MicroPort Scientific Corporation reported a decisive turnaround for FY 2025, posting a net profit of USD 38.43 million after a USD 268.46 million loss in 2024. Profit attributable to equity holders reached USD 48.52 million, lifting basic earnings to USD 2.59 cents per share from a loss of USD 11.68 cents a year earlier.
Revenue rose 7.2% year-on-year to USD 1.11 billion (up 6.0% at constant exchange rates). Gross profit expanded 10.5% to USD 634.58 million, taking the gross margin to 57.4%, 1.7 percentage points higher than in 2024. Operating cash flow swung to a positive USD 69.13 million versus a USD 49.67 million outflow the previous year, and non-GAAP operating profit edged into the black at USD 0.33 million, a USD 123.55 million improvement.
Segment performance was mixed:
• Cardiovascular devices delivered revenue of USD 182.18 million, up 11.1% in constant currency, supported by stronger balloon, accessory and active-device sales. • Orthopedics slipped 7.5% in constant currency to USD 235.16 million amid supply-chain pressures and China’s pivot to domestically-produced implants. • Cardiac Rhythm Management (CRM) was flat in constant currency at USD 229.72 million; growth overseas offset softer China sales ahead of volume-based procurement (VBP) changes. • Endovascular & peripheral vascular products climbed 12.0% in constant currency to USD 189.48 million, powered by new product launches and overseas expansion. • Structural heart disease revenue inched up 1.3% to USD 51.31 million, while overseas sales in the segment jumped 255.0% on a constant-currency basis. • Surgical robots nearly doubled sales, soaring 114.2% in constant currency to USD 77.58 million, with overseas turnover up 286.6%. • Other businesses contributed USD 95.61 million, an 88.9% rise in constant currency. • The neurovascular unit, now classified as a discontinued operation following a late-year deconsolidation, recorded revenue of USD 111.04 million, up 3.8%.
International markets accounted for 53.1% of group sales. MicroPort’s “GloMatrix” commercial platform generated USD 163.90 million, up 78.8% in constant currency, and achieved breakeven.
Total assets stood at USD 3.70 billion with a liabilities-to-assets ratio of 59.4% (2024: 68.5%). Cash and equivalents were USD 682.51 million, while interest-bearing debt and convertible bonds totalled USD 1.55 billion. The auditor highlighted a material uncertainty over going-concern status linked to USD 0.75 billion of borrowings and bonds subject to profit covenants, but noted management’s refinancing and cost-control plans.
No final dividend was proposed. MicroPort plans to deepen globalization, prioritise R&D efficiency, and advance platform synergies while navigating China’s ongoing VBP reforms.
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