Shanghai-based medical device giant MicroPort Scientific Corp. (HKG: 0853) has released its financial report for the first half of 2023, showcasing impressive revenue growth of 19% year-on-year (YOY) to USD 493 million. The company also reported a 13% reduction in losses, totaling USD 220 million. This performance highlights the company’s resilience and strategic advancements across multiple medical device sectors.
Sector Performance and Growth Drivers
The report indicates robust growth in several business segments, with neurological intervention, cardiovascular intervention, heart valve intervention, and large artery and peripheral vascular intervention businesses experiencing increases of 45%, 42%, 41%, and 36%, respectively. Notably, the surgical robot sector saw an extraordinary surge of 3110% compared to the same period last year, largely attributed to the successful commercialization of its four-arm endoscopic surgery robot, Toumai, along with the orthopedic surgery robot, SkyWalker, and the Dragonfly Eye 3D electronic intraperitoneal endoscope.
International Expansion and Regulatory Progress
During this period, MicroPort’s international business surged by 94%, driven primarily by its cardiovascular intervention business overseas. Key products, including the Firesorb bioabsorbable stent system, have entered regulatory review stages, while the coronary rotary milling system and shock wave balloon catheter system have completed pre-marketing clinical enrollment. In orthopedics, global revenues increased by 10% YOY, fueled by a domestic boom in end surgeries, with joint product implantation volumes doubling.
Heart Rhythm Management and Product Approvals
In the heart rhythm management sector, the introduction of Bluetooth pacemakers and implantable cardioverter defibrillators (ICDs) contributed to a 5% increase in global revenues. The in-house developed Rega pacemaker, currently the only domestic MRI-compatible pacing product, has seen rapid uptake, driving a remarkable 107% increase in domestic revenue. During the reporting period, MicroPort secured marketing approvals for 18, 11, and 7 products in China, the US, and the European Union, respectively. As of the report’s end, 30 devices have earned fast-track statuses, marking the company as a leader in innovation for eight consecutive years.-Fineline Info & Tech
