MicroPort Medical Forecasts H1 2020 Loss Exceeding $65 Million Amid COVID-19 Impact

Original Title: Impacted by the COVID-19 Pandemic, MicroPort Expects a Mid-Year Net Loss Exceeding $65 Million Source: Capital Bond

On August 5, Capital Bond learned that the Hong Kong-listed companyMicroPort Medical(00853.HK) issued a 2020 interim profit warning, stating that for the six months ended June 30, 2020, the Group recorded a period loss attributable to equity shareholders of MicroPort Medical of approximately USD 65 million to USD 70 million, compared to a period profit attributable to equity shareholders of approximately USD 65.5 million in the same period last year.

MicroPort explained that this was primarily attributable to: (i) a sharp decline in outpatient visits and surgical procedures at medical institutions due to the impact of the novel coronavirus pneumonia (COVID-19) pandemic, leading to a year-on-year decrease in sales revenue from implantable devices in the Group’s cardiovascular intervention, cardiac rhythm management, and orthopedics segments during the reporting period; (ii) costs recognized for incentive shares granted to certain employees, including one executive director, under the Group’s share award scheme during the reporting period; and (iii) the absence of one-time investment income from the disposal of partial equity interests in Shanghai MicroPort EP MedTech Co., Ltd. recorded in the same period of the previous year.

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