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MicroPort Scientific (853) investor relations material
MicroPort Scientific H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary2 Sep, 2025
Executive summary
Revenue for the first half of 2025 was US$547.5 million, down 2.2% year-on-year (excluding FX impact), reflecting industry headwinds, external challenges, and delayed procurement cycles.
Net loss narrowed significantly to US$36.4 million from US$106.7 million, a 65.9% year-on-year improvement, with EBITDA rising to US$127.8 million from US$59.1 million.
Profitability improved due to cost controls, divestment of non-core businesses, and operational efficiency initiatives.
Overseas business revenue surged 57.3% year-on-year, with strong growth in several segments.
Adjusted (non-HKFRS) profit for the period was US$1.2 million, compared to a loss of US$64.1 million in the prior year.
Financial highlights
Gross profit margin declined to 56.4% from 59.2% due to price reductions and sales mix changes; gross profit was US$308.6 million, down 6.7% year-on-year.
R&D costs fell 37.3% to US$72.1 million, with the R&D cost ratio dropping from 20.6% to 13.2%.
Distribution and administrative expenses decreased by 4.9% and 1.2%, respectively.
Other net income rose to US$54.8 million, mainly from FX gains and government grants.
Finance costs increased 21.8% to US$59.0 million, mainly due to higher interest expenses on convertible loans and borrowings.
Impairment losses on non-current assets rose to US$23.4 million, mainly from equity-accounted investees.
Net current assets stood at US$550.2 million; cash and cash equivalents were US$764.5 million.
Total borrowings (including convertible bonds/loans) reached US$1,682.9 million; liabilities to assets ratio increased to 68.7%.
Outlook and guidance
Management remains confident in long-term growth, focusing on innovation, global expansion, and cost control, but notes short-term macroeconomic and industry headwinds.
Strategic restructuring of cardiac rhythm management and structural heart disease businesses is underway to build an integrated cardiovascular platform.
Continued emphasis on risk management, lean operations, and internationalization to navigate market uncertainties.
Plans include further integration of global operations, product portfolio diversification, and management system reform.
Mitigate going concern risks, what are plans?
Impact of CRM/SH restructuring and new investor?
R&D cost reduction vs. innovation strategy?
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Next MicroPort Scientific earnings date
H2 202527 Mar, 2026
Next MicroPort Scientific earnings date
H2 202527 Mar, 2026
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Frequently asked questions
MicroPort Scientific Corporation is a medical technology company specializing in the research, development, and manufacturing of medical devices. The company provides solutions across multiple therapeutic areas, including cardiovascular interventions, orthopedics, neurology, and diabetes care. MicroPort develops products such as stents, pacemakers, artificial joints, and surgical robotics, serving hospitals and healthcare providers globally. The company is headquartered in Shanghai, China, and its shares are listed on the HKEX.
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