Health

Peijia Medical Announces 2022 Interim Results: TaurusOne(R) and TaurusElite(R) Repeatedly Sets New Monthly Highs in Implantation Volume

HONG KONG, Aug 22, 2022 – (ACN Newswire) – – Peijia Medical Limited (“Peijia Medical” or the “Company”, together with its subsidiaries, the “Group”, stock code: 9996), a leading domestic player in the fast-growing markets for therapeutic and neurointerventional procedural medical devices for transcatheter valves in Chinaannounced its interim results for the six months ending June 30, 2022 (the period”).

Performance summary:

— Yield laundry RMB118.8 millionwhich represents an increase of 129.8% compared to the same period in 2021.

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— Gross profit (excluding the depreciation expense of the purchase price allocation) was RMB87.6 millionrepresenting an increase of 133.5% over the same period in 2021, and the gross margin (excluding the depreciation expense of the purchase price allocation) was 73.7%.

Key Operational Statistics:

— Even under the impact of Covid-19, revenues from the Transcatheter Valve Therapeutic Business and Neurointerventional Business were RMB 52.1 million and 66.7 million RMBrepresenting an increase of 455.4% and 57.6% respectively over the same period in 2021.

— For the Transcatheter Valve Therapeutic Business, both product adoption by new hospitals and product usage rates in adopted hospitals exceeded expectations. From July 31, 2022Within a short period of about a year after TaurusOne(R) and TaurusElite(R) received NMPA approvals, a total of 209 hospitals were entered and implant volume repeatedly reached monthly highs, accounting for nearly 20% of the market share in July. The total implant volume of the six months ended June 30, 2022 has far exceeded that of the entire year 2021. The pipeline for the Transcatheter Valve Therapeutic Business went smoothly as planned.

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— The Group’s registration applications for four ischemic products have been approved by the NMPA and the product portfolio for the ischemic product line has been provisionally established. The Group can provide a complete set of solutions for hemorrhagic and ischemic stokes. In the first half of 2022, the Group further expanded its share of the sizeable hemorrhagic market and continuously consolidated its leading position in the neuro-interventional industry.

— The Group made continuous efforts to optimize the supply chain and production process to achieve long-term success, and maintained stable production to meet the rapid growth in sales demand in the first half of the year.

During the period, the Group posted a turnover of RMB118.8 millionan increase of 129.8% compared to the same period in 2021. Revenues from the Transcatheter Valve Therapeutic Business and Neurointerventional Business were RMB 52.1 million and 66.7 million RMB , representing a significant increase of 455.4% and 57.6% respectively compared to the same period in 2021. The sales increase was mainly due to: (i) commercialization of the on-demand TAVR product TaurusElite(R) from the second generation; (ii) increased sales of existing neurointerventional products, including Tethys(R) Intermediate Catheter and SacSpeed(R) Balloon Dilation Catheter; and (iii) commercialization of multiple new neuro-interventional products, including Jasper(R) SS Detachable Coil, etc. Gross profit (excluding the amortization expense of purchase price allocation) was RMB87.6 millionrepresenting an increase of 133.5% over the same period in 2021, and the gross margin (excluding the depreciation expense of the purchase price allocation) was 73.7%.

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The impact of Covid-19 in the first half of 2021 has further validated the Group’s execution capability and operational efficiency. Both business lines exceeded their respective commercialization targets. The Group’s pipeline projects ran smoothly and production activities and the supply chain were well managed. The production fulfillment rate of core products reached approximately 60% (50% as a baseline) in the first half of the year.

Transcatheter Valve Therapeutic business: The commercialization platform was provisionally established, establishing a strong foundation for commercialization success. Products in the pipeline also ran smoothly, making long-term business development more sustainable.

For the Transcatheter Valve Therapeutic Business, the Group had five registered products and nine product candidates in various stages of development. Sales of TaurusOne(R) and TaurusElite(R) products went well. Transcatheter Valve Therapeutic Business revenue grew 455.4% compared to the same period in 2021, despite the impact of the pandemic. From June 30, 2022the Group had a sales and marketing team of 151 employees dedicated to the sales and marketing of its Transcatheter Valve Therapeutic Business.

Excellent product performance and professional market education and promotion have accelerated both product adoption by new hospitals and the utilization rate of our products in the adopted hospitals for our Transcatheter Valve Therapeutic Business. From July 31, 2022, the Group’s products reached 209 hospitals, pushing the implant volume repeatedly to new monthly highs. The implant volume almost reached a 20% market share in July. For the seven months ended July 31, 2022, total implant volume reached nearly 650 units, more than double the full year 2021 implant volume. The second half of the year started with strong momentum. The Group is steadily increasing our market share and strives to outperform other players. The Group has become the top player in certain cities and hospitals, with huge development potential.

