HONG KONG, Aug. 26, 2024 /PRNewswire/ -- Peijia Medical (HKG:9996), a leading Chinese domestic player in the high-growth transcatheter valve therapeutics and neurovascular interventions markets, announced financial results for the six months ended June 30, 2024 ("the period") on August 23, 2024.
Financial Highlights
During the period, the Company recorded an operating revenue of RMB 301.2 million, representing an increase of 33.9% period-over-period. The increase in revenue was mainly attributable to:
(i) continued commercialization and expanded market share gains among transcatheter aortic valve replacement ("TAVR") products throughout China;
(ii) the surged sales volume of coil products as a direct result of winning bids in volume-based procurements across multiple provinces;
(iii) The rapid market penetration of our ischemic products, characterized by their differentiated design features such as the Syphonet Stent Retriever and Fastunnel Delivery Balloon Catheter; and
(iv) the successful launch of DCwire Micro Guidewire which quickly gained market recognition for its outstanding performance.
During the period, the Company recorded a gross profit of RMB 218.9 million, representing an increase of 26.5% period-over-period. Gross profit margin remained robust at 72.7%. Expense ratios decreased notably company-wide as a result of larger economic scale and improved operational efficiency with selling and distribution, administrative, and R&D expense ratios decreasing by 26.2, 7.0, and 42.8 percentage points, respectively.
Loss for the first half of 2024 was RMB 71.3 million, a 66.4% improvement when compared to RMB 212.3 in the prior year ...
