Qiming Medical-B (02500) released interim results with gross profit of 182 million yuan, and the global clinical research and development project achieved many important milestones

According to the Zhitong Finance App, Qiming Medical-B (02500) announced interim results for the six months ended June 30, 2024. The group achieved revenue of 231 million yuan (RMB, same below); gross profit of 182 million yuan; and R&D costs of 181 million yuan during the period.

The announcement stated that during the reporting period, the company continued to focus on the field of structural heart disease, further improve R&D efficiency by optimizing the layout of R&D pipelines, and concentrate resources to advance clinical progress in core key pipelines. Global clinical research and development projects have achieved many important milestones, demonstrating the company's strong global clinical R&D and operation capabilities, and the internationalization process continues to deepen. Venusp-Valve, a pulmonary valve product, successfully completed the first patient implantation in a key clinical study of IDE in the US, and clinical progress is progressing steadily; the tricuspid valve replacement product Cardiovalve is progressing smoothly, and the results are excellent immediately after surgery, showing excellent safety and efficacy, and has been well received by overseas experts and doctors. These products are expected to provide better treatment solutions for patients around the world in the future.

The Group actively responds to the challenges brought about by changes in the internal and external environment, pursues a balance between market share and commercial profit margins, continues to adhere to the “profitability” strategy, enhance commercial profits, actively implement internationalization, and strengthen the global sales layout. During the reporting period, the company's commercial profit margin increased year-on-year from about 7% in the first half of 2023 to about 15%. The Group continues to strengthen sales team building, continuously expand sales channels, dig deeper into the commercial potential of products, and provide high-quality treatment plans for more patients. By the end of the reporting period, the company maintained a leading position in the domestic market in the TAVR field. The number of implants in the first half of the year was about 2,300 units, an increase of 15% over the previous month, and has covered more than 580 hospitals. In terms of overseas business, the company has further increased its market share and international influence with continuously improved global sales layout, Venusp-Valve's differentiated product positioning, and long-term safe and effective clinical data. Overseas revenue, mainly Venusp-Valve products, reached 30.1 million yuan, an increase of 34% over the previous year. Eight new commercialized countries were added in the first half of the year, including Canada, Australia, India, Russia, Singapore, etc., covering 59 countries and regions including Europe, North America, the Middle East, Southeast Asia, and Latin America. The continuous improvement of direct sales and dealer models lays a good foundation for future commercialization of the company's products overseas.