Shanghai MicroPort MedBot Group (2252) H1 2024 earnings summary

Executive summary

• Revenue for 1H24 surged 108.5% year-over-year to RMB 99.2 million, driven by strong domestic and overseas sales of flagship products ToumaiⓇ and SkyWalker™.

• Net loss narrowed by 48.6% year-over-year to RMB 279.95 million, reflecting stringent cost optimization and improved operational efficiency.

• Major milestones included CE Mark approval for ToumaiⓇ, first overseas installations, and expansion of SkyWalker™ to over 20 countries.

• Established the world's largest remote surgery network, completing 200+ 5G remote clinical surgeries and several global firsts.

• First revenue contributions from sales of surgical robot instruments, accessories, and services were recorded.

Financial highlights

• Revenue reached RMB 99.2 million, a 108% increase year-over-year; gross profit rose 113% to RMB 47.0 million, with gross margin at 47.4%.

• Net loss reduced by 49% year-over-year to RMB 279.95 million; adjusted net loss (non-HKFRS) was RMB 218.4 million.

• Free cash outflow decreased by 49.7% year-over-year; cash and cash equivalents stood at RMB 221.1 million as of June 30, 2024.

• Operating expenses declined: R&D by 47%, S&M by 27%, and G&A by 61% year-over-year.

• Interest-bearing borrowings totaled RMB 432.5 million; debt-to-asset ratio increased to 77.0%.

Outlook and guidance

• Plans to strengthen product portfolio, accelerate commercialisation, and expand global market presence, with continued investment in R&D and clinical validation.

• Focus on expanding training centers, standardising robot operation, and increasing market penetration in lower-tier institutions.

• No interim dividend proposed for the period.