MicroPort Scientific Corporation Reports Annual Net Loss of USD 191 Million for 2020, Swings from Profit to Loss

Original Title: From Profit to Loss: MicroPort (00853) Reports Annual Shareholder-Attributable Loss of $191 Million Source: Zhitong Finance Network

Zhitong Finance APP News: MicroPort (00853) announced that in 2020, the company achieved revenue of approximately $649 million, a year-on-year decrease of 18.2%. The annual loss attributable to shareholders was $191 million, compared to a profit of $46.281 million in the same period last year. The basic loss per share was 10.97 cents.

The announcement stated that the decline in revenue was primarily driven by factors such as the postponement of elective surgeries due to the COVID-19 pandemic. However, the heart valve business, large artery and peripheral vascular interventional product business, and neurointerventional product business continued to maintain rapid growth, achieving revenue increases of 383.4%, 40.9%, and 17.5%, respectively, after excluding the impact of foreign exchange fluctuations.

The loss was primarily attributable to: a decline in revenue due to the impact of the novel coronavirus (COVID-19) pandemic and China’s centralized volume-based procurement policy for coronary stents; increased investment in ongoing and newly initiated R&D projects; the grant of incentive shares under the share award scheme to certain employees, including one executive director, during the reporting period; and the absence of the one-time investment gain recognized in the same period of the prior year from the partial disposal of equity interest in Shanghai MicroPort EP MedTech Co., Ltd.