LifeTech Scientific Corporation Announced 2024 Annual Results: Revenue Exceeded RMB1.3 billion, and International Business Increased by 26%

PR Newswire

SHENZHEN, China, March 28, 2025

SHENZHEN, China, March 28, 2025 /PRNewswire/ -- LifeTech Scientific Corporation (the "Company" or "LifeTech", Stock code: 1302.HK), a company specializing in minimally invasive interventional medical devices for cardio-cerebrovascular and peripheral vascular diseases, together with its subsidiaries (the "Group") announced the audited consolidated results for the year ended 31 December 2024 (the "Reporting Period").

   -- Revenue increased steadily: The revenue of the Group was approximately 
      RMB1,303.7 million for the year ended 31 December 2024, representing a 
      year-on-year growth of approximately 2.9%. 
 
   -- International business made a significant growth: The overseas sales of 
      the Group was approximately RMB346.6 million for the year ended 31 
      December 2024, representing a year-on-year growth of approximately 26.0%. 
      The two largest overseas markets, namely Asia (excluding China's 
      mainland) and Europe, achieved a sustained rapid growth during the 
      Reporting Period, increasing by approximately 33.6% and 18.6% as compared 
      with the same period of 2023, respectively. 
 
   -- Profitability During the Reporting Period, gross profit was approximately 
      RMB981.4 million, while the gross profit margin was approximately 75.3%. 
      Net profit for the year ended 31 December 2024 was approximately RMB168.5 
      million, and net profit attributable to owners of the Company for the 
      year ended 31 December 2024, was approximately RMB222.4 million. 

International Business Achieved Significant Growth, Domestic Market Solidified Foundation for Development

The Company steadfastly pursued its mission to meet unmet clinical treatment needs worldwide through a strategic lens focused on innovation and global outreach. During the Reporting Period, the Group has showcased its commitment by rolling out a rich product portfolio of cutting-edge technology and premium academic services, alongside the synergistic amalgamation of its expertise in branding, patents, distribution networks, clinical trials, market registration, and management of global operations. With the effective implementation of the internationalization development strategies, the Group's international business has maintained sustained rapid growth. The revenue generated from overseas market of the Group was approximately RMB346.6 million, representing a significant year-on-year growth of approximately 26.0%, accounted for about 26.6% of the total revenue of the Group. Meanwhile, Asia (excluding China's mainland) and Europe were the two largest overseas market of the Group, continued to maintain a strong growth rate during the Reporting Period, increasing by approximately 33.6% and 18.6% as compared with the same period of 2023, respectively. The sales generated from the Asia market and European market accounted for approximately 11.7% and 10.1% of the total revenue of the Group, respectively.

China's mainland remained the foundation and the largest market of the Group. During the Reporting Period, the domestic sales of the Group was approximately RMB957.1 million, which accounted for approximately 73.4% of the total revenue of the Group. The Group's key products, including congenital heart disease $(CHD)$ occluders, left atrial appendage $(LAA.AU)$ occluders, aortic stent grafts and vena cava filters, continued to develop in depth in the China's mainland market during the reporting period, with a wide coverage and a solid market foundation, and continuously maintained its leading position in China market.

Core Business Demonstrated Development Resilience

Structure Heart Diseases $(SHD.SI)$ Business

The products offered by the Group in the SHD business mainly include CHD occluders and LAA occluders. The turnover contributed by the SHD business for the year ended 31 December 2024 was approximately RMB527.6 million, representing a year-on-year growth of approximately 6.4%.

The LAA occluder of the Group firmly ranks first in terms of market share among domestic peers in the global market. The revenue generated from the sales of LAA occluders increased by approximately 12.4% as compared with the corresponding period of 2023. Meanwhile, the Group is currently selling three generations of CHD occluders in the global market, aiming to meet various market needs through a differentiated product strategy. During the Reporting Period, the revenue generated from the sales of CHD occluders increased by approximately 2.9% as compared with the same period of 2023.

The Group has a diversified product portfolio in the treatment of SHD. Continuous technological innovation and product upgrading will further refine and enrich the product portfolio and sales layout of the Group's SHD business in the global market.

Peripheral Vascular Diseases (PVD) Business

Products offered by the Group in the PVD business mainly included vena cava filters, thoracic aortic aneurysm stent grafts, abdominal aortic aneurysm stent grafts and iliac artery bifurcation stent grafts. During the Reporting Period, the turnover contributed by the PVD business was approximately RMB751.1 million, representing a year-on-year growth of approximately 6.2%.

