Sisram Medical (1696) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached $171.4 million, up 3.6% year-over-year, driven by strong international and APAC markets, especially injectables, despite North America softness.

• APAC became the largest and fastest-growing region, now accounting for up to 45.7% of revenue, with strong momentum in China, Thailand, Japan, and Hong Kong.

• Injectables, led by DAXXIFY in China and Profhilo in Thailand, surged 54.2% year-over-year, becoming a significant second growth engine.

• Profitability was impacted by margin compression, higher operating expenses, and strategic investments in China injectables.

• Adjusted net profit dropped 57.9% year-over-year to $5.04 million, with a margin of 2.9%.

Financial highlights

• H1 2026 revenue: $171.4 million, up 3.6% year-over-year.

• APAC revenue surged 19.1% year-over-year, now representing up to 45.7% of total revenue.

• Injectable revenue: $22.2 million, up 54.2% year-over-year, now 12.9% of total revenue.

• Gross profit: $97.2 million; gross margin: 56.7%, down from 60% a year earlier.

• Adjusted net profit: $5.04 million, down from $12 million; adjusted margin: 2.9%, down 4.3 percentage points.

• Cash and cash equivalents: $77.3 million as of June 30, 2026.

Outlook and guidance

• Management expects significant revenue improvement in H2 2026, focusing on profitability recovery, cash conversion, and expansion in China and APAC.

• Key initiatives: ramping up injectables (DAXXIFY), expanding EBD portfolio, accelerating product launches, and improving cash flow.

• Continued investment in R&D, new product launches, and APAC expansion.

• Global initiatives include strengthening product pipelines, expanding AI skincare, and pursuing M&A opportunities.