FAST NEWS: Venus Medtech’s loss narrows on surging overseas sales
The latest: Medical device maker Venus Medtech (Hangzhou) Inc. (2500.HK) reported last Thursday its net loss narrowed 31.8% last year to 721 million yuan ($99.7 million).
Looking up: The company’s annual revenue rose 20.9% year-on-year to 491 million yuan as it further commercialized its VenusA series of core medical devices and increased its overseas sales.
Take Note: The company’s annual cost of sales rose 10.5% to 102 million yuan due to higher staffing and raw material costs on growing sales for its VenusA series and VenusP-Valve products.
Digging Deeper: Founded in 2009 and listed in Hong Kong in 2019, Venus Medtech produces and sells a range of medical products, including its pipeline of 12 innovative devices covering heart valve disease, hypertrophic cardiomyopathy and hypertension. It currently sells four approved products in more than 50 countries in Asia, Europe, South America and North America. Last year, its revenue from outside China grew 40% to 72.7 million yuan.
Market Reaction: Venus Medtech’s shares have been suspended since last November due to governance and disclosure issues. They last traded at HK$5.62, near the lower end of their 52-week range.
Translation by A. Au
To subscribe to Bamboo Works weekly free newsletter, click here
