HANGZHOU, China, March 28, 2025 /PRNewswire/ -- On March 20, Zylox-Tonbridge Medical Technology Co., Ltd. (Stock Code: 2190.HK, hereinafter referred to as "Zylox-Tonbridge" or the "Company") released its 2024 annual results. In 2024, the Company reported revenue of USD 109.4 million, a year-on-year increase of 48.3%, and achieved a net profit exceeding USD 14 million, marking its first full-year profitability.
Amid a dynamic market environment, Zylox-Tonbridge benefited from the economies of scale driven by sustained revenue growth, entering a new phase of sustainable profitability. This fully demonstrates the Company's robust capabilities in developing comprehensive product solutions, delivering high-quality products, and operating efficiently. Looking ahead, Zylox-Tonbridge remains committed to its mission of "Innovation for Quality Life", focusing on advancements in medical technology to improve high-quality healthcare and drive the Company's long term growth.
Strong Performance in Centralized Procurement and Continued Overseas Expansion
In 2024, the Company actively seized opportunities in centralized procurement, securing successful multiple bids by leveraging its robust and high-quality product portfolio. These achievements are expected to accelerate product penetration in hospitals and enhance market competitiveness, laying a solid foundation for sustained growth.
In the "3+N" provincial alliance centralized procurement led by Hebei, our SilverSnake Intracranial Support Catheter fully demonstrated its advantages in the A group for its respective category, winning the bid with the highest ranking. During the national-level venous stent procurement, the ZYLOX Penguin Peripheral Venous Stent System became the only domestic bidder to win the first rule of iliac vein indication. In the vascular intervention product procurement led by Hebei Province, our products, including the Kylin Flow Diverter, White Horse Intracranial PTA Balloon Catheter (Rx) and three peripheral balloon products, won bids, each securing a leading position in their respective categories. As centralized procurement policies deepen, the Company has established an extensive distribution network covering over 3,000 hospitals.
In 2024, Zylox-Tonbridge allocated dedicated resources across key functions, including R&D, regulatory affairs, and manufacturing, further expanding its overseas footprint. Currently, 20 of the Company's products are commercialized in 24 countries and regions, including Germany, Italy, Argentina, Brazil, and the UAE, spanning Europe, South America, and the Middle East. The Company is conducting post-market clinical trials for the Zenflex™ Peripheral Stent System and ZENFLEX™ Pro Peripheral Drug-Eluting Stent System in overseas markets while actively participating in international academic conferences such as WLNC 2024, LINC 2024, and CIRSE 2024 to enhance brand influence abroad. The Company's overseas revenue reached USD 3.2 million in 2024, with a four-year compound annual growth rate of 87%.
Driven by Innovation: Pioneering Cutting-Edge Medical Technologies
In 2024, Zylox-Tonbridge launched multiple innovative products, offering patients more comprehensive solutions. The Company is also actively exploring "AI + Healthcare" technologies to empower product innovation and service upgrades.
Among its breakthroughs, the launch of ZYLOX Penguin Peripheral Venous Stent System, a product of medical-engineering collaboration, became another milestone in the Company's efforts to address peripheral venous diseases. The Kylin Flow Diverter, independently developed by Zylox-Tonbridge, is China's first fully visible distal closed flow diverter stent. Meanwhile, ZYLOX Unicorn Suture-mediated Closure System, the first domestically manufactured vascular suture product, has broken the market monopoly of imported brands in puncture site closure solutions.
The Company's collaboratively developed ZYLOX Pantheris™ Peripheral OCT-Guided Atherectomy Catheter and ZYLOX Tigereye ST™ OCT-Guided Peripheral Vascular Chronic Total Occlusion-crossing Catheter obtained approval from the NMPA to enter the special review procedure for innovative medical devices (innovation channel), which are expected to launch in 2025. Additionally, Zylox-Tonbridge is focusing on next-generation real-time imaging AI diagnostics and analysis technologies to improve precision in vascular interventions and develop personalized treatment solutions.
As of the announcement date, the Company has established a pipeline of 66 products. Among these, 47 have received NMPA approval, 8 have obtained EU CE marks, and several others have been approved for sale in countries such as Germany and the UK.
Operational Excellence: Entering the Sustainable Profitability Stage
With growing revenue, Zylox-Tonbridge's operational efficiency continues to rise. In 2024, the Company reduced its R&D, sales, and administrative expense ratios by 20, 9, and 10 percentage points, respectively, compared to 2023, propelling it into a new phrase of sustainable profitability.
At its Hangzhou and Zhuhai manufacturing bases, the Company has invested in automated and digital production lines, optimized lean processes, and strengthened supply chain management to increase the localization rate of core materials, ensuring both product quality and production efficiency. Since fully launching commercialization in late 2020, over 800,000 of the Company's products have been used clinically, earning recognition and trust from medical professionals.
Moving forward, Zylox-Tonbridge will uphold its commitment to "Innovation for Quality Life," increasing investments in medical technology to provide global patients with high-quality, affordable medical devices and solutions. The Company aims to ensure that everyone can benefit from advanced medical technologies, contributing to the progress of the healthcare industry.
