Rainmed Medical (2297) H2 2024 earnings summary

Executive summary

• FY2024 revenue fell 45.6% YoY to RMB39.8m; gross margin declined to 60.1% from 66.3%, while attributable loss narrowed to RMB113.5m from RMB115.8m.

• Adjusted non-HKFRS attributable loss was RMB112.6m, up 4.0% YoY; no final dividend was recommended.

Financial highlights

• Revenue was RMB39.824m versus RMB73.219m; gross profit was RMB23.867m versus RMB48.553m, down 50.8%.

• Operating loss was RMB118.295m versus RMB128.184m; loss for the year was RMB115.542m versus RMB117.066m.

• Basic and diluted loss per share remained RMB0.10; adjusted non-HKFRS loss per share was RMB0.10 versus RMB0.09, up 11.1%.

• R&D expense declined 14.2% to RMB35.4m; selling expense fell 28.3% to RMB50.8m and G&A expense fell 37.1% to RMB47.0m.

• Government grant income rose to RMB9.4m from RMB5.6m; the adjusted loss measure excludes share-based payment and other non-cash or non-recurring items.

Outlook and guidance

• 2025 priorities: strengthen FFR/IMR competitiveness, expand IVD and overseas reach, increase mainland China penetration, and adjust marketing strategy toward healthy, high-quality growth.

• caFFR indication expansion targets acute STEMI, acute NSTEMI and HFpEF; caIMR expansion targets STEMI immediately after successful revascularization.

• Product pipeline lists 2025 launches for caFFR and caIMR; vascular interventional robot commercial launch is expected in 2028.