Financial Data and Key Metrics Changes - The company reported revenue of $365 million for 2025, reflecting a year-over-year growth of 4.7% driven by international expansion, particularly in APAC, which grew by 26.9% [5][14] - North America revenue decreased by 19.2% year-over-year to $111 million due to macroeconomic challenges and weaker consumer sentiment [14][15] - Gross profit for 2025 was $215.1 million, with a gross margin of 58.9%, down from 62.1% in 2024, attributed to shifts in geographic and product mix [16] - Adjusted net profit increased by 7.9% year-over-year to $31 million, with an adjusted net profit margin of 8.5% [17] Business Line Data and Key Metrics Changes - Energy-based devices (EBD) revenue was $310.4 million, representing 85% of total revenue and remained flat year-over-year [15] - The injectable business saw significant growth, with revenues reaching $28 million, up 185.6% year-over-year, driven by the success of Profhilo [15][18] Market Data and Key Metrics Changes - International markets, excluding North America, grew by 20.1%, with APAC as the primary growth engine [14] - The company achieved record growth in China and Thailand, contributing significantly to the overall revenue increase [5][14] Company Strategy and Development Direction - The company is focused on building a broader ecosystem that integrates technologies, diagnostics, injectables, and digital capabilities to enhance operational efficiency and long-term engagement [3][4] - Plans for 2026 include strengthening the flagship device portfolio and expanding the global energy-based device offering, alongside the introduction of new platforms and applicators [7][10] - The company aims to capture long-term growth opportunities in the global medical aesthetics market while maintaining a disciplined approach to operational execution [11][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic challenges and highlighted the importance of operational discipline and strategic investments [11][49] - The company anticipates a recovery in the U.S. market, contingent on improvements in macroeconomic conditions and geopolitical stability [49][51] Other Important Information - The company is advancing its AI-enabled diagnostics and skincare initiatives, which are expected to enhance patient retention and treatment outcomes [10][18] - A final dividend of HKD 0.095 per share has been proposed for 2025, reflecting the company's commitment to balancing reinvestment and shareholder value [17] Q&A Session Summary Question: Marketing expense ratio trends and future expectations - Management noted proactive measures to reduce sales and marketing expenses while continuing to invest in strategic projects like DAXXIFY in China, aiming for efficiency and profitability [20][21] Question: R&D pipeline and clinical progress - The company plans several product launches in 2026, focusing on hair growth and leveraging existing platforms for new technologies [23][24] Question: Sales strategy for energy-based devices in China - The company aims to maintain its dominant position in China and grow its energy-based devices segment, integrating efforts across different business units [28][30] Question: Commercialization plans for DAXXIFY - The company has a capacity of 100,000 units for DAXXIFY in 2026, targeting high-value clinics and planning to expand its injectable portfolio in China [35][36] Question: Strategic roadmap for 2026 and beyond - The company is focused on creating an ecosystem to enhance value for practitioners and consumers, with a strong emphasis on energy-based devices and hair growth solutions [39][41] Question: Impact of geopolitical issues on business - The company has demonstrated resilience in handling geopolitical challenges, maintaining operational capacity while facing increased shipping costs [60][61]

