Performance Summary:
-- Revenue was
-- Gross profit (excluding the amortization cost from purchase price allocation) was
Key Operational Statistics:
-- Even under the impact of Covid-19, revenue from theTranscatheter Valve Therapeutic Business and Neurointerventional Business were
-- For the Transcatheter Valve Therapeutic Business, both product adoption by new hospitals and the utilization rate of its products in the adopted hospitals exceeded expectation. As of
-- The Group's registration applications of four ischemic products have been approved by the NMPA, and the product portfolio for the ischemic product line has been preliminarily established. The Group can provide a complete set of solutions for hemorrhagic and ischemic stokes. In the first half of 2022, the Group continued expanding its share in the sizable hemorrhagic market, constantly consolidating its leading position in the neurointerventional industry.
-- The Group made continuous efforts to optimize the supply chain and optimize the production process to achieve long-term success, and continued to maintain stable production to meet the rapid sales demand growth in the first half of the year.
During the period, the Group recorded a revenue of
The impact of Covid-19 in the first half of 2021 further validated the Group's execution capability and operational efficiency. Both business lines exceeded their respective commercialization targets. The Group's pipeline projects progressed smoothly and its production operation and supply chain were well managed. Production fulfillment rate of core products reached around 60% (50% as the baseline) in the first half of the year.
Transcatheter Valve Therapeutic business: The commercialization platform was preliminarily established, setting up a strong foundation for commercialization success. Pipeline products also progressed smoothly, bringing sustainability to the long-term business development.
For the Transcatheter Valve Therapeutic Business, the Group had five registered products and nine product candidates at various development stages. The sales of TaurusOne(R) and TaurusElite(R) products were in good progress. The revenue of the Transcatheter Valve Therapeutic Business increased by 455.4% as compared to the same period in 2021 despite the impact of the pandemic. As of
Thanks to its outstanding product performance and professional market education and promotion, both product adoption by new hospitals and the utilization rate of our products in the adopted hospitals have accelerated for our Transcatheter Valve Therapeutic Business. As of
The Transcatheter Valve Therapeutic Business has progressed rapidly since its commercial launch, thanks to its cross functional teams comprised of marketing, sales and medical professionals. The all-round support ranges from academic promotion to new technology cooperation, from patient identification to physician training, and from preoperative, intraoperative and postoperative clinical support to meticulous sales service. The rapid development of commercialization has built a solid cash foundation for the long-term development of the Company.
The Group has developed a competitive product pipeline through external acquisitions and internal development, with a wide range of innovative products in development covering major valvular diseases and next-generation technologies. As of
Among them, three projects are entering into significant clinical trial stages: GeminiOne(R) and MonarQ will enter the registration clinical trial and overseas FIM clinical trial stages, respectively, and HighLife(R) will enter the registration clinical trial stage.
Neurointerventional Business: With the Group's successive launch of four ischemic products, the product portfolio for the ischemic product line has been preliminarily established. The Group are able to provide a complete set of solutions for hemorrhagic and ischemic strokes. With increasing sales from hemorrahagic products and upcoming commercialization of recently approved ischemic products, the revenue composition of the Neurointerventional Business will further diversify.
In the first half of 2022, the registration applications of four products have been approved by the NMPA, namely, Syphonet(R) Stent Retriever, Tethys AS(R) Aspiration Catheter, Fastunnel(R) Delivery Balloon Dilation Catheter and Fluxcap(R) Balloon Guide Catheter. The product portfolio for the ischemic product line has been preliminarily established, with all major devices readily in place, forming a complete solution for patients with AIS and ICAD.
As of now, for the Neurointerventional Business, the Group had fourteen registered products and seven product candidates at various development stages. The Group have a comprehensive portfolio of registered and pipeline products that target both hemorrhagic and ischemic stroke markets, providing one-stop solution for both hemorrhagic and ischemic strokes with a complete line of core products. This will not only build its resilience in times of change and uncertainty, but also enhance the attractiveness and synergy of its product portfolio among physicians and distributors.
Thanks to the superior product performance, strong marketing capability as well as stable and in-depth distributor network, revenue from the Neurointerventional Business increased by 57.6% during the period, as compared to the same period in 2021. The revenue generated from the sales of hemorrhagic, ischemic and vascular access products accounted for 44.2%, 25.0% and 30.6% of the total revenue of the Neurointerventional Business, respectively. With increasing sales from hemorrahagic products and upcoming commercialization of recently approved ischemic products, the revenue composition of its Neurointerventional Business will further diversify.
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