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A few days ago, major domestic medical device companies have successively disclosed their financial reports for the first quarter of 2024.
The home of equipment has sorted out the financial report data of each company, and based on the company's revenue, the top 10 medical device companies in China have been counted in terms of revenue in the first fiscal quarter, providing investors and industry observers with a deeper understanding and reference.
Statistics show that among the top 10 companies in terms of revenue in the first fiscal quarter of 2024, 6 machinery companies have achieved revenue growth, namely: Mindray Medical, Xinhua Medical, United Imaging Medical, Yingke Medical, Neusoft Medical, Bluesail Medical, and the remaining 4 machinery companies have declined to varying degrees.
The highest revenue in this quarter is still the leading domestic medical device - Mindray Medical. It was followed by Xinhua Medical, United Imaging Medical, Yuyue Medical, and Yingke Medical, with a total annual revenue of 18.7 billion yuan.
In terms of net profit and R&D investment, Mindray is still far ahead. However, from the perspective of R&D intensity (the proportion of R&D expenditure in revenue), United Imaging Medical far exceeds other brands with an investment ratio of 21.57%, which is a well-deserved "light of domestic high-end medical devices". In addition, the R&D investment ratio of Neusoft Medical and Lepu Medical also exceeded 10%.
Mindray Medical
On April 27, Mindray Medical reported the first quarter of 2024: total operating income reached 9.37 billion yuan, an increase of 12.1% over the same period of the previous year; The net profit attributable to the parent company was 3.16 billion yuan, a year-on-year increase of 22.9%.
Mindray's R&D investment in the first quarter was RMB1.03 billion, accounting for 10.99% of its operating revenue.
It is reported that in the first quarter of 2024, in the field of medical imaging, Mindray launched new products such as the mid-to-high-end desktop Resona/NuewaI9 Elite Edition and the mid-to-high-end desktop Resona/NuewaI8. In the field of life information and support, the company has launched new products such as A3/A1 anesthesia system, 4K three-dimensional electronic thoracic and laparoscopic endoscope system, animal AniFMI1 infusion pump and Veta3X anesthesia machine, and continues to achieve breakthroughs in the high-end field.
Xinhua Medical
On April 29, Xinhua Medical released the first quarter report of 2024: operating income was 2.529 billion yuan, an increase of 3.68% over the same period of the previous year; The net profit attributable to the parent company was 211 million yuan, a year-on-year increase of 7.39%.
Xinhua Medical's R&D investment in the first quarter was: 83 million yuan, an increase of 13.26% over the same period last year; R&D investment accounted for 3.28% of operating revenue.
Founded in 1943, Xinhua Medical, as a veteran state-owned enterprise, is the first medical device manufacturer founded by our party and our army. The company's medical device products mainly include infection control equipment and consumables, radiotherapy and imaging, in vitro diagnostic reagents and instruments, surgical instruments and orthopedics, operating room engineering and equipment, dental equipment and consumables, laboratory equipment and instruments, blood purification, medical environmental protection and oxygen supply engineering. In addition, in recent years, Xinhua Medical has also laid out a new track of rehabilitation medicine.
United Imaging Healthcare
On April 26, United Imaging Medical released the first quarter report of 2024: operating income of 2.350 billion yuan, an increase of 6.22% over the same period of the previous year; The net profit attributable to the parent company was 363 million yuan, a year-on-year increase of 10.20%.
United Imaging Healthcare's R&D investment in the first quarter was: 506 million yuan, an increase of 17.78% over the same period last year; R&D investment accounted for 21.57% of operating income.
United Imaging Healthcare was established in March 2011 and is headquartered in Jiading, Shanghai. As a leading domestic medical imaging company, it is committed to providing global customers with high-performance medical imaging equipment, radiotherapy products, life science instruments and innovative solutions for the whole chain of medical digitalization, intelligence and coverage (basic research-clinical research-medical translation). After years of accumulation, United Imaging Healthcare has almost covered most of the high-end medical imaging diagnosis and radiotherapy products, forming a unique integrated layout of diagnosis and treatment.
Yuyue Medical
On April 27, Yuyue Medical released the first quarter report of 2024: operating income was 2.231 billion yuan, down 17.44% from the same period last year; The net profit attributable to the parent company was 659 million yuan, a year-on-year decrease of 7.58%.
Yuyue Medical's R&D investment in the first quarter was: 124 million yuan, down 7.97% from the same period last year; R&D investment accounted for 5.55% of operating income.
