FAST NEWS: PW Medtech’s profit jumps on post-Covid rebound
The latest: Medical device maker PW Medtech Group Ltd. (1358.HK) said on Wednesday it expects to report a net profit of 142 million yuan ($19.6 million) to 165 million yuan for last year, up 33% to 55% from 2022.
Looking up: The profit growth was driven by strong performance from the company’s blood purification and infusion set businesses.
Take Note: PW Medtech’s net profit in the second half of the year will range between 71 million yuan to 94 million yuan, based on calculations using the new forecast, similar to its 71 million yuan profit in the first half of the year.
Digging Deeper: PW Medtech makes and sells high-end infusion devices, intravenous indwelling needle products and insulin needles mostly for use in hospitals. Demand for such products weakened during the pandemic, as many people avoided hospitals to minimize the risk of infection, but has returned to normal since 2022. As that happened and China also promotes domestic production of medical devices, PW Medtech’s business rebounded last year from a downturn during the pandemic.
Market Reaction: PW Medtech shares rose on Thursday and closed up 14.5% at HK$0.95 by the midday break, near the upper end of their 52-week range.
Translation by A. Au
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