Sisram Medical (1696) H2 2025 earnings summary

Executive summary

• Revenue grew 4.7% year-over-year to $365.3 million, driven by strong APAC and international expansion, especially in China and Thailand, offsetting North America declines.

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

• Gross profit margin declined to 58.9% from 62.1% in 2024, mainly due to product/geographic mix and new import tariffs.

• Adjusted net profit rose 7.9% year-over-year to $31 million, with an adjusted net margin of 8.5%.

• Leadership transition completed, with a focus on execution, operational discipline, and long-term value creation.

Financial highlights

• Revenue reached $365.3 million (+4.7% YoY); international markets (excluding North America) grew 20.1%.

• APAC revenue rose 26.9% year-over-year to $147.4 million; North America revenue declined 19.2% to $111.0 million.

• Gross profit was $215.1 million with a gross margin of 58.9%.

• Adjusted net profit was $31 million, up 7.9% year-over-year; reported net profit was $25 million, down 13.1% due to one-time gains in 2024.

• Cash and cash equivalents stood at $71 million at year-end; proposed final dividend of HKD 0.095 per share.

Outlook and guidance

• Expects continued APAC growth, further commercialization of DAXXIFY in China, and regulatory approvals for new injectables in 2026.

• Ongoing efficiency program to reduce costs while maintaining investment in strategic projects and R&D.

• Anticipates macroeconomic improvement in North America, with potential for market rebound in 2026.

• Strategic focus on expanding the AI-driven ecosystem, integrating EBD, injectables, and diagnostics globally, and localizing production in China.

• Pursuing M&A opportunities to strengthen R&D and portfolio depth.