HeartCare Medical Reports 3,590.8% YoY Revenue Surge in Q1 2021 and Plans Commercialization of 9 Pipeline Products in 2021

On July 14, HeartCare, an innovative neurointerventional medical device company, submitted a revised Post-Hearing Information Pack to the Hong Kong Stock Exchange, updating its financial data for Q1 2021.

According to the prospectus, for the three months ended March 31, 2021, the Company achieved operating revenue of RMB 13.619 million, representing a year-on-year increase of 3,590.8%, accounting for 93.5% of the full-year revenue in 2020; the gross profit margin increased from 42.8% in the same period last year to 64.7%; and the net loss margin also narrowed significantly from -2,469.1% in the same period of 2020 to -303.2%.

It is reported that the Company's revenue saw significant growth in Q1 2021, primarily driven by the commercialization of its stent retriever and catheter products. Specifically, the Company began sales of stent retriever devices, distal access catheters, and microcatheters included in stent retriever procedure kits in 2020, and launched sales of balloon occlusion catheters in April 2021.

Furthermore, the company anticipates the commercialization of nine pipeline products in 2021, with an additional ten pipeline products to be commercialized between 2022 and 2025, including the world’s first rapamycin intracranial drug-eluting balloon catheter for the treatment of intracranial arterial stenosis. Based on the company’s commercialization roadmap, HeartCare is expected to achieve the commercialization of 23 products by 2025.