Shanghai-based medical device giant MicroPort Scientific Corp. (HKG: 0853) has released its 2022 annual financial report, showing an 8% year-on-year (YOY) increase in revenue to USD 840.8 million, which represents a 15.6% increase when excluding foreign exchange impact. Despite reporting a net loss of USD 588 million, up from a loss of USD 351 million in 2021, the company’s research and development (R&D) costs rose by 41.0% YOY to USD 419.8 million, indicating a significant investment in ongoing and new R&D projects.
Business Segment Growth and Performance
Neurovascular devices, endovascular and peripheral vascular devices, heart valves, and surgical robot businesses were highlighted as key growth drivers with YOY expansions of 43.0%, 31.0%, 25.0%, and 904.8% respectively. Orthopedics, cardiovascular rhythm management (CRM), and cardiovascular device businesses also saw stable revenue growth of 9.5%, 3.5%, and 2.3% YOY respectively.
Geographical Revenue Distribution
MicroPort’s revenues were geographically distributed as follows: China 48.2%; North America 11.5%; Europe 29.4%; Asia excluding China 7.6%; and South America 1.4%. Ex-China international markets contributed USD 435.2 million in revenues, marking a 10.1% YOY increase.
Key Business Highlights
Chairman Zhang Chaohua noted several key business highlights for the year, including a 60% YOY growth in international markets for the cardiovascular device (CVD) business, driven by Europe, the Middle East and Africa (EMEA), and Latin America. The CVD business also secured success in China by winning bid spots for three products in the national volume-based procurement (VBP) program for coronary stents, with two products experiencing price increases. The company also achieved product approvals for a guide wire and filed for microcatheter, guiding catheter, and anchor balloon products.
The orthopedics business saw a global operating revenue increase of 9.5% YOY, attributable to a solid overseas performance. The CRM business recorded a 3.5% growth in global operating revenues, despite overseas inflation and domestic Covid outbreaks. The endovascular and peripheral vascular devices business experienced a 31% YOY growth due to innovative products. Lastly, the neurovascular devices business saw particularly strong growth of 43% in the domestic market, positioning MicroPort as the leading company in terms of market share among domestic manufacturers.-Fineline Info & Tech
