MicroPort Scientific Corporation Reports 27.0% Surge in 2018 Net Profit to USD 23.91 Million and Declares Final Dividend of HK$0.029 per Share

Source: Gelonghui

Gelonghui, March 27 | MicroPort (00853.HK) announced that for the year ended December 31, 2018, the company achieved a gross profit of US$470 million, representing a year-on-year increase of 47.6%; net profit for the year amounted to US$18.381 million, up 8.4% year on year; profit attributable to equity holders of the company reached US$23.913 million, a year-on-year increase of 27.0%; basic earnings per share were US1.63 cents, and a final dividend of HK2.9 cents per share is proposed.

During the reporting period, the Group recorded revenue of US$669 million, representing a 48.6% increase after excluding exchange rate impacts compared to 2017, and a 50.7% increase in USD terms. The cardiovascular interventional products, large artery and peripheral vascular interventional products, neuro-interventional products, and electrophysiology medical device segments all experienced rapid growth, with revenue increases of 22.0%, 39.6%, 36.5%, and 34.5%, respectively, after excluding exchange rate impacts.

Following the completion of the acquisition of LivaNova PLC’s cardiac rhythm management business, the financial results of the rhythm management business have been consolidated into the Group’s consolidated financial statements since April 30, 2018. In 2018, the rhythm management business recorded revenue of USD 158 million.

During the reporting period, the Group’s profit increase was primarily driven by significant revenue growth in the Chinese market for its cardiovascular interventional products and aortic and peripheral vascular interventional products segments, as well as foreign exchange gains arising from the appreciation of the US dollar against RMB-denominated borrowings.

In 2018, the Group’s R&D projects were carried out in an orderly manner, with ten products obtaining registration certificates issued by the NMPA and three products entering the Green Channel. Since the establishment of the Green Channel, a total of 15 products from the Group had been approved to enter the Green Channel by the end of 2018.