Backed by National Science and Technology Progress Award, Core Medical Leads the Billion-Dollar 'Chinese Heart' Market

Wen|Zhang Xiaoman

In early July, the results of the 2025 National Science and Technology Progress Award selection were announced.

With Fuwai Hospital of the Chinese Academy of Medical Sciences as the primary completing institution, in collaboration with ShenzhenCore MedicalThe project “Establishment and Promotion of Key Surgical Technologies for Severe Heart Failure,” jointly completed by [Unit Name] and other institutions, was awarded the Second Prize of the National Science and Technology Progress Award.

In the coordinate system of independent innovation in China's high-end medical devices, this award holds special significance.Artificial hearts have long been regarded as the “crown jewel” in the field of heart failure treatment, involving multidisciplinary expertise in materials science, fluid dynamics, magnetic levitation control, motor design, blood compatibility, and long-term implantation safety.

Receiving a national-level science and technology award in this field itself signifies that domestically produced artificial hearts have made a critical leap from technological breakthroughs to clinical application.

Core Medical is a key participant in this leap forward. It is reported that in the field of artificial heart research and development, Core Medical has successfully developed Corheart 6, a third-generation implantable fully magnetically levitated artificial heart with complete independent intellectual property rights.

On one hand, on July 3, the Center for Medical Device Evaluation of the National Medical Products Administration issued an approval opinion,Core Medical’s self-developed “Implantable Ventricular Assist System (Model DuoCor 2)” has officially received approval to commence clinical trials, becoming the first implantable biventricular assist system approved for clinical trials in China.It holds promise for addressing the clinical gap of limited long-term treatment options for “pancardiac failure.”

On the other hand, the Shanghai Stock Exchange announced the cancellation of the previously scheduled STAR Market IPO review meeting for Core Medical, originally set for July 2, citing that “certain relevant matters still require further verification.”

Amidst external discussions surrounding technological pathways and persistent losses, Core Medical has faced intensified scrutiny from capital markets, the industry, and public opinion.

The three pressing concerns currently facing Core Medical—the temporary suspension of its IPO, controversies over its technological roadmap, and pressure from operating losses—actually correspond to three types of expectations from external stakeholders regarding China’s leading artificial heart enterprise: whether it can enter the capital market in a standardized and transparent manner, whether its key technologies can withstand rigorous scrutiny, and whether it can translate R&D investments into long-term commercial value.

Based on current progress, Core Medical is responding with clinical data, product pipeline, and market share.

01

IPO Trading Halt:

Capital Rhythm Fluctuations

Industrial Progress Continues to Advance

For innovative medical device companies, further verification during the IPO review process is not uncommon.

Especially in fields such as artificial hearts, which combine high technological barriers, stringent regulatory requirements, and significant clinical risks,The prudent stance of the capital market is, in essence, a shared responsibility toward investors, patients, and the long-term development of the industry.

Rather than the pace of short-term capital, greater attention should be paid to whether a company’s own industrial progress continues to advance.

In June 2023, Core Medical's Corheart 6 officially received market approval from the National Medical Products Administration. With a diameter of 34 mm and a weight of approximately 90 g, this product features a diameter reduction of about 30% and a weight reduction of about 50% compared to similar international products.

For artificial hearts that require long-term implantation in the body,Miniaturization means a broader applicable population and lower implantation burden.

According to the prospectus, thanks to its ultimate lightweight and miniaturized design, the Corheart 6 has been clinically implanted in patients across a wide age range (8 to 88 years) and with weights as low as 22 kilograms, becoming China’s first implantable artificial heart product used in clinical practice for pediatric heart failure, thereby directly filling the gap in the domestic field of implantable artificial heart therapy for children.

This not only significantly expands the commercialization boundaries of the product, but also signifies further maturity in the engineering design and clinical translation capabilities of domestically produced equipment.

More compelling are the clinical and market data.

As of the date of signing the prospectus,Corheart 6 has surpassed a cumulative implantation volume of 1,300 cases, becoming the second fully magnetically levitated artificial heart worldwide and the first in China to exceed the 1,000-case milestone.

In 2024, the Corheart 6 achieved a 45.90% market share of domestic terminal implantations; from January to May 2025, this figure further increased to 52.86%, maintaining its industry-leading position and continuing to widen the gap with other manufacturers.

