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Venus Medtech H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary28 Aug, 2025
Executive summary
Revenue for the six months ended June 30, 2025, was RMB187.1 million, down 18.9% year-over-year, mainly due to lower product unit prices from pricing strategy adjustments and a shift to a platform-based sales model.
Loss attributable to owners decreased by 34.7% year-over-year to RMB134.8 million, reflecting improved cost control and operational efficiency.
Gross profit margin declined to 73.7% from 78.8% due to lower unit prices, while non-IFRS EBITDA loss narrowed by 43.5% year-over-year.
Overseas revenue grew 35.3% year-over-year to RMB40.7 million, now representing 21.8% of total revenue, driven by VenusP-Valve product.
The company advanced clinical trials for Cardiovalve and Venus-PowerX, with Cardiovalve nearing completion of pivotal enrollment in Europe.
Financial highlights
Gross profit was RMB138.0 million, down 24.1% year-over-year; gross margin declined to 73.7% from 78.8%.
Non-IFRS EBITDA loss narrowed by 43.5% to RMB82.0 million; non-IFRS commercialization profit margin improved to 16.2% from 14.8%.
Selling and distribution expenses decreased by 23.3% to RMB100.5 million; R&D costs fell 33.1% to RMB120.9 million; administrative expenses dropped 28.5% to RMB54.8 million.
Cash and cash equivalents stood at RMB279.0 million, a 6.4% decrease from year-end 2024.
Gearing ratio increased to 23.9% from 16.7% at year-end 2024; net current assets were RMB329.3 million, down 25.3% from December 31, 2024.
No interim dividend was declared.
Outlook and guidance
Focus remains on accelerating clinical progress for Venus-PowerX and Cardiovalve, with European pivotal trial enrollment for Cardiovalve expected to complete in H2 2025.
Plans to deepen marketing, expand sales channels, and enhance commercialization team capabilities in China.
Continued global expansion, especially in Europe and emerging markets, with ongoing search for strategic partners and investment in R&D.
How did cost control affect R&D spending?
When is Cardiovalve's European trial expected to complete?
What is the current status of Mr. Zi's loan repayment?
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Next Venus Medtech earnings date
H2 202529 Mar, 2026
Next Venus Medtech earnings date
H2 202529 Mar, 2026
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Frequently asked questions
Venus Medtech Inc. is a medical device company focused on the development and commercialization of transcatheter heart valve products for structural heart diseases. The company's diverse product portfolio encompasses solutions such as the VenusA-valve and VenusP-valve, alongside other devices aimed at addressing conditions related to aortic stenosis and pulmonic, mitral, and tricuspid regurgitation. Venus Medtech has established itself as a leader in the field by continuously focusing on innovations in new materials, bionics, image fusion techniques, and digital sensing to meet the evolving needs of doctors and patients globally. The company is headquartered in Hangzhou, China, and its shares are listed on the Hong Kong Stock Exchange.
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