Financial Data and Key Metrics Changes - For the full year 2025, revenue was $365.3 million, representing a 4.7% year-over-year growth, primarily driven by double-digit international expansion, particularly in APAC, which grew by 26.9% [5][14] - Gross profit for 2025 was $215.1 million, with a gross margin of 58.9%, down from 62.1% in 2024, attributed to shifts in geographic and product mix and new import tariffs [17] - Adjusted net profit for 2025 was $31 million, up 7.9% year-on-year, with an adjusted net profit margin of 8.5%, reflecting disciplined cost management and efficiency gains [17] Business Line Data and Key Metrics Changes - Energy-based devices (EBD) revenue was $310.4 million, representing 85% of total revenue, essentially flat year-on-year, supported by strong demand for Alma Harmony and Alma Hybrid platforms [14][15] - Injectable revenues reached $28 million, up 185.6% year-on-year, reflecting significant diversification due to Profhilo's momentum and broader adoption by practitioners [15] Market Data and Key Metrics Changes - North America revenue was $111 million, down 19.2% year-on-year, impacted by weakened macroeconomic conditions and softer consumer demand [14] - International markets, excluding North America, grew 20.1%, led by Asia-Pacific, which rose 26.9% year-on-year, serving as the primary growth engine [14] Company Strategy and Development Direction - The company is focused on building a broader ecosystem that integrates technologies, diagnostics, injectables, and digital capabilities to adapt to evolving market demands [3][4] - Plans for 2026 include strengthening the flagship device portfolio, expanding the global energy-based device offering, and introducing additional EBD solutions in Thailand [7][10] - The company aims to capture long-term growth opportunities in the global medical aesthetics market while maintaining operational discipline in North America [11][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the new executive team and their ability to lead the company with a focus on execution, operational discipline, and long-term value creation [4] - The company anticipates a recovery in the U.S. market in 2026, contingent on improvements in macroeconomic conditions and interest rates [49] Other Important Information - The company completed a structured leadership transition and is committed to balancing reinvestment for sustainable growth with shareholder value retention [4][17] - R&D spending was $16.9 million in 2025, reflecting ongoing investments in clinical programs and next-generation products [16] Q&A Session Summary Question: What specific measures are being taken to cut down the sales and marketing expense ratio? - Management indicated that proactive measures were taken to drive efficiency, resulting in reductions in sales and marketing expenses while still investing in strategic projects like DAXXIFY [20][21] Question: Can you provide an update on the company's R&D pipeline and expected clinical progress? - The company plans several launches in 2026, particularly in the hair growth segment, and is also assessing additional products for future opportunities [24][25] Question: What is the sales strategy for energy-based devices in China for 2026? - The company aims to maintain its dominant position in China and leverage synergies across different business segments to drive growth [28][29] Question: What are the plans for the commercialization of DAXXIFY this year? - The company has a capacity of 100,000 units for DAXXIFY and plans to target high-value clinics initially, with positive feedback received so far [34][35] Question: What is the strategic roadmap for 2026 and key growth drivers? - The strategy focuses on creating an ecosystem to provide more value to practitioners and enhance brand strength, with a strong emphasis on energy-based devices and hair growth solutions [38][40] Question: What are the underlying reasons for the softness in the U.S. segment and the potential for recovery? - Management noted that the decline was primarily due to macroeconomic conditions, but they are optimistic about recovery in 2026 with improved economic indicators [46][49] Question: What is the progress on AI-enabled products and the impact of geopolitical issues? - The company is leveraging partnerships for AI technologies and has maintained operational capacity despite geopolitical challenges, although there are impacts on shipping costs [56][58]

Disclaimer Sisram Medical 2025 Annual Earnings Presentation Stock Code: 1696.HK 2 2025 Snapshot Revenue US$ 365.3 M +4.7% YoY Revenue from APAC Revenue from Injectables US$ 147.4M +185.6 % YoY +26.9% YoY US$ 28.0 M International Markets (Excl. NA) US$ 254.3 M +20.1% YoY Gross Profit Margin 58.9 % - 3.2 p.p. YoY Adjusted Net Profit Margin 8.5 % +0.3 p.p. YoY 1 3 Global Expansion at A Glance Reinforcing our leadership across core and emerging markets, as we continue to scale globally with focus and agility Di ...

Core Viewpoint - Furuya Medical Technology (01696) has launched the PixelPeel safe laser skin rejuvenation treatment to meet the growing demand for safe, effective, and short-recovery skin renewal procedures [1] Group 1: Product Launch - The PixelPeel treatment has been introduced in North America and is planned for gradual global rollout [1] - PixelPeel utilizes clinically recognized gold standard laser energy combined with pixel-level precision and Alma's proprietary MotionSync technology to ensure a safe, uniform, and controllable treatment process [1] Group 2: Target Audience and Benefits - The treatment is suitable for both first-time users and individuals seeking long-term skin maintenance [1] - PixelPeel offers effective clinical results with a short recovery period and is applicable to various skin types [1] Group 3: Market Impact - The company believes that PixelPeel will provide advanced treatment options that meet current market demands, offering a more convenient and efficient skin care experience [1] - The comprehensive application of PixelPeel in Alma Pixel and Alma Hybrid devices aims to expand market coverage and enhance the purchase and usage rates of these devices [1]

Core Viewpoint - The company has launched the PixelPeel™ safe laser skin rejuvenation treatment to meet the growing demand for safe, effective, and short-recovery skin renewal procedures, initially debuting in North America with plans for global expansion [1] Group 1: Product Details - PixelPeel™ utilizes clinically recognized gold standard laser energy combined with pixel-level precision and Alma's proprietary MotionSync™ technology to ensure a safe, uniform, and controllable treatment process [1] - The treatment effectively improves skin texture, tone, and brightness, making it suitable for both first-time users and those seeking long-term skin maintenance [1] - The solution offers high clinical efficacy with a short recovery period and is applicable to various skin types [1] Group 2: Market Impact - The company believes that PixelPeel™ will provide advanced treatment options that align with current market demands, offering a more convenient and efficient skin care experience for medical institutions and consumers [1] - The comprehensive application of PixelPeel™ in Alma Pixel™ and Alma Hybrid devices aims to expand the market coverage of existing equipment systems, thereby increasing procurement and usage rates [1]

