Microport Cardioflow Medtech Corporation · HKEX:2160
Microport Cardioflow Medtech — FY2023 Earnings Presentation
33 slides from Microport Cardioflow Medtech's earnings presentation, April 2024
Slide 1: 2023 Annual Results Presentation
(2160.HK) MicroPort CardioFlow Medtech Corporation 2023 Annual Results Presentation April 2024
Slide 2: Disclaimer
Disclaimer MicroPort CardioFlow Medtech Corporation This presentation was prepared by MicroPort CardioFlow Medtech Corporation (微创心通医疗科技有限公司) (the “Company”) solely for use at the presentation held in April 2024. The information contained in this presentation has not been reviewed by any regulatory
Slide 3: Agenda
Agenda MicroPort CardioFlow Medtech Corporation Business Product Pipeline Appendix Highlights Update 04-05 11-17 22-31 Sales & Marketing Financial Review Review 06-10 18-21 2
Slide 4: Business Highlights
Business Highlights 3
Slide 5: A Glance of Year 2023
A Glance of Year 2023 Fast growth, solid expansion, and high quality development To provide trustworthy and universal access to Sustained rapid Continued GPM state-of-the-art total Overall Enrichment Deepened global growth globally improvement and solutions to treat of Structural Heart footprint cos
Slide 6: Business Highlights
Business Highlights National Intellectual 34% 3.8ppt 24 ppts 8% RMB 1.77 bn Property Advantageous Revenue Gross margin Loss from operations Cash balance Enterprise OPEX ratio RMB 336mn 68.4% 158% RMB 275mn Rapid Growth Globally and Cost Efficiency Improvement Overall Enrichment of Structural Heart P
Slide 7: Sales & Marketing Review
Sales & Marketing Review 6
Slide 8: Continuously Robust Growth Fueled by Further Market Penetration Globally
Continuously Robust Growth Fueled by Further Market Penetration Globally Commercialization Highlights 2023 China Implantation Breakdown China 40% Revenue: RMB336.2mn, ↑34% YOY 193 4.9 % Market beating Number of salesperson Implantation volume1: 3,700, ↑ 45% YOY growth in top and Hospital coverage: +
Slide 9: Continuously Robust Growth Fueled by Further Market Penetration Globally
Continuously Robust Growth Fueled by Further Market Penetration Globally China: Clear Strategy and Execution Excellence Drive More TAVR Patients Overseas: Deepen recognition and support of VitaFlow Liberty® from experts 222 marketing activities: including 128 tripartite conferences and 94 • South Am
Slide 10: Enhanced Global Influence through Well-planned Overseas Registration
Enhanced Global Influence through Well-planned Overseas Registration EU Russia VitaFlow Liberty®: the only China-developed TAVI product VitaFlow Liberty®: 2023 in final approval process of CE Mark Alwide® Plus: 2023 Anchorman® LAAC system and LAAA system: in CE Mark approval process Alwide® Plus: in
Slide 11: Standardized Process for Smooth Expansion of Global Footprint
Standardized Process for Smooth Expansion of Global Footprint Conference for Brand Team Working & Case Observation & Recognition Training Discussion 5 countries ~100hospitals 90% YoY 120 implantations 2020 2021 2022 2023 • • First year of overseas sales, RMB ~7 mn • VitaFlow Liberty® approved in Tha
Slide 12: Product Pipeline Update
Product Pipeline Update MicroPort’ ts 38 BE FF 3 in 4 1
Slide 13: Innovative and High-quality Total Solutions for Structural Heart Diseases
Innovative and High-quality Total Solutions for Structural Heart Diseases All-round Structural Heart Portfolio via In-House R&D and Collaboration with Global Partners 2 launched 2 under R&D 2 under R&D 4 launched 2 launched 1 Pending approval 2 launched 3 under R&D 1 under R&D 1 under R&D TAVI TMV T
Slide 14: VitaFlow Series Products: Positive Clinical Trial Results and KOL Endorsements
VitaFlow® Series Products: Positive Clinical Trial Results and KOL Endorsements VitaFlow® VitaFlow Liberty® Transcatheter Aortic Valve Implantation System Transcatheter Aortic Valve Implantation System Relatively lower all-cause mortality rate Significantly reduced intraoperative valve-in-valve inci
Slide 15: VitaFlow III Self-Expanding: Steerable Catheter to Address Clinical Pain Points
VitaFlow® III Self-Expanding: Steerable Catheter to Address Clinical Pain Points TAVI pain points: release stability, coaxiality, PVL … Carryover THV Design Feature Improvement (Delivery System) Signature VitaFlow family valve & stent design Bending control: catheter articulation for Valve tissue im
Slide 16: Self-developed TMVR Product: FIM Study Confirming Safety and Efficacy
Self-developed TMVR Product: FIM Study Confirming Safety and Efficacy TMVR pain points: anchoring difficulty, LVOTO risk, LV function impairment, long learning curve… World’s first dry-tissue TMVR system Low profile of stent design reducing with clinical application LVOTO (Left Ventricular Outflow T
Slide 17: AccuSniper: The World's Only Double-Layer Balloon Catheter for TAVI
AccuSniperTM: The World’s Only Double-Layer Balloon Catheter for TAVI Dilation balloon pain points: release instability, severe calcification/sharp object puncturing the balloon, over-expansion damaging the anatomical structure, long-term bloodflow occlusion affecting cardiac function, intima injury
