C-MER Eye Care (03309.HK) Issues Profit Guidance, Expects Interim Net Profit of HK$25–30 Million, Up 68%–102% Year-on-Year

C-MER Medical (03309) announced that for the six months ended June 30, 2023 (the first half of 2023), the profit attributable to shareholders of the company is expected to be approximately HKD 25 million to HKD 30 million, representing an increase of about 68% to 102% compared to the profit of HKD 14.8 million in the same period last year.

It is reported that the expected increase in profit attributable to shareholders of the company is mainly due to the revenue generated from medical services, which increased by more than 40% from HK$660.8 million in the same period last year to approximately HK$930 million in the first half of 2023. However, this was partially offset by the decrease in revenue from the sales of COVID-19 related medical consumables, which dropped from HK$220.7 million in the same period last year to approximately HK$19 million in the first half of 2023. The significant increase in revenue from medical services was driven by a strong rebound in demand for ophthalmology and dental services in Hong Kong and mainland China after the COVID-19 pandemic, as well as the reopening of the border between Hong Kong and Shenzhen. The company's total revenue is expected to increase from HK$881.6 million in the same period last year to over HK$950 million in the first half of 2023.