Core Viewpoint - The company has launched the PixelPeel™ safe laser skin rejuvenation treatment to meet the growing demand for safe, effective, and short recovery skin renewal procedures, initially introduced in North America with plans for global expansion [1] Group 1: Product Details - PixelPeel™ utilizes clinically recognized gold standard laser energy combined with pixel-level precision and Alma's proprietary MotionSync™ technology to ensure a safe, uniform, and controllable treatment process [1] - The treatment effectively improves skin texture, tone, and brightness, making it suitable for both first-time users and those seeking long-term skin maintenance [1] - The solution offers high clinical efficacy with a short recovery period and is applicable to various skin types [1] Group 2: Market Impact - The company believes that PixelPeel™ will provide advanced treatment options that align with current market demands, offering a more convenient and efficient skin care experience for medical institutions and consumers [1] - The comprehensive application of PixelPeel™ in Alma Pixel™ and Alma Hybrid devices aims to create a new treatment solution, further expanding the market coverage of existing device systems and enhancing their purchase and usage rates [1]

Financial Data and Key Metrics Changes - The company reported revenue of $165.5 million for H1 2025, a decrease of approximately 1.9% compared to the previous year, primarily due to challenging market conditions such as high interest rates and weakened consumer spending in North America [8][14][18] - Gross profit margin was 60%, down 2.4 percentage points year over year, attributed to a shift in product mix towards higher-cost professional products and lower revenue contribution from North America [15][16] - Adjusted net profit was $12 million, reflecting a decline of 28.1% year over year [16] Business Line Data and Key Metrics Changes - Medical aesthetics products remained the largest revenue contributor, generating $137.7 million, or 83.2% of total revenue [16] - The injectables segment saw significant growth, increasing by 280.1% to $14.4 million, representing 8.7% of total revenue, up from 2.7% [16] Market Data and Key Metrics Changes - International sales channels grew by 7.1% year over year, with the Asia Pacific region achieving double-digit growth of 17.6%, driven by strong performance in Thailand and Korea [10][14] - The company’s direct operations worldwide provided robust market access and execution capabilities, allowing it to offset regional challenges [10] Company Strategy and Development Direction - The company is transitioning to a holistic ecosystem partner in medical aesthetics, integrating energy-based devices, injectables, and personalized skincare [4][5] - Future focus includes strengthening corporate leadership in Asia Pacific and North America, with anticipated launches of new products like Dexify in China [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in regaining momentum in regions affected by geopolitical tensions and anticipated stronger performance in H2 2025 due to increased consumer confidence and demand for recent launches [11][12] - The company plans to continue expanding its unique wellness ecosystem and deepen relationships with clinics and end consumers [12] Other Important Information - The successful North American launch of Universe Skin by Alma, an AI-assisted skincare system, is a key milestone for the company [5] - The company is preparing for the launch of Dexify, the world's first peptide-powered botulinum toxin in Mainland China, and expanding its injectable portfolio in various regions [12][15] Q&A Session Summary Question: What is the main reason for the good performance in the APAC area? - Growth in Thailand was driven by the introduction of Profilo, while Korea benefited from existing direct operations and the concept of lifting using titanium [20][22] Question: What is the proportion of direct sales in the first half of the year? - Approximately 85% of the business was from direct operations, slightly down due to a shift towards distributor fulfillment in North America [24][25] Question: What are the main reasons for the decrease in North America performance? - High interest rates and consumer spending concerns led to delays in deal closures and order processing [29][32] Question: What is the current progress of the launch of Dexify in China? - The company is advancing phase three clinical trials for Dexify and expects to launch in H2 2025, aiming for significant sales growth in the following years [55][56] Question: What are the differences among the injectable products? - The company offers a range of injectables including neotoxins, volumetric fillers, and biostimulators, each serving different clinical needs [60][62] Question: What is the guidance on revenue and net profit for 2025? - The company expects growth in both revenue and net profit in the second half of 2025, driven by new product launches and a backlog of orders [70][72]