Data Source: Core Medical’s STAR Market IPO Prospectus

In the medical device industry, obtaining market approval is merely the first step. True competitiveness is often reflected in whether physicians are willing to use the product, whether hospitals continue to procure it, and whether patients achieve clinical benefits.

From regulatory approval and market launch to the implantation in 1,000 cases, and further to capturing over 50% of the market share in terminal implantations, Corheart 6 has initially established a closed-loop ecosystem encompassing product registration, clinical application, and commercial scale-up.

Due diligence in the capital markets follows established procedures and pacing, butThe core variables of the artificial heart industry have always been product capability, clinical validation, and real-world application.

From this perspective, Core Medical remains at the forefront of the domestically produced artificial heart sector.

02

Debate over Technical Approaches:

Clinical Value Is the Ultimate Measure

Recently, the debate over whether Corheart 6 qualifies as “fully magnetically levitated” has become another focal point of external attention on Core Medical.

Some views question that it is a “centrifugal pump equipped with magnetically assisted dual-fluid dynamic bearings,” and not a truly fully magnetically levitated product.

In response, the founder and chairman of Core MedicalYu ShunzhouIn a recent interview with the media, he/she responded that,“The Dispute Over ‘Fully Magnetically Levitated’ Technology” Ultimately Boils Down to a Physics Question: What Exactly Are the Forces That Suspend and Stabilize the Blood Pump Rotor?

He stated that, based on its working principle, the blood pump rotor of Core Medical’s implantable artificial heart can achieve stable levitation with an adjustable suspension gap through passive permanent magnetic force and active electromagnetic force control, without requiring any liquid medium.

In terms of technical implementation, the Corheart 6 adopts an "axial magnetic levitation" solution., with its underlying core being the independently developed "time-sharing and zone-based dynamic axial fullMagnetic Levitation ControlTechnology".

“more common in traditional artificial heartsRadial Magnetic Levitation”In contrast, the Corheart 6 positions its coils beneath the rotor and, based on real-time feedback from position sensors, achieves simultaneous levitation and rotation of the rotor using a single set of coils.

The prospectus reveals its deep engineering barriers: axial distribution achieves the "decoupling" of the motor and flow channel, avoiding damage to blood cells caused by motor heating at the source; meanwhile, it frees up flow channel space to form a unique "straight-line" secondary flow channel, eliminating dead zones where blood could stagnate.

Certainly, the selection of technical pathways for artificial hearts cannot be discussed in isolation from clinical scenarios.

For physicians and patients,What truly matters is whether the equipment can operate stably over the long term, reduce the risk of complications, enhance postoperative recovery efficiency, and improve patients’ quality of life.

Based on existing data, in the registration clinical trials of Corheart 6, the average postoperative ICU stay was 12.91 days, and the average total postoperative hospital stay was 31.2 days, both lower than those of similar domestic products.

For patients with severe heart failure, these indicators directly correlate with postoperative recovery efficiency, utilization of medical resources, and the overall treatment experience.

Furthermore, the ultimate benchmark for medical devices lies in long-term prognosis. According to the two-year long-term follow-up results of the registered clinical trials disclosed in the prospectus, the two-year survival rate after Corheart 6 implantation reached as high as 86%, and the extremely fatal “Pump Thrombosis” and the incidence of “hemolysis” were both 0%.

Achieving such exceptional long-term safety while maintaining extreme miniaturization, this real-world data, proven over time, is the strongest foundation for ending all debates on technological approaches.

And in response to the online rumors about Core MedicalMedical ProductsRegarding the instruction manual’s statement that “trial operation in air will damage the device, and the blood pump can only function properly when filled with fluid,” Yu Shunzhou explained that trial operation of the blood pump in an air environment may lead to the inhalation of foreign matter; if such foreign matter remains lodged within the pump chamber, it could cause serious complications once implanted into the body.

He also mentioned that the Abbott HeartMate 3 user manual similarly states that operation in an air environment is strictly prohibited, a requirement fundamentally intended to protect patient safety.

In fact, the debate over technological approaches reflects that China’s artificial heart industry has entered a more advanced stage of competition.

The core issue in the early stage was whether domestic substitution could be achieved; today’s discussions have delved deeper into magnetic levitation technology, hemocompatibility, miniaturization, power consumption, and long-term implantation performance.

