Peijia Medical announced financial results for the six months ended June 30, 2024 ("the period") on August 23, 2024. During the period, Peijia Medical recorded an operating revenue of RMB 301.2 million, representing an increase of 33.9% period-over-period. The increase in revenue was mainly attributable to:
(i) continued commercialization and expanded market share gains among transcatheter aortic valve replacement ("TAVR") products throughout China;
(ii) the surged sales volume of coil products as a direct result of winning bids in volume-based procurements across multiple provinces;
(iii) the rapid market penetration of ischemic products, characterized by their differentiated design features such as the Syphonet® Stent Retriever and Fastunnel® Delivery Balloon Catheter; and
(iv) the successful launch of DCwire® Micro Guidewire which quickly gained market recognition for its outstanding performance.
Expense ratios decreased notably company-wide as a result of larger economic scale and improved operational efficiency with selling and distribution, administrative, and R&D expense ratios decreasing by 26.2, 7.0, and 42.8 percentage points, respectively.
