Sisram Medical (1696) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was $165.5 million, down 1.9% year-over-year, mainly due to North American market weakness and supply chain disruptions from geopolitical tensions.

• APAC revenue grew 17.6%, offsetting North American declines, with injectables revenue surging 218.1% to $14.4 million.

• Gross profit margin declined by 2.4 percentage points to 60.0%, attributed to product mix shifts and higher costs for sophisticated components.

• Net profit fell 31.9% year-over-year to $9.0 million, and adjusted net profit dropped 28.1% to $12.0 million.

• Major product launches included Universkin by Alma (AI-powered skincare), Alma IQ, and preparations for DAXXIFY launch in China.

Financial highlights

• Revenue declined 1.9% year-over-year to $165.5 million, with APAC and injectables segments showing strong growth.

• Gross profit was $99.3 million (down 5.7% YoY); gross margin: 60.0% (down 2.4 p.p. YoY).

• Net profit: $9.0 million (down 31.9% YoY); adjusted net profit: $12.0 million (down 28.1% YoY).

• Cash and cash equivalents at period end: $60.1 million.

• Earnings per share (basic and diluted) were 1.37 US cents, down from 2.34 US cents.

Outlook and guidance

• Management expects stronger revenue and net profit in H2 2025, driven by new product launches and easing geopolitical headwinds.

• Key growth drivers include DAXXIFY launch in China, expansion of Alma Harmony and Alma IQ, and injectables portfolio growth.

• Focus on APAC and North America for strategic growth, with direct sales expansion and targeted product launches.