OrbusNeich Medical (6929) H1 2025 earnings summary

Executive summary

• H1 2025 revenue rose 5.9% YoY to US$83.550m; profit attributable to owners increased 5.1% to US$19.785m, while gross profit was broadly flat at US$55.897m.

• Sales volume reached 919,000 units, including 779,000 proprietary units, up 8.6% YoY; APAC, EMEA and US growth partly offset Japan weakness and lower PRC selling prices.

• Adjusted core operating profit, excluding share-based compensation, net deferred-tax credit on tax losses and finance income/costs, rose 11.4% to US$15.1m.

Financial highlights

• Cost of sales rose 19.5% to US$27.653m; operating profit increased to US$16.833m from US$15.871m, while profit before tax fell 2.4% to US$20.775m.

• Basic and diluted EPS were both US2.40 cents, up from US2.28 cents.

• Net finance income declined to US$4.744m from US$6.073m.

• Net cash from operating activities was US$3.41m versus US$8.21m; cash and cash equivalents were US$85.00m and cash and bank balances US$237.14m at period-end.

Outlook and guidance

• Easing tariffs, emerging-market demand, product launches and third-party collaborations supported an optimistic full-year outlook; no numerical revenue or earnings guidance was stated.

• Selected distributor markets were planned to shift to direct sales, with teams in Belgium and the Netherlands in H2 2025; Taiwan registrations were also to be advanced.

• Scoreflex QUAD was scheduled for a Q4 2025 Japan launch; eucaLimus, SUPPORT C and VITUS registrations and approvals were expected by year-end.

• US tariffs had fallen from a 145% peak to 30%; plans included accelerating shipments with Abbott Laboratories and registering products from multiple origins.

• Hangzhou facility construction’s main structure was completed in August 2025; operations are anticipated in 2027, adding annual capacity of 2.4m units.