Suzhou CH Biomed Updates IPO Prospectus: 2025 Revenue Surges 175.08% Year-on-Year with Overseas Revenue Exceeding 50%

China Securities News (Xiong Yonghong, Cheng Xue'er) — On March 31, BrioHealth Solutions (referred to as "BrioHealth"), a Sci-Tech Innovation Board proposed listed company, updated its prospectus and financial data. According to the disclosure, BrioHealth achieved operating revenue of 213 million yuan in 2025, representing a year-on-year increase of 175.08%.

From the revenue structure, BrioHealth Solutions’ products have achieved rapid growth in both domestic and international markets. In China, the sales revenue of the approved CH-VAD product and accessories increased from RMB 50.0616 million in 2023 to RMB 105 million in 2025, with a year-on-year growth of 100%. Overseas, the revenue of the BrioVAD product and accessories grew from RMB 10.2635 million in 2024 to RMB 107 million in 2025, increasing more than tenfold, accounting for 50.51% of the company's total revenue. Meanwhile, the gross profit margin of the BrioVAD system reached 72.28%.

In the Chinese market, as of the date of signing the updated prospectus, the fully magnetically levitated implantable artificial heart CH-VAD, independently developed by BrioHealth Solutions, has been clinically implanted in over 750 cases across more than 100 hospitals in China. Its upgraded version, CH-VAD Plus, has also now received approval from the National Medical Products Administration (NMPA) for market release.

In the international market, BrioHealth Solutions' overseas revenue currently mainly comes from the U.S. clinical trial phase. In 2024, the company's next-generation fully magnetically levitated implantable left ventricular assist system, BrioVAD, received FDA IDE clinical trial approval in the United States, followed by coverage from the U.S. Medicare system, with an average payment of approximately $220,000 per case, enabling the company to generate revenue during the clinical trial phase.

Since the U.S. clinical trial of BrioHealth Solutions' BrioVAD was approved in 2024, it has been continuously accelerating. The first patient implantation was completed in November 2024; In August 2025, the BrioVAD U.S. clinical trial received FDA approval to enter the confirmatory stage. As of the date of the updated prospectus signing, the BrioVAD U.S. clinical trial has cumulatively completed 152 patient implants (including the control group) across 26 centers in the United States. This clinical trial plans to cover 60 leading medical centers in the U.S., with a total of 780 patient implants. The updated prospectus shows that the company's top five overseas customers are all top medical centers in the United States.

In the European market, BrioHealth Solutions has submitted clinical trial applications in Germany, Austria, and the Netherlands, and has received approval from the German Ethics Committee. As of the signing date of the updated prospectus, the company has completed the signing of clinical trial agreements with two centers. Additionally, the company is advancing the expansion of the BrioVAD indication to late-stage heart failure in children and plans to conduct the joint study Brio4Kids in the United States and Japan. A clinical trial application was officially submitted to the FDA in March 2026.