Slide 18: AnchorMan LAAC: Enrichment of Structural Heart Portfolio
AnchorMan® LAAC: Enrichment of Structural Heart Portfolio AnchorMan® Left Atrial Appendage Closure System Semi-closed structure formed by the “3D folding” technology , Rounded and soft distal end: combines the merits of an open and closed closure device reduces damage to the LAA tissue stable
Slide 19: Financial Review
Financial Review 18
Slide 20: Rapid Revenue Growth Coupled by Increase in Gross Profit
Rapid Revenue Growth Coupled by Increase in Gross Profit Revenue (RMB’000) Gross Profit (RMB'000) Gross Profit Margin (%) 68.4% 336,215 229,931 251,026 162,130 64.6% 2022 2023 2022 2023 2022 2023 Revenue growth: +34% to RMB336mn, mainly driven by the rapid increase in the number of procedures brough
Slide 21: Continued Investment in R&D, Commercialization with Effective Cost Control
Continued Investment in R&D, Commercialization with Effective Cost Control R&D Expenses (RMB'000) Distribution Costs (RMB'000) Administrative Expenses (RMB'000) % of revenue % of revenue % of revenue 89% 64% 66% 29% 21% 71% Increased R&D expenses due to our Increased staff cost and marketing act
Slide 22: Sufficient Cash Reserve for Future Development
Sufficient Cash Reserve for Future Development Cash Outflow from Operating Activities Cash and Cash Equivalents* at Year End (RMB'000) (RMB'000) 2,075,582 1,773,680 206,985 182,532 2022 2023 2022 2023 We took prudent cash management policies and kept sufficient cash and liquidity as of 31, Dec 2023
Slide 23: Appendix
Appendix 22
Slide 24: Appendix 1: Overview of Product Pipeline
Appendix 1: Overview of Product Pipeline Product Pre-clinical Clinical trial Registration Launched VitaFlow® Successfully registered in Argentina and Thailand VitaFlow® System Launched Alwide® balloon catheter* Successfully registered in Argentina and Thailand Launched VitaFlow Liberty® (Retrievable
Slide 25: Appendix 2: TAVI Products - Clinical Data Comparison
Appendix 2: TAVI Products - Clinical Data Comparison 30-day 1-year 1-year 2-year 3-year 4-year 5-year 6-year 7-year 30-day major 1-year major moderate 1-year major 2-year major 3-year major 4-year major 5-year major 6-year major 7-year major mortality (disabling) mortality (disabling) to severe vasc
Slide 26: Appendix 3: Product Features - TAVI
Appendix 3: Product Features - TAVI Category Product Features Progress Improved coaxial release to reduce PVL (Perivalvular leakage) and valve VitaFlow®III migration risks Completed 6 CU implantation Self-Expanding Decreased vascular complications Submitted NMPA application in The world’s only retri
Slide 27: Appendix 3: Product Features - TMVR
Appendix 3: Product Features - TMVR Category Product Features Progress Low profile of stent design reducing LVOTO (Left Ventricular Completed 12 CU implantations, with 1 12 Outflow Tract obstruction) risks months follow-up, 3 6 months follow-up, TMVR product Dry tissue for better biocompatibility an
Slide 28: Appendix 3: Product Features - TTV
Appendix 3: Product Features - TTV Category Product Features Progress Minimized postoperative complications due to oversizing by reducing radial support. TTVR product Effective control of postoperative tricuspid regurgitation In R&D and design stage (In-house development) Simplified operation of the
Slide 29: Appendix 3: Product Features - Left Atrial Appendage Products
Appendix 3: Product Features - Left Atrial Appendage Products Category Product Features Progress Semi-closed structure formed by the 12 “3D folding” units and the frame: • combines the merits of an open and closed closure device AnchorMan® • solves the clinical pain point that the access sheath of t
Slide 30: Appendix 4: Consolidated Income Statement
Appendix 4: Consolidated Income Statement Unit: RMB'000 2023 2022 Var. Revenue 336,215 251,026 34% Cost of sales (106,284) (88,896) 20% Gross profit 229,931 162,130 42% Other net income 91,755 50,329 82% Research and development costs (237,342) (223,784) 6% Distribution costs (223,006) (160,775) 39%
Slide 31: Appendix 5: Consolidated Balance Sheet
Appendix 5: Consolidated Balance Sheet Unit: RMB'000 31 Dec. 2023 31 Dec. 2022 Var. Non-current assets Property, plant and equipment 196,973 241,715 -19% Intangible assets 143,881 163,119 -12% Interest in a joint venture - 14,520 -100% Interests in associates 143,089 271,161 -47% Other financial ass
Slide 32: Appendix 5: Consolidated Balance Sheet (Cont'd)
Appendix 5: Consolidated Balance Sheet (Cont’d) Unit: RMB'000 31 Dec. 2023 31 Dec. 2022 Var. Non-current liabilities Lease liabilities 41,912 64,427 -35% Deferred income 6,750 5,890 15% Derivative financial liabilities - - 0% Total non-current liabilities 48,662 70,317 -31% CAPITAL AND RESERVES Shar
Slide 33: Thank You
Our Mission To provide trustworthy and universal access to state-of-the-art total solutions to treat structural heart diseases Thank You
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