HANGZHOU, China, August 18, 2022 /PRNewswire/ — On August 15, Zylox-Tonbridge (2190.HK, “the Company”) released its 2022 interim results.
The company’s revenue increased 113.7% year-on-year to RMB 1.53 billion in the first six months of 2022. Neurovascular interventional product revenue increased 160 .1% year-on-year to RMB 1.12 billion, and peripheral vascular interventional product revenue increased by 43.9% in RMB. 0.41 billion. The company’s gross profit reached RMB 1.15 billion, up 121.5% from a year earlier. The gross margin continues to improve and went from 74.1% in 2021 to 75.6% in the first half of 2022.
The strong revenue and gross margin growth, along with the increase in other income, led to a sharp decline in the company’s net loss of 63.4% compared to the same period in 2021. The company also achieved a turnaround in adjusted non-IFRS net profit of RMB 8.64 million excluding the share-based compensation.
Beyond the outstanding financial results, the Company has also made solid progress in product research and development. To date, the Company has a total of 17 NMPA-approved products and eight products with CE Mark, as well as 13 products in the clinical trial phase and 11 products in the registration phase.
Dr. Johnathan Zhong Zhao, Founder and Chief Executive Officer of Zylox-Tonbridge, said, “In the first half of 2022, the company successfully maintained robust growth and further improved operational efficiency in a challenging market environment, demonstrating our efficient and consistent execution. We will continue to improve our commercialization capability and focus on innovation, and leverage the advantages of our integrated R&D and manufacturing platforms to provide patients with more affordable and higher quality products. »
Platform-Based Strategy Highlights Efficiency Benefits
With the establishment of R&D and manufacturing platforms, the Company is accelerating product development and expanding its product portfolio to better address unmet clinical needs, providing patients with comprehensive solutions.
In April, the company received NMPA approval for its Carotid Rx PTA Balloon Catheter and Large Diameter PTA Balloon Catheter. These two new products are both developed and manufactured on the company’s leading balloon forming and manufacturing platform, on which the company has manufactured all balloon catheters with consistent quality and efficiency. Benefiting from this, these two products are well received by doctors and patients as soon as they enter the market.
The company’s in-house R&D technology platforms also support and accelerate the development of upgraded products, such as the Clot Retriever Device II and the second generation UltraFree® DCB. Some of the upgraded products are expected to launch this year.
In terms of clinical trials, the company successfully completed patient enrollment for clinical trials of three products as planned, including studies of the flow diverter, the intracranial drug-coated balloon catheter and the coils. detachable embolization devices. The Company has also completed 12-month follow-up for a clinical trial of the Peripheral Venous Stent System.
Diversified marketing accelerates market penetration
During the reporting period, the Company continued to accelerate its commercialization by adjusting its sales and marketing strategies, such as organizing and participating in more educational programs and online meetings to promote academic communication with experts both at home and abroad.
At present, the company has covered more than 2,300 hospitals in 31 provinces of China. Particularly in lower-tier markets, the Company has accelerated its penetration into hospitals, providing local patients with more affordable and higher quality products. The Company has responded actively to the centralized procurement policy. In the current round of volume-based procurement of high-value medical consumables in Jiangsu and Fujian provinces, the company won the two tenders for the supply of neurovascular embolization coils.
As for the overseas market, the Company is intensifying its efforts for product registration and commercialization, the Company’s neurovascular embolization coils product has submitted applications for CE marking and FDA 510K registration.
Looking ahead to the second half of 2022, the Company believes that, based on the approval and launch of more products, it will continue to play a leading role in the domestic market with its comprehensive product portfolio. The company will also adhere to its original mission of providing high quality and affordable products, establishing a leading platform for minimally invasive medical devices in China.
Zylox-Tonbridge is a leading player in the neuro- and peripheral-vascular interventional medical device market in China. The company was founded in 2012 and is based in Hangzhou, China.
As an integrated medical device company backed by our in-house R&D and manufacturing capabilities, proprietary technology platforms and commercialization capabilities, we strive to provide patients with high quality and affordable medical devices and services. , so that everyone has access to the high quality of life provided by cutting-edge medical technology.
For more information, please visit our official website:www.zyloxtb.com
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