MicroPort Scientific (HKG:0853) expects to record a net loss of about $275 million for 2024, a decrease of 58% compared with the same period a year earlier, according to a Friday filing with the Hong Kong bourse.

The company attributed the narrowing of loss to the 10% revenue growth despite industry challenges, with overseas business increasing 80% year-on-year. Cost optimization improved efficiency, reducing the operating expense ratio by 28% points year-on-year. Additionally, the successful divestment of non-core businesses contributed positively to the overall financial performance.

The manufacturer and sellers of medical products plan to publish their annual results by the end of March.

The company's shares were down over 5% at the close of trade.