Shanghai, China, 27 August 2022 – MicroPort NeuroTech Limited (“MicroPort NeuroTech™” or the “Company”) today announced the interim results of the Company and its subsidiaries for the six months ended 30 June 2022 (the “Reporting Period”). This is the first interim performance report released by MicroPort NeuroTech™ since it was successfully listed on the main board of the Hong Kong Stock Exchange on July 15, 2022.
During the reporting period, MicroPort NeuroTech™ achieved revenue of RMB 206 million, representing an increase of 22.9% compared to the corresponding period of last year, of which international (non-China) operations recorded revenue of RMB 11.80 million for the first time. The growth in revenue was mainly due to the commercialization of NUMEN™ Coil Embolization System (“NUMEN™ Coil”) in the United States, South Korea, and Europe; the rapid increase in clinical usage of innovative products approved in recent years, including NUMEN™ Coil, Bridge™ Vertebral Artery Drug-eluting Stent (“Bridge™ Stent”) and U-track™ Intracranial Support Catheter (“U-track™ Support Catheter”); and the steady increase in sales volume of the market-leading products including the Tubridge™ Flow-diverting Stent (“Tubridge™ Stent”) and Asahi™ Neurovascular Guidewires (“Asahi™ Guidewires”).
In the first half of 2022, the repeated pandemic outbreaks in mainland China impacts the production and logistics. In the face of challenges, the Company took measures to protect production and operations, with a focus on the improvement of innovation capability and operating efficiency, while accelerating its global strategic layout, which offset the adverse impact of the pandemic to the greatest extent possible.
Global strategic layout brings rampant development of businesses
MicroPort NeuroTech™ achieved a breakthrough in its international business, successfully entering the top 10 countries and regions in terms of the volume of neuro-interventional procedures, including the United States, Japan, South Korea, Brazil, and Europe.
In terms of market access, MicroPort NeuroTech™’s self-developed NUMEN™ Coil and NUMEN FR™ Coil Detachment System (“NUMEN FR™ Detachment”) have been successively approved for marketing in Brazil and Japan, which are two important markets for these two products after their receiving CE Marking in the EU, MFDS approval in South Korea and FDA approval in the United States in 2021. In the South Korean market, since NUMEN™ Coil entered the national medical insurance reimbursement list and completed the first commercial implantation procedure, the market demand is continuously rising. In addition, the first sales of APOLLO™ Intracranial Stent System (“APOLLO™ Stent”) have been completed in Brazil, adding new momentum to its overseas business.
In addition, MicroPort NeuroTech™ has also conducted in-depth cooperation with leading international companies to expand its product portfolio and broaden sales networks and build an international platform for innovation. In the U.S. market, the Company has leveraged the established channel resources of its associate, Rapid Medical, to drive rapid sales of NUMEN™ Coil, which is highly recognized by clinicians for their excellent flexibility and support. NUMEN™ Coil can be used in conjunction with the Comaneci® Embolization Assist Device (“Comaneci® Assist Device”) which has received FDA Breakthrough Device designation, thereby providing product competitiveness for both parties in the field of coil embolization procedures. In the future, both parties will leverage their complementary strengths in terms of sales channels and product distribution to promote the application of an innovative portfolio of neuro-interventional products in the global market.
Meanwhile, MicroPort NeuroTech™ established regional sales headquarters in Europe, the Middle East and Africa (collectively known as the “EMEA”), North America, Latin America, and Asia Pacific. Led by team leaders with rich experience in sales of neuro-interventional devices, they have in-depth knowledge of local markets and resources of sales channels to rapidly expand the global sales network.
Diverse product portfolio facilitated the implementation of domestic commercialization
In the domestic market, by virtue of its diversified commercial product portfolio, MicroPort NeuroTech™ continues to enhance its commercial competitiveness and strengthen its market-leading position among domestic brands.
Since the approval for marketing of the first product in 2004, MicroPort NeuroTech™ has built a diversified portfolio of neuro-interventional products with a total of 30 products, including ten therapeutic products and three access products approved and commercialized in China and 17 pipeline products under different development stages.
During the reporting period, the Company further increased the market coverage of its products, with more than 250 hospitals newly entered, cumulatively covering approximately 2,400 hospitals nationwide. Among them, NUMEN™ Coil newly entered more than 130 hospitals, and cumulatively covered more than 430 hospitals, and Bridge™ Vertebral Stent newly entered more than 161 hospitals, and cumulatively covered more than 380 hospitals.
