Jenscare Scientific (9877) H2 2024 earnings summary

Executive summary

• FY24 loss narrowed to RMB185.8m from RMB379.1m in 2023, alongside lower R&D and administrative expenses; commercial rollout advanced across the structural-heart pipeline.

• Ken-Valve received NMPA registration approval in January 2025; LuX-Valve Plus progressed through China, Europe and U.S. clinical programs, while JensClip completed confirmatory-trial enrollment and one-year follow-up.

Financial highlights

• Loss before tax and loss for the year were RMB185.8m, down 51.0% YoY; loss attributable to owners was RMB177.5m, down 52.2%.

• Basic and diluted loss per share was RMB0.43, versus RMB0.89 in 2023, a 51.7% reduction.

• R&D expenses fell to RMB142.6m from RMB288.2m; administrative expenses declined to RMB68.2m from RMB150.3m, primarily reflecting lower share-based compensation and related costs.

• Other income and gains decreased to RMB41.6m from RMB43.8m; lower grants and bank interest were partly offset by higher fair-value gains.

Outlook and guidance

• Ken-Valve commercialization preparations are underway; commercial implantation is expected in H1 2025, with sales coverage and regional distributor networks being expanded.

• LuX-Valve Plus completed China registration-trial follow-up and European trial enrollment; U.S. EFS enrollment was expected to finish in Q2 2025 before pivotal-trial preparation.

• JensClip completed confirmatory-trial enrollment and one-year follow-up; an NMPA registration application is expected in 2025.

• Liquidity needs for R&D, commercialization and expansion are expected to be met through cash and bank balances, Global Offering proceeds and other funding sources.