MicroPort Reports Interim Results with R&D Achievements and a Shareholder Loss of USD 90.27 Million

Source: Zhitong Finance Network

Zhitong Finance APP reports: MicroPort Medical (00853) announced its interim results for the six months ended June 30, 2021. The Group recorded revenue of approximately US$385 million during the period, a year-on-year increase of 25.31%; the loss attributable to equity shareholders of the Company was US$90.266 million, widening by 37.68% year-on-year; basic loss per share was 5 US cents.

During the reporting period, the Group recorded revenue of USD 385 million. Revenue from the orthopedic medical device business and cardiac rhythm management business grew by 22.9% and 20.0%, respectively, excluding the impact of exchange rate fluctuations. This growth was primarily attributable to the rebound in elective surgery volumes following the recovery from the novel coronavirus pandemic; benefiting from rapid market promotion and revenue contributions from new products, the heart valve business, neurointerventional product business, and aortic and peripheral vascular interventional product business continued to maintain rapid growth, recording revenue increases of 121.8%, 114.5%, and 68.6%, respectively, excluding the impact of exchange rate fluctuations.

In the first half of 2021, the increase in loss attributable to equity shareholders of the Group was primarily attributable to the continuous increase in investment in research and development projects; the substantial increase in sales volume of cardiovascular intervention products driven by China's centralized volume-based procurement policy for coronary stents failed to fully offset the year-on-year decline in their revenue and gross profit.

It is reported that during the reporting period, the Group’s R&D expenses accounted for 30.4% of its revenue, and its R&D projects yielded significant results, with a total of 7 products receiving registration certificates from the National Medical Products Administration (NMPA). The associate company’s IceMagic® cardiac cryoablation system has entered the special approval procedure for innovative medical devices in China (Green Channel). As of the end of the reporting period, the Group and its associate companies have had a total of 21 products approved for the Green Channel, ranking first in the medical device industry for seven consecutive years. In international markets, the Group has also secured FDA approval for 2 products and CE certification for 14 products.