Source: Direct IPO, by Han Wenjing
Another Artificial Heart Company Rushes for IPO.
On December 26, according to the disclosure on the SSE website, the Sci-Tech Innovation Board IPO application of BrioHealth Solutions (hereinafter referred to as "BrioHealth Solutions") was accepted.
The founder of BrioHealth Solutions is Chen Chen, who has a strong background in the artificial heart field. He holds a bachelor’s degree in Thermal Engineering from Tsinghua University and a Ph.D. in Biofluid Mechanics from Sichuan University. He furthered his studies as a visiting scholar at the University of Tokyo in Japan and as a postdoctoral researcher at Ibaraki University.
In 2008, Chen Chen founded BrioHealth Solutions, dedicating to the innovation of ventricular assist devices. The prospectus mentioned that the main product of BrioHealth Solutions is the implantable left ventricular assist system (commonly known as the artificial heart, abbreviated as LVAD), which is used to partially or completely replace the left ventricle in performing the blood pumping function, thereby achieving the effect of unloading the natural heart's burden. While compensating for the insufficient pumping ability of the heart, it also promotes the recovery of cardiac function.
After more than a decade of dedication, BrioHealth Solutions has built a product portfolio covering multiple stages. To date, BrioHealth Solutions has 1 product approved for marketing, 1 product in the registration stage, 1 product in the clinical trial stage, 1 product in the pre-clinical research stage, and 2 products in the design and development stage.
In the Chinese market, BrioHealth Solutions' first implantable full magnetic levitation left ventricular assist system, CH-VAD, has been approved for marketing by the National Medical Products Administration, becoming the first approved full magnetic levitation implantable artificial heart in China. Its upgraded version, CH-VAD Plus, is currently in the registration phase and is expected to be approved for marketing in China by early 2026.
In the U.S. market, BrioHealth Solutions' newly developed next-generation implantable full magnetic levitation left ventricular assist system, BrioVAD, has received FDA approval to enter clinical trials, becoming the first active implantable medical device produced in China to be approved by the FDA for clinical trials.
During the reporting period, the company's product prices remained relatively stable. In 2022, 2023, 2024, and the first half of 2025, the average price of CH-VAD was 459,600, 379,200, 385,400, and 362,300 yuan, respectively. The decrease in CH-VAD prices is mainly due to the company’s proactive adjustment to expand its customer base rapidly during the high-growth phase of China’s artificial heart industry, continuously increase market share, and establish a solid customer foundation.
As of the date of the prospectus signing, CH-VAD has been implanted in over 670 cases across more than 80 hospitals, with sales revenue increasing from RMB 8.272 million in 2022 to RMB 67.0598 million in 2024.
However, as a research and development-driven medical device company, BrioHealth Solutions is still in the loss-making stage and has not yet achieved profitability. In 2022, 2023, and 2024, the company's revenues were RMB 8.61 million, RMB 50.45 million, and RMB 77.35 million respectively; net losses were RMB 189 million, RMB 306 million, and RMB 372 million respectively; and net losses after deducting non-recurring gains and losses were RMB 186 million, RMB 312 million, and RMB 370 million respectively.
In the first half of 2025, BrioHealth Solutions' revenue was 72.07 million yuan, with a net loss of 193 million yuan, and a non-GAAP net loss of 191 million yuan.
Notably, the company has completed multiple rounds of financing. The latest round was in July this year, when BrioHealth Solutions announced the completion of a new strategic financing round, participated by HongShan Sequoia China, Beijing High-end Precision Industry Development Fund, Huachuang Capital, Baiyang Zhongxin, Gaorong Ventures, and Gaoxin Jun.
Before this issuance, the company's actual controller, Chen Chen, directly, indirectly, and through concert parties, controls a combined 30.95% of the voting rights. Additionally, Baiyang Group holds 16.73%, Sequoia China holds 8.53%, and the Blue Sail group holds 5.15%.
With the surge in demand for heart failure treatment and the maturation of technology, artificial heart companies are collectively entering a window period for IPOs. Apart from BrioHealth Solutions, other similar companies such as Shenzhen Core Medical and Hangzhou Hetang Health have also initiated IPO preparations or completed significant financing rounds. A capital competition in the artificial heart sector has now fully commenced.