythm management business for a potential indirect listing [3][5]. - The plan involves HeartLink Medical issuing new shares to acquire 100% of MicroPort's CRM business and raising at least $150 million from external investors [5]. - The merger aims to create a comprehensive cardiac intervention platform, potentially leading to a combined annual revenue nearing $270 million [7]. Market Position and Competition - The combined entity is expected to significantly outperform competitors in the Hong Kong market, with MicroPort holding approximately 10% market share in rhythm devices and HeartLink dominating the TAVI valve market with a 45% share [7]. - The integration is projected to enhance operational efficiencies, potentially reducing material costs by 7-9% [7]. Challenges and Risks - The company faces a looming deadline for a performance-based investment agreement, requiring the CRM business to be listed by July 2025, or it must repay $287 million to investors [8][9]. - Regulatory hurdles and the need for compliance with cross-border data transmission laws may delay the transaction process [6]. - The company is also grappling with the impact of price reductions in the domestic market due to centralized procurement policies, which have significantly reduced market size [10][11]. Future Outlook - The company is focusing on divesting non-core assets to stabilize its financial situation, with plans to raise at least $55 million from the sale of its surgical, urology, and ophthalmology divisions [9][10]. - Despite short-term financial improvements, the long-term viability of the core business remains uncertain, as the company must navigate ongoing market pressures and regulatory challenges [12][13].