OrbusNeich Medical (6929) H2 2025 earnings summary

Executive summary

• FY2025 revenue reached a record US$180.5m, up 10.0% YoY; sales volume rose 16.2% to 2.02m units, with H2 sales growth outpacing H1.

• Profit attributable to owners increased 5.5% to US$41.9m; core operating profit, a non-HKFRS measure excluding finance income net and specified items, rose 20.2% to US$34.8m.

Financial highlights

• Gross profit rose 7.0% to US$122.4m, while cost of sales increased 16.9% to US$58.0m as sales volume expanded.

• Operating profit was US$39.7m versus US$32.2m; profit before tax rose 11.0% to US$47.1m, and profit for the year was US$42.0m versus US$39.8m.

• Basic EPS increased 5.8% to US5.09 cents; diluted EPS was US5.08 cents, up 5.6% YoY.

• Selling and distribution expenses rose 13.5% to US$42.5m; R&D expenses fell 7.7% to US$15.7m, and G&A expenses declined 1.5% to US$24.9m.

Outlook and guidance

• For 2026, revenue growth is expected to accelerate excluding currency movements; overseas growth is expected from new products, third-party sales and expansion of direct sales.

• PRC sales volume and revenue are expected to regain momentum in the medium term; scoring balloons are expected to enter Zhejiang and Henan VBP programs in 2026, with short-term pricing and margin pressure possible.

• New Hangzhou R&D and manufacturing facility is expected to begin operations in 2027, adding annual capacity of 2.4m units.

• Product milestones include Japan launches of EZGuide LL, SIDEPASS and Vascuaid in 2026; Sapphire 3 FDA submission is expected in H1 2026, and Sapphire PTX trial application is expected in Q1 2026.