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HONG KONG, March 26, 2025 /PRNewswire/ -- Peijia Medical (9996.HK), a leading Chinese domestic player in the high-growth transcatheter valve therapeutics and neurovascular interventions markets, announced financial results for the year ended December 31, 2024 ("the Year") on March 25, 2025.

Financial Highlights

During the Year, Peijia recorded operating revenue of RMB615.5 million, representing a 39.5% year-on-year increase. The revenue growth was driven by:

1. Continued commercialization and expanded market share gains of transcatheter aortic valve replacement (TAVR) products across China;

2. The successful first-year nationwide launch of DCwire Micro Guidewire validated by positive user feedback and widespread market adoption;

3. Further market penetration of Syphonet Stent Retriever and Fastunnel Delivery Balloon Dilatation Catheter, supported by differentiated product design and innovative procedure techniques; and

4. Sustained adoption of the Company's coil product under the volume-based procurement (VBP) initiatives, bolstered by reliable product quality and brand recognition.

Gross profit for the Year was RMB433.6 million, up 33.3% year-on-year. Benefiting from a diversified product portfolio and ongoing cost optimization, gross margin remained robust at 70.5%, despite VBP headwinds in the Neurointerventional Business ("Neuro Business"). Expense ratios improved significantly across the Company due to economies of scale and operational efficiency gains: selling and distribution, administrative, and research and development expense ratios decreased by 20.3, 7.6, and 33.4 percentage points year-on-year, respectively.

Net loss for the Year narrowed by 41.8% to RMB228.5 million. Notably, the Neuro Business achieved its first full-year profitability, contributing a segment profit of RMB52.1 million, marking a major milestone for the Company.

"2024 was a year of strategic momentum as we advanced our Dual-Engine Strategy," said Dr. Yi Zhang, Chairman and CEO of Peijia Medical. "Our Neuro Business achieved transformative profitability, while the Valve Business continues to pioneer industry progress. Fueled by clinical trust and our commitment to 'Dedication with Passion, Devotion for Life,' Peijia will accelerate breakthrough innovations, refine operational excellence, and deliver sustainable value—championing a new frontier in structural heart and neurovascular care with passion and purpose."

Financial and Business Results by Segment:

Transcatheter Valve Therapeutic Business and Future Technology Business^[1] ("Valve Business"): Strengthened Market Position and Dedicated Pipeline Development

• Revenue for the Valve Business grew 40.1% year-on-year to RMB259.9 million, with gross profit rising 30.3% to RMB207.1 million.

• Selling and distribution expenses decreased 2.2% year-on-year, with the expense ratio dropping 38.7 percentage points due to improved sales force efficiency.

• R&D and administrative expense ratios declined by 70.4 and 14.8 percentage points, respectively, following the progressive advancement of clinical projects into stages with lower R&D costs and operational optimization.

• Segment loss narrowed 30.6% to RMB301.3 million (2023: RMB433.9 million).