HeartCare-B (06609.HK) Reports Full-Year 2024 Results with Revenue of RMB 278 Million, Up 19.6% Year-over-Year

HeartCare (06609) announced its annual results for the year ended December 31, 2024. The group achieved revenue of RMB 278 million (same unit below), representing a 19.6% increase year-on-year; R&D expenses amounted to RMB 58.94 million, down 52.4% year-on-year; the loss attributable to owners of the parent company was RMB 13.622 million, a decrease of 85.51% year-on-year; basic loss per share was RMB 0.36.

In the fiscal year 2024, our company achieved revenue of 278 million yuan, representing a year-on-year increase of 19.6%. Despite the impact of bulk procurement pricing and market competition leading to a decline in gross margin, our pre-tax loss significantly narrowed to 12 million yuan, marking an 88.3% reduction year-on-year. With the expansion of business scale and the effectiveness of cost control and efficiency enhancement measures, the expense ratio for sales and distribution as well as administrative expenses decreased to 49.6% (2023: 66.2%).

Within the year, to adapt to the rapidly changing market environment, our company has continuously promoted the upgrade of the neurointerventional business, focusing on differentiated therapeutic devices. Sales of acute ischemic stroke treatment devices (such as intracranial thrombectomy stents, distal access catheters, intracranial thrombus aspiration catheters, and support catheters, etc.) increased by 45.5%. Revenue from hemorrhagic stroke treatment devices and other interventional access devices grew by 104.2% and 109.4%, respectively.

In 2024, our company's R&D expenditure amounted to RMB 58.9 million to support the diversified neurointerventional therapy devices under development. As of the date of this announcement, the intracranial aneurysm embolization assist stent (qualified as an NMPA innovative device) and flow diverter for the treatment of hemorrhagic stroke have received NMPA approval and have commenced sales. Furthermore, our company is committed to enhancing the competitiveness of key thrombectomy devices (intracranial thrombus aspiration catheters and intracranial thrombectomy stents) and providing a one-stop medical device solution targeting various subtypes of acute ischemic stroke. Over the next 24 months, our company expects to launch at least two major neurointerventional therapy devices, including a self-expanding drug-eluting stent for treating intracranial stenosis and a carotid artery stent, to meet the growing demand for stroke treatment in China’s aging market.

In overseas markets, our company has obtained CE or FDA certifications for intracranial thrombectomy stents, occlusion balloon catheters, distal access catheters, and microcatheters, as well as 26 other registrations in different countries or regions. To date, our company is conducting over 40 product registrations across 10 countries or regions, expanding sales channels, and laying the foundation for achieving long-term overseas sales goals.