The Transcatheter Valve Therapeutic Business has progressed rapidly since its commercial launch, thanks to its cross-functional teams comprised of marketing, sales and medical professionals. The all-round support ranges from academic promotion to collaboration on new technology, from patient identification to physician training, and from pre-operative, intra-operative and post-operative clinical support to meticulous sales service. The rapid development of commercialization has provided a solid cash base for the company’s long-term development.

The Group has developed a competitive product pipeline through external acquisitions and internal development, with a wide range of innovative products under development for key next-generation valve diseases and technologies. From August 19, 2022, the Group has four BD projects deployed in the fields of AR aortic valve replacement, mitral valve replacement, tricuspid valve replacement, and mitral valve coaptation augmentation, respectively. In addition to BD’s projects, internally developed projects are also widely recognised. Among other things, the Group investigates the durability of prosthetic valves, the creation of a non-implant treatment solution for valve diseases and the development of innovative mitral valve repair products.

Among them, three projects are entering major clinical trial phases: GeminiOne(R) and MonarQ will enter the registration clinical trial phase and the foreign FIM clinical trial phases respectively, and HighLife(R) will enter the registration clinical trial phase.

Neurointerventional Business: With the successive launch of four ischemic products by the Group, the product portfolio for the ischemic product line has been provisionally established. The Group can provide a complete set of solutions for hemorrhagic and ischemic strokes. With the increasing sales of hemorrhagic products and the upcoming commercialization of recently approved ischemic products, the revenue composition of the Neurointerventional Business will further diversify.

In the first half of 2022, registration applications of four products have been approved by the NMPA, namely Syphonet(R) Stent Retriever, Tethys AS(R) Aspiration Catheter, Fastunnel(R) Delivery Balloon Dilation Catheter and Fluxcap(R) Balloon Guide Catheter. The product portfolio for the ischemic product line has been tentatively established, with all major devices immediately in place, providing a complete solution for patients with AIS and ICAD.

As of now, the Neurointerventional Business Group had fourteen registered products and seven product candidates in various stages of development. The Group has an extensive portfolio of registered and pipeline products targeting both hemorrhagic and ischemic stroke markets, providing a total solution for both hemorrhagic and ischemic strokes with a complete line of core products. This will not only increase its resilience in times of change and uncertainty, but also increase the attractiveness and synergy of its product portfolio among physicians and distributors.

Thanks to its superior product performance, strong marketing capability and stable and deep distribution network, the Neurointerventional Business revenue increased 57.6% over the period compared to the same period in 2021. Revenue generated from the sale of hemorrhagic, ischemic and vascular access products accounted for 44.2%, 25.0% and 30.6% of total Neurointerventional Business revenue, respectively. With the increasing sales of hemorrhagic products and the upcoming commercialization of recently approved ischemic products, the revenue composition of the Neurointerventional Business will further diversify.

From June 30, 2022, the Group had 177 distributors, covering more than 1,800 hospitals in 31 provinces across the country. The Group will continue to build on its sales force and distributor coverage in response to its growing ischemic product portfolio. From June 30, 2022the Group had a sales and marketing team of 74 employees dedicated to the sales and marketing of neurointerventional products.

From June 30, 2022, the Group had a robust intellectual property portfolio comprising a total of 89 issued and valid patents and 100 patents pending. In particular, there are 53 issued and valid patents and 74 patents pending for our Transcatheter Valve Therapeutic Business, and 36 issued and valid patents and 26 patents pending for its Neurointerventional Business.

dr. Yi ZhangExecutive Director, Chairman of the Board of Directors and Chief Executive Officer of Peijia Medical Limitedsaid: “As one of the market leaders in medical devices, rooted in China, Peijia Medical will seek to strengthen the Group’s industry leadership position by implementing a range of future strategies and plans. Looking ahead, the company will continue to develop and commercialize interventional solutions for structural cardiovascular and neurovascular diseases in the future China and globally in line with its corporate vision. In the meantime, the Group will continue to actively promote the clinical trials of preclinical products under development and do our best to provide patients with positive and effective treatment options as soon as possible.”

Copyright 2022 ACN Newswire. All rights reserved.

© Japan Corporate News, source JCN Press Releases

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