The controversy itself indicates that industry attention is increasing, and also shows that Core Medical is in a position of being heavily compared and verified.

Notably, at the 2025 Vienna Annual Meeting of the International Society for Mechanical Circulatory Support (ISMCS), a company’s attempt to promote the establishment of technical standards for magnetic levitation technology was voted down by the Academic Committee.

Industry insiders stated that the committee’s position was clear:The development of artificial hearts should not be constrained by any single technological approach or specific technical indicators; technology should better serve clinical practice.

This aligns with the assessment by Core Medical. Yu Shunzhou stated that a high-quality artificial heart must withstand the test of clinical application. Building on the miniaturization of artificial hearts, Core Medical has further addressed issues such as high power consumption, system complexity, and bulky external components. He also acknowledged that there is still considerable room for improvement in enhancing clinical benefits, and that “fully magnetically levitated” technology will not be the final frontier for artificial hearts.

This statement, to some extent, reflects a hard-tech company’s clear-eyed understanding of its technological roadmap:Advanced capabilities must be continuously demonstrated, ultimately translating into patient benefit.

03

Loss Pressure:

R&D Investment Is Forming a Product Matrix

The third issue drawing attention to Core Medical is its consecutive losses.

The prospectus shows that from 2023 to 2025, Core Medical achieved operating revenues of RMB 16.5503 million, RMB 93.6884 million, and RMB 164 million, respectively; the net profit attributable to shareholders was a loss of RMB 170 million, RMB 132 million, and RMB 172 million, respectively, with a cumulative net loss attributable to shareholders of RMB 474 million over the three years.

From the income statement, the pressure of losses does indeed exist. ButFor a high-end medical device company in the early stages of commercialization, it is more important to examine the direction of its investments, product progress, and future market potential when assessing losses.

Core Medical's investment focus is very clear: R&D.

From 2023 to 2025, the company's R&D investments were respectivelyRMB 119 million, RMB 151 million, RMB 203 million,Cumulative total over three years reached473 million yuan.

This figure is close to the company's cumulative loss for the same period, indicating that a significant portion of the losses stems from continuous R&D investment.

Meanwhile, a breakdown of the income statement reveals that Core Medical’s losses over the past three years included cumulative share-based payment expenses exceeding RMB 136 million (primarily for employee equity incentives).

In the field of artificial hearts, which involves interdisciplinary integration of fluid dynamics, biomaterials, and precision manufacturing,Binding top-tier talent through substantial cash compensation and equity stakes constitutes a “strategic loss” that enterprises must bear to establish a long-term competitive moat.

From the perspective of marginal changes, the company’s self-sustaining financial capability is becoming clearly evident: with the commercial scale-up of Corheart 6, economies of scale have driven a steady increase in the gross profit margin of its core business from 66.25% in 2023 to 74.79% in 2025; meanwhile, the sales expense ratio has significantly decreased from 84.09% in 2023 to 40.02% in 2025.

This “one-up, one-down” trend fully validates the significant rise in its commercial conversion efficiency.

In high-barrier sectors such as artificial hearts, R&D investment is typically characterized by long cycles, capital intensity, and rigorous clinical validation. Products must clear multiple hurdles, progressing from conceptual design and animal studies to registered clinical trials and final market approval. Short-term profit pressure is a common feature for many innovative medical device companies as they transition from an R&D-driven model to commercial maturity.

The key lies in whether these investments have solidified into a sustainable product pipeline.

As of now, Core MedicalHas deployed five implantable and six interventional artificial heart products, among which one implantable product and one interventional product have been approved for market launch, four products have entered the special review procedure for innovative medical devices in China, and multiple artificial heart products are in the clinical stage.

This signifies that Core Medical is evolving from a single blockbuster product into a platform-based artificial heart enterprise.

In the field of implantable long-term circulatory support, Corheart 6 has achieved large-scale implantation and secured a leading market share in China.

In the field of short-to-medium-term percutaneous circulatory support, the company’s independently developed CorVad 4.0 is the first percutaneous short-to-medium-term artificial heart approved for market launch in China, poised to expand into broader scenarios of emergency and critical care circulatory support.

DuoCor 2, which has recently received approval for clinical trials, further targets the field of “whole heart failure,” where long-term treatment options have been limited. Its significance lies in expanding the application scenarios of artificial hearts from single-ventricle assistance to biventricular support.

