Sisram Medical (1696) investor relations material

Executive summary

• Revenue grew 3.6% year-over-year to US$171.4 million in H1 2026, driven by strong APAC and injectables growth, despite North America softness.

• APAC became the largest and fastest-growing region, with revenue up 19.1% year-over-year, now accounting for about 45% of total revenue; Europe and Middle East also saw double-digit growth.

• Injectables revenue surged 54.2% year-over-year, led by DAXXIFY's launch in China and Profhilo's growth in Thailand.

• Gross profit margin declined to 56.7% from 60.0% due to geographic and product mix shifts; adjusted net profit dropped 57.9% to US$5.0 million, and net profit fell 88.3% to US$1.1 million.

• Beijing manufacturing facility commenced operations, marking a milestone in China localization and supply chain efficiency.

Financial highlights

• Revenue: US$171.4 million (+3.6% YoY); APAC: US$78.4 million (+19.1% YoY); Europe: US$26.7 million (+12.1% YoY); Middle East & Africa: US$16.8 million (+20.9% YoY).

• Gross profit: US$97.2 million; gross margin: 56.7% (down from 60.0%).

• Net profit: US$1.1 million (-88.3% YoY); adjusted net profit: US$5.0 million (-57.9% YoY); adjusted net margin: 2.9%.

• Operating expenses rose 8.5% year-over-year, mainly due to investments in China injectables.

• Cash and cash equivalents: US$77.3 million as of June 30, 2026.

Outlook and guidance

• Management expects significant revenue improvement in H2 2026, focusing on profitability recovery, operational efficiency, and cash conversion.

• Key initiatives: expand DAXXIFY in China, ramp up Beijing manufacturing, stabilize North America, and pursue ecosystem-aligned M&A.

• Continued investment in R&D, new product launches, and APAC expansion.