Rainmed Medical (2297) H1 2026 earnings summary

Executive summary

• H1 2026 revenue rose 41.3% YoY to RMB14.672m; gross profit increased 82.4% to RMB9.278m and gross margin expanded to 63.2%.

• Consolidated net loss narrowed to RMB23.007m from RMB33.291m; loss attributable to shareholders was RMB21.989m, down 31.7%, and adjusted non-HKFRS loss was RMB22.0m.

• Commercialization continued across caFFR, caIMR and IVD products; coronary artery cutting balloon sales began contributing in H1.

• Cash and cash equivalents were RMB7.8m at June 30, 2026, against borrowings of RMB181.1m; net cash used in operating activities was RMB17.2m.

Financial highlights

• Revenue was RMB14.672m versus RMB10.405m YoY, comprising RMB14.617m of product sales and RMB0.055m of installation and training services.

• Cost of sales was RMB5.394m versus RMB5.288m; gross profit was RMB9.278m versus RMB5.117m, and gross margin rose to 63.2% from 49.2%.

• R&D expenses fell 22.7% to RMB4.921m; selling expenses fell 25.1% to RMB11.309m; G&A expenses fell 18.5% to RMB16.820m.

• Operating loss narrowed to RMB22.626m from RMB33.238m; consolidated net loss was RMB23.007m versus RMB33.291m, and shareholder-attributable loss was RMB21.989m versus RMB32.169m.

• Total comprehensive expense was RMB28.087m versus RMB35.880m, including net other comprehensive expense of RMB5.080m.

Outlook and guidance

• H2 priorities are strengthening FFR and IMR competitiveness and deepening Mainland China penetration, targeting healthy growth and high-quality development through 2026.

• caFFR indication-expansion trials cover acute STEMI, acute NSTEMI and HFpEF; caIMR indication-expansion studies were planned, with trial initiation shown for 2029.

• calMR expansion trials for STEMI after revascularization are expected to initiate in 2029.

• Cutting balloon sales are expected to increase steadily as centralized procurement advances and participating-hospital coverage expands.

• Liquidity needs are expected to be met by Global Offering proceeds, cash on hand and operating cash generation; future capital expenditure may be funded by internal funds and bank loans.