Clinically, most ventricular assist devices primarily support the left ventricle; when both the left and right ventricles fail simultaneously, long-term treatment options remain limited.

As the first implantable biventricular assist system approved for clinical trials in China, DuoCor 2 is poised to propel domestically produced artificial hearts into a new phase of application, pending successful subsequent clinical progress.

From the perspective of market potential, artificial hearts remain a sector with substantial long-term growth opportunities.

According to Frost & Sullivan statistics, the global market size for short-to-medium-term artificial hearts grew from $970 million in 2019 to $2.07 billion in 2024, representing a compound annual growth rate (CAGR) of 16.4% during this period; it is projected to reach $9.33 billion by 2033.

For Core Medical, its current financial performance remains in the ramp-up phase of early commercialization.What truly determines its long-term value is whether Corheart 6 can continue to expand its leading advantage, whether CorVad 4.0 can open up a second growth curve, and whether DuoCor 2 can complete clinical validation in the new scenario of biventricular assist.

If these product pipelines continue to deliver on their promise, today’s R&D investments will lay the foundation for future growth.

04

Market Leadership Is Being Jointly Validated by Clinical Practice and the Market

Artificial hearts represent a quintessential hard-tech sector. There are no shortcuts, and breakthroughs are difficult to achieve through isolated marketing efforts alone. The true barriers to entry stem from long-term R&D, clinical validation, physician education, supply chain capabilities, quality systems, and the accumulation of real-world data.

The three major challenges currently facing Core Medical are precisely the tests that industry leaders must undergo during their growth.

The temporary suspension of the IPO has prompted cautious scrutiny from the capital market, controversies over technological approaches are driving the industry to rethink the standards for assessing the advancement of artificial hearts, and persistent losses require companies to demonstrate the conversion efficiency between R&D investment and commercialization capabilities.

Core Medical’s response goes beyond conceptual explanations, showcasing its products, data, and pipeline: Corheart 6 has received market approval and completed over a thousand implantations, capturing more than 50% of the domestic terminal implantation market share; DuoCor 2 has obtained clinical trial approval, entering the new scenario of biventricular assist support; CorVad 4.0 opens up the interventional short-to-medium-term artificial heart market; related projects have been awarded the Second Prize of the National Science and Technology Progress Award, signifying higher-level recognition of its technological system.

These combined advancements establish Core Medical’s leading position in the domestic artificial heart sector.

More importantly, the “Chinese Heart” sector in which Core Medical operates is still rapidly expanding. With rising treatment demands for heart failure patients in China and accelerated independent innovation in high-end domestically produced medical devices, artificial hearts are gradually transitioning from a cutting-edge therapy available at only a few top-tier hospitals to broader clinical application.

Whoever achieves technological maturity, clinical validation, commercial scale-up, and product portfolio development first will be positioned to seize the initiative in the future hundred-billion-dollar market.

From Corheart 6 to DuoCor 2, from implantable to interventional, and from single-ventricle assistance to biventricular assistance, Core Medical is building a more comprehensive portfolio of artificial heart products.

The National Science and Technology Progress Award represents a milestone of recognition and serves as an entry ticket to competition at a higher level.

For Core Medical, the true test still lies in clinical practice, the market, and time.

But at least for now, this company has taken a leading position in the domestic artificial heart sector and is promoting “Chinese hearts” to a larger industrial stage with a more complete product matrix.

References:

"Shenzhen Core Medical Technology Co., Ltd. Initial Public Offering and Listing on the STAR Market Prospectus (Draft for Review)"

2. “Core Medical’s STAR Market IPO Review Temporarily Cancelled: Company Responds to Key Market Concerns” — Shanghai Securities News · China Securities Network

3. “Targeting Total Heart Failure! China’s First Implantable ‘Biventricular Assist’ System Approved for Clinical Trials” – Medical World

4. “Shenzhen-based Core Medical’s Self-developed Implantable Biventricular Assist System Approved for Clinical Trials! Fills a Technological Gap in the Industry” — Shenzhen Special Zone Daily

Layout|Qiao Yulin

Mapping|MedLine Insight

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       Title: Backed by the National Science and Technology Progress Award, Core Medical Leads the Billion-Yuan "Chinese Heart" Sector