MPSC Announces Profit Turnaround in 1H 2016

Shanghai, China – MicroPort Scientific Corporation (HK: 853) ("MPSC" or the "Company") announced that it is expected to record a net profit of not less than USD4 million for the six months ended 30 June 2016 as compared with a net loss of USD2.59 million recorded for the six months ended 30 June 2015. The expected increase is primarily attributable to a significant revenue growth from cardiovascular and endovascular segments in the China market, particularly the third-generation coronary stent product Firehawk® Rapamycin Target Eluting Coronary Stent, and favorable foreign exchange impact.
According to the reports issued by research analysts following the announcement, MPSC profit turnaround in the first half of 2016 is beyond market expectation and the high potential orthopedic business coupled with the sound innovative product pipeline will continue to drive MPSC's healthy growth trajectory. Guolian Securities initiates coverage of MPSC with Recommendation Rating as they fundamentally believe that MPSC's diversified portfolio starts to deliver results and the potentials are yet to be reflected in MPSC's market value. By the date of publishing this news, the closing price of HK:853 is HKD4.12, 3.78% up than yesterday's close.
The Company's 2016 Interim Results information contained in this news is a preliminary assessment made by the board of directors based on the latest management accounts which have not been audited or reviewed by the independent auditors of the Company. MPSC is still in the process of preparing and completing the 2016 Interim Results, which is expected to be published before the end of August 2016.