Sisram Medical (1696) H2 2025 earnings summary

Executive summary

• Revenue grew 4.7% year-over-year to $365.3 million, driven by strong APAC expansion (up 26.9%) and injectables growth, offsetting a 19.2% decline in North America due to macroeconomic headwinds.

• Injectables revenue surged 185.6% to $28 million, led by Profhilo in Thailand and new launches.

• Gross profit margin declined to 58.9% (from 62.1%) due to product/geographic mix and new import tariffs.

• Adjusted net profit rose 7.9% to $31 million, with margin up to 8.5%; reported net profit declined 13.1% to $25 million due to one-time gains in 2024.

• Strategic focus on ecosystem integration, AI-powered diagnostics, and leadership transition completed.

Financial highlights

• Revenue: $365.3 million (+4.7% YoY); Gross profit: $215.1 million; Gross margin: 58.9%.

• Adjusted net profit: $31 million (+7.9% YoY); Net profit: $25 million (-13.1% YoY); Adjusted net margin: 8.5%.

• Cash and equivalents: $71 million at year-end 2025.

• Final dividend proposed: HKD 0.095 per share.

• R&D expenses: $16.9 million, up 5.8% year-over-year.

Outlook and guidance

• Continued investment in core business, new growth engines, and M&A aligned with the medical aesthetics ecosystem.

• Expecting first China-made product in H1 2026 to enhance cost efficiency and supply chain resilience.

• DAXXIFY commercialization in China and further regulatory approvals for injectables targeted for 2026.

• Focus on expanding AI-enabled diagnostics and skincare globally.

• Prioritizing APAC and North America growth, with ongoing R&D and digitalization.