LifeTech Scientific Achieves Growth in Annual Results of 2024

LifeTech Scientific Corporation Reports Strong Financial Performance

LifeTech Scientific Corporation (the "Company" or "LifeTech", Stock code: 1302.HK) has recently shared its annual results for the year ending December 31, 2024. The Company specializes in minimally invasive interventional medical devices aimed at treating cardiovascular and peripheral vascular diseases. The latest data reveals a noteworthy revenue of approximately RMB1,303.7 million, reflecting a growth of about 2.9% from the previous year.

International Business Sees Remarkable Growth

One of the highlights from the latest financials is the significant growth in LifeTech's international business. The Company reported overseas sales reaching approximately RMB346.6 million during the reporting period, which marks a robust year-on-year growth of approximately 26.0%. Key international markets such as Asia (excluding mainland China) and Europe also showcased impressive growth rates of about 33.6% and 18.6%, respectively, compared to the prior year.

Breaking Down the Revenue Growth

The growth of international sales accounted for approximately 26.6% of the total revenue for LifeTech, reflecting the effectiveness of its globalization strategies. Meanwhile, domestic sales in mainland China contributed about RMB957.1 million, representing around 73.4% of total revenues, underscoring the solid foundation the Company has established in its home market.

Key Financial Metrics and Profitability

LifeTech's profitability trends were equally impressive. The gross profit for the year was about RMB981.4 million, resulting in a gross profit margin of approximately 75.3%. Net profit attributable to the owners of the Company was around RMB222.4 million, demonstrating effective cost management and operational efficiency during challenging market conditions.

Growth in Core Business Areas

The Company's core business segments, particularly Structural Heart Diseases (SHD) and Peripheral Vascular Diseases (PVD), have shown resilience. The SHD segment reported revenues of approximately RMB527.6 million, marking a year-on-year increase of about 6.4%. Key products within this category, such as congenital heart disease occluders and left atrial appendage occluders, continue to dominate market share.

Innovation Drives Growth

Innovation remains at the heart of LifeTech's strategy. The Group continued to invest in research and development, spending approximately RMB302.9 million to enhance its product offerings and maintain competitive advantage. The Company has a diverse portfolio of medical devices, with a strong focus on cutting-edge technology that meets the evolving needs of its global customer base.

Successful Product Commercialization

LifeTech has successfully achieved several product approvals and certifications during the reporting period, including the National Medical Products Administration (NMPA) certifications for its innovative medical devices. This strategic move not only expands its product line but also reinforces its commitment to ensuring the highest standards of quality and efficacy in patient care.

Future Outlook and Strategic Directions

Looking ahead, LifeTech is committed to exploring new growth opportunities globally. The Company's strategic initiatives aim to leverage its robust innovation capabilities to solidify its market position and create greater shareholder value. LifeTech's proactive approach towards expanding its market presence will undoubtedly benefit patients who rely on its innovative medical solutions.

Commitment to Global Health

The Group's Chairman and CEO, Mr. XIE Yuehui, emphasized the importance of facing market challenges through unwavering commitment to quality and innovation. The Company seeks not only to maintain its leadership position but also to ensure that advancements in technology translate into better healthcare solutions for patients worldwide.

About LifeTech Scientific Corporation

Established in Shenzhen, China in 1999, LifeTech Scientific Corporation (Stock Code: 1302.HK) is dedicated to the research, development, manufacturing, and marketing of minimally invasive interventional medical devices. Focused on treating various diseases, LifeTech stands out for its innovative approaches and commitment to improving patient outcomes. With operations extending across nearly 120 countries, the Company continues to enhance its global footprint.

Frequently Asked Questions

What were LifeTech's total revenues for the reporting period?

LifeTech reported total revenues of approximately RMB1,303.7 million for the year ended December 31, 2024.

How much did the international business grow?

The international business grew by approximately 26.0%, with overseas sales reaching around RMB346.6 million.

What is the gross profit margin of LifeTech?

LifeTech achieved a gross profit margin of approximately 75.3% during the reporting period.

What investments did LifeTech make in research and development?

LifeTech invested approximately RMB302.9 million in research and development to enhance innovation and product offerings.

What is the primary focus of LifeTech's business?

LifeTech specializes in minimally invasive interventional medical devices for treating cardio-cerebrovascular and peripheral vascular diseases.

About The Author

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