For the grassroot market, MicroPort NeuroTech™ actively contributed to the establishment of national grassroot stroke centers. Through the Eagle & Swallows program, it introduced knowledge about neuro-intervention, organized training on neuro-interventional procedures, and provided follow-up consulting and routine guidance to physicians and patients in hospitals in grassroot cities and counties, thereby facilitating the promotion of high-quality medical resources to those local areas in all aspects. During the reporting period, the Company achieved new entry into more than 30 grassoot cities and counties, covering approximately 130 regions.
During the reporting period, MicroPort NeuroTech™ recorded sales revenue of hemorrhagic stroke products of RMB 118.0 million, representing an increase of 21.3% over the same period of last year. The growth was mainly due to the global commercialization of NUMEN™ Coil and the steady increase in sales volume of Tubridge™ Stent. The Company recorded sales revenue of cerebral atherosclerotic stenosis products of RMB 47.68 million, representing an increase of 3.1% over the same period of last year. The increase was mainly due to a significant increase in the sales volume of Bridge™ vertebral artery stents year-on-year. As the Neurohawk™ stent and X-track™ Distal Catheter were approved for marketing, the Company recorded the first-time sales revenue of acute ischemic stroke products of RMB 0.44 million. The Company recorded sales revenue of access products of RMB 39.56 million, representing an increase of 64.0% over the same period of last year, which was contributed by the sales growth of Asahi™ guidewires and the new product U-track™ Support Catheter.
Continuous innovation facilitates enterprise’s growing mature
MicroPort NeuroTech™ has always adhered to the purpose of addressing clinical needs and continued innovation. After years of accumulation, the Company has mastered core design and manufacturing technology platforms for the R&D and manufacturing of neuro-interventional medical devices, including braiding and coiling technology, stent forming and processing technology, balloon technology and catheter technology. MicroPort NeuroTech™ has also established a core R&D team with significant technical expertise in these fields. In addition, through a mature physician–engineer collaboration system, the Company listens to the clinical needs of physicians and patients, digs deep into clinical pain points, and regularly evaluates new technologies under development to ensure our products satisfy clinical needs.
Moreover, MicroPort NeuroTech™ insists on R&D and innovation with proprietary intellectual property rights. As of the end of the reporting period, the Company had 137 authorized patents, including 30 overseas patents, and 14 authorized patents newly granted during the reporting period, including two overseas patents. In addition, the Company has 180 patents pending.
In addition, MicroPort NeuroTech™ recieved the Shanghai Quality Management Award 2021 — Benchmarking “Demonstration Level” by virtue of its comprehensive operational management capabilities and performance results in innovation capability, quality management, corporate culture, brand cultivation and social responsibility. In addition, the Company has obtained the ISO13485 Medical Device Quality Management System certification and the quality system certification in the EU, Brazil, Argentina, and South Korea.
Mr Zhiyong Xie, President of MicroPort NeuroTech™ stated: “In the first half of 2022, the outbreaks of COVID-19 in some regions challenged the Company operation in many aspects including supply chain, R&D and marketing promotion. In order to ensure the clinical operation carried out normally and the production and delivery competed orderly, all functions in MicroPort NeuroTech™ worked together to promote the resumption in a planned way under the leadership of the Board and management team, formulate an emergency plan for pandemic prevention and control, and guarantee the Company can operate stably in the face of uncertain external environment. In the future, MicroPort NeuroTech™ will further accelerate the progress of R&D and industrialization to provide total healthcare solutions that can prolong and reshape the lives of patients with the cerebrovascular disease globally.”
About MicroPort NeuroTech™
Founded in Shanghai in 2012, MicroPort NeuroTech Limited (“MicroPort NeuroTech™”, stock code: 02172.HK), a subsidiary of MicroPort Scientific Corporation (“MicroPort®”, stock code: 00853.HK), is a pioneer and largest Chinese company in the neuro-interventional medical device industry in China, dedicated to providing innovative solutions for physicians and patients. MicroPort NeuroTech™ has gradually entered the top 10 countries and regions for a number of neuro-interventional surgeries, including the United States, Europe, South Korea and Brazil. In the future, MicroPort NeuroTech™ will invest more resources in innovation and development to provide more high-quality and innovative cerebrovascular and neuro-interventions solutions for physicians and patients.
More information is available at www.medneurotech.com.