BrainAurora Medical Technology (6681) H2 2025 earnings summary

Executive summary

• FY2024 revenue rose 82.01% YoY to RMB122.31m; reported loss narrowed to RMB198.61m from RMB359.12m, while adjusted net loss widened 8.68% to RMB161.96m.

• Growth reflected broader hospital adoption and higher use of the cognitive-impairment software platform; R&D and commercialization investment continued to weigh on earnings.

Financial highlights

• Revenue increased from RMB67.20m to RMB122.31m; gross profit grew to RMB54.01m from RMB32.06m, while gross margin declined to 44.2% from 47.7%.

• Reported loss narrowed to RMB198.61m from RMB359.12m, mainly reflecting the swing in fair-value changes on financial liabilities from a RMB165.22m loss to a RMB30.12m gain.

• Adjusted net loss, excluding fair-value changes on financial liabilities and share-based payments, increased to RMB161.96m from RMB149.03m.

• R&D expenses rose 31.62% to RMB119.42m; selling and distribution expenses increased 25.05% to RMB48.02m, and administrative expenses increased 10.17% to RMB59.93m.

Outlook and guidance

• Priorities include expanding indications, accelerating commercialization and market penetration, strengthening R&D, expanding internationally, and pursuing strategic M&A opportunities.

• BCAT and SAS were expected to reach full commercialization in H1 2025; COVID-19 cognitive impairment software registration approval was expected in H2 2025.

• The pipeline includes planned clinical-trial initiations and completions through 2025, with multiple China commercialization targets in 2026 and later; EU commercialization of treatment software is expected in 2026.

• IPO proceeds are intended to fund R&D and clinical trials, cognitive-center expansion, AI capabilities, product development, research centers, and working capital.