Among these products, the market shares of vena cava filters and stent grafts occupy a leading position in the domestic market. The revenue generated from the sales of stent grafts and vena cava filters increased by approximately 8.3% and decreased by approximately 3.4% as compared with the same period of 2023, respectively.

The Group is striving to provide global patients with technology-leading systemic and comprehensive interventional medical devices solutions to treat PVD. Currently, the Group has taken the lead in building an overall solution for endovascular interventional treatment of the aorta in the global industry. This could bring the Group's PVD business with a strong and long-term competitive edge in the global market.

Cardiac Pacing and Electrophysiology $(CPE)$ Business

The Group is the first domestic manufacturer in China with a complete product portfolio of domestic implantable cardiac pacemakers with international-level technology and functions. During the Reporting Period, the turnover contributed by the CPE business was approximately RMB25.0 million.

Innovation at the Core to Drive the Sustainable Growth

Independently developed innovative medical device products could maintain the long-term competitive strengths of the Group to support its solid and sustained development. With a robust lineup of pipeline products, the Group is at the forefront of innovation, boasting products with substantial growth potential and broad market appeal. During the Reporting Period, research and development expenses of the Group were approximately RMB302.9 million (excluding capitalized expenditure) to continuously strengthen its innovation capabilities and accelerate the development and commercialization of its novel products.

Smooth progress of product commercialization:

   -- Futhrough$(TM)$Endovascular Needle System, Thrombectomy Aspiration Pump, 
      Balloon Guided Catheter, Distal Access Catheter Kits, Intracranial 
      Aspiration Catheter and HeartTone(TM) Implantable Cardiac Pacemaker 
      compatible with magnetic resonance imaging ("MRI") obtained the National 
      Medical Products Administration ("NMPA") certification; 
 
   -- HeartR(TM) PDA Occluder, Cera(TM) PDA Occluder, CeraFlex(TM) PDA Closure 
      System and Fustar(TM) Steerable Introducer obtained the CE MDR (Medical 
      Device Regulation) certification. Such products have previously obtained 
      the CE MDD (Medical Device Directive) certification; 
 
   -- Aortic Stent Graft System (consists of the Ankura(TM) Pro Aortic Stent 
      Graft System and Longuette(TM) Aortic Branch Stent Graft System) 1 , 
      Aortic Arch Stent Graft System (consists of the Ankura(TM) Plus Aortic 
      Arch Stent Graft System and CSkirt(TM) Aortic Arch Branch Stent Graft 
      System), Thoracoabdominal Artery Stent Graft System (consists of the 
      G-Branch(TM) Thoracoabdominal Aortic Stent Graft System, SilverFlow(TM) 
      PV Peripheral Vascular Stent Graft System and Aortic Extension Stent 
      Graft System), Peripheral Balloon Dilatation Catheter (Large diameter) 2 , 
      Iliac Bifurcation Device (consists of the G-iliac(TM) Pro Iliac 
      Bifurcation Stent Graft System and SilverFlow(TM) Pro Internal Iliac 
      Stent Graft System), Closure Delivery System, SteerEase(TM)-m Introducer, 
      Yoscop(TM) Multi-loop Snare System and Microcatheter are pending 
      registration approval in China; 

Note (1) (2) Market registration of these two products was approved by NMPA in 2025.

   -- Aortic Stent Graft System (consists of the Ankura(TM) Pro Aortic Stent 
      Graft System and Longuette(TM) Aortic Branch Stent Graft System), 
      Fitaya(TM) Vena Cava Filter System, Futhrough(TM) Stent Graft Balloon 
      Catheter, Yuranos(TM) Abdominal Aortic Stent Graft System, and 
      G-iliac(TM) Iliac Bifurcation Device are pending registration approval of 
      CE certification; 
 
   -- Cera(TM) PFO Occluder, CS(TM) Concave Supra-arch Branched Stent-Graft 
      System and X-Clip(TM) Mitral Valve Clip System are currently at the stage 
      of the pre-registration clinical enrollment in China; 
 
   -- IBS Titan(TM) Sirolimus-Eluting Iron Bioresorbable Peripheral Scaffold 
      System is currently at the stage of clinical enrollment in China and in 
      Europe and its CE registration application has been submitted; and 
 
   -- IBS(TM) Sirolimus-Eluting Iron Bioresorbable Coronary Scaffold System has 
      successfully completed the oneyear follow-up and two-year imaging 
      follow-up of the phase II clinical study, and also successfully completed 

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