SHENZHEN, China, March 30, 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) 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) 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™Endovascular Needle System, Thrombectomy Aspiration Pump, Balloon Guided Catheter, Distal Access Catheter Kits, Intracranial Aspiration Catheter and HeartTone™ Implantable Cardiac Pacemaker compatible with magnetic resonance imaging ("MRI") obtained the National Medical Products Administration ("NMPA") certification;
HeartR™ PDA Occluder, Cera™ PDA Occluder, CeraFlex™ PDA Closure System and Fustar™ 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™ Pro Aortic Stent Graft System and Longuette™ Aortic Branch Stent Graft System) 【1】, Aortic Arch Stent Graft System (consists of the Ankura™ Plus Aortic Arch Stent Graft System and CSkirt™ Aortic Arch Branch Stent Graft System), Thoracoabdominal Artery Stent Graft System (consists of the G-Branch™ Thoracoabdominal Aortic Stent Graft System, SilverFlow™ 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™ Pro Iliac Bifurcation Stent Graft System and SilverFlow™ Pro Internal Iliac Stent Graft System), Closure Delivery System, SteerEase™-m Introducer, Yoscop™ 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™ Pro Aortic Stent Graft System and Longuette™ Aortic Branch Stent Graft System), Fitaya™ Vena Cava Filter System, Futhrough™ Stent Graft Balloon Catheter, Yuranos™ Abdominal Aortic Stent Graft System, and G-iliac™ Iliac Bifurcation Device are pending registration approval of CE certification;
Cera™ PFO Occluder, CS™ Concave Supra-arch Branched Stent-Graft System and X-Clip™ Mitral Valve Clip System are currently at the stage of the pre-registration clinical enrollment in China;
IBS Titan™ 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™ 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 the one-year follow-up of the phase III clinical study, further confirming its safety and efficacy. Additionally, its CE registration application has been submitted.
Intellectual Property Rights:
Intellectual property is an internal driving force to improve the Group's core competitiveness in the medical device market. As at 31 December 2024, the Group had filed a total of 2,426 valid patent applications, of which 1,089 patents were registered and valid.
The Chairman and CEO of LifeTech, Mr. XIE Yuehui Said: In 2024, the Group continued to forge ahead in a complex and volatile market environment. We faced challenges head-on and made joint efforts in research and development, network expansion, production and quality control, and internal control management. We continuously consolidated our leading position in the domestic market and achieved sustained and rapid growth in the international market, demonstrating strong resilience in business development and growth potential.
The global medical device industry will embrace tremendous development opportunities driven by both technological innovation and demand upgrading. We will continue to be empowered by innovation, earn a reputation through quality, solidify the foundation for development, and keep delving deeper and making breakthroughs in the global market. We will bring sustainable differential competitive advantages through technological innovation so as to occupy a higher share of the global market and enable more patients to benefit from our innovative products and advanced therapies.
Meanwhile, we will also strategically explore new growth opportunities around the globe, integrate and efficiently utilize internal and external advantageous resources, and constantly enhance the overall value of the Group and its global industry influence, so as to create greater value for shareholders and all relevant parties.
About LifeTech Scientific Corporation:
Established in Shenzhen, China in 1999, LifeTech Scientific Corporation (Stock Code: 1302.HK) is dedicated to the research and development, manufacturing, and marketing of minimally invasive interventional medical devices for the treatment of cardio-cerebrovascular and peripheral vascular diseases. The Company offers innovative treatment solutions for structural heart diseases, peripheral vascular diseases, bradycardia, and neurological diseases. The Company also holds the world's first innovative iron-based bioabsorbable material technology platform. Adhering to the core strategy of innovation and internationalization, the Company maintains a leading market share of its main products in the home country. To date, it has established 7 subsidiaries outside the China mainland. Its business network spans nearly 120 countries and regions worldwide, underscoring its extensive global footprint.