Yuyue Medical is a leading supplier of medical equipment in mainland China, and the company's products are mainly concentrated in the business fields of respiratory oxygen production, diabetes care, infection control solutions, household electronic testing and in vitro diagnosis, first aid and clinical and rehabilitation equipment. Its sphygmomanometers and wheelchairs were rated as "China Famous Brand" by the General Administration of Quality Supervision, Inspection and Quarantine of the People's Republic of China, and it is the first enterprise in the medical device industry to obtain "China Famous Brand".
INTCO Medical
On April 26, INTCO Medical released the first quarter report of 2024: operating income of 2.203 billion yuan, an increase of 40.06% over the same period of the previous year; The net profit attributable to the parent company was 238 million yuan, a year-on-year increase of 255.63%.
INTCO Medical's R&D investment in the first quarter was: 84 million yuan, an increase of 32.42% over the same period last year; R&D investment accounted for 11.91% of operating income.
INTCO Medical is a world-leading provider of medical protective equipment services and the largest manufacturer of disposable gloves in China, which was listed on the Growth Enterprise Market of the Shenzhen Stock Exchange in July 2017. The company is committed to the high-tech manufacturing of medical device consumables R&D, production and marketing, and its main business covers three major sectors: personal protection, rehabilitation care, and other products, including disposable gloves, wheelchairs, hot and cold compresses, electrodes and other types of care products.
Lepu Medical
On April 22, Lepu Medical released the first quarter report of 2024: operating income was 1.922 billion yuan, down 21.14% from the same period last year; The net profit attributable to the parent company was 493 million yuan, a year-on-year decrease of 20.31%.
Lepu Medical's R&D investment in the first quarter was: 197 million yuan, down 14.05% from the same period last year; R&D investment accounted for 10.25% of operating income.
It is reported that the main reason for the year-on-year decline in the company's operating income during the reporting period is that there were still some emergency product sales last year, and they were concentrated in the first quarter. According to the financial report, Lepu Medical's three major business segments: medical devices, drugs, medical services and health management have all declined by 20%-40%. Among them, the revenue of the medical device sector reached 880 million yuan, a year-on-year decrease of 18.69%, but a month-on-month increase of 9.22%.
Neusoft Medical
On April 30, Neusoft Medical released the first quarter report of 2024: operating income was 1.83 billion yuan, an increase of 10.5% over the same period of the previous year; The net profit attributable to the parent company was 50 million yuan, a year-on-year increase of 3.83%.
Neusoft Medical's R&D investment in the first quarter was: 218 million yuan, an increase of 1.39% over the same period last year; R&D investment accounted for 11.91% of operating income.
According to Frost & Sullivan, as of 2021, Neusoft Medical is the largest CT manufacturer in China (by total number of installed systems); From 2019 to 2021, Neusoft Medical was the largest exporter of CT in China by sales volume. The continuous innovation of high-end intelligent products and solutions comes from Neusoft Medical's insistence on independent innovation over the past 26 years, so the proportion of Neusoft Medical's R&D investment ranks second in this list, second only to United Imaging Healthcare.
Robust medical care
On April 24, Wenwen Medical released the first quarter report of 2024: operating income was 1.909 billion yuan, down 18.84% from the same period last year; The net profit attributable to the parent company was 182 million yuan, a year-on-year decrease of 51.6%.
Robust Medical's R&D investment in the first quarter was: RMB 76 million, a decrease of 31.64% over the same period last year; R&D investment accounted for 3.98% of operating income.
It is reported that the current core business of Robust Medical is mainly divided into two major sectors: medical and consumer, of which the medical business mainly revolves around medical consumables, and its products cover infection protection, conventional medical consumables, high-end wound dressings, etc. During the reporting period, the revenue of this segment was 860 million yuan, a year-on-year decrease of 37.3%.
Bluesail Medical
On April 27, Bluesail Medical released the first quarter report of 2024: operating income was 1.455 billion yuan, an increase of 32.96% over the same period of the previous year; The net profit attributable to the parent company was 98 million yuan, a year-on-year decrease of 27.97%.
Bluesail Medical's R&D investment in the first quarter was: 83 million yuan, a decrease of 16.56% over the same period last year; R&D investment accounted for 5.7% of operating revenue.
According to the financial report, the operating performance of the cardiovascular and cerebrovascular division of Bluesail Medical in the first fiscal quarter was good, and the sales revenue in the first quarter of 2024 exceeded 290 million yuan, an increase of about 10% over the same period last year. The sales revenue of the lower valve products in this segment increased by approximately 117% compared to the same period last year, and increased by more than 100% in Europe and Asia-Pacific. IN ADDITION, TWO DOMESTIC CENTRALIZED PROCUREMENT STENT PRODUCTS, THE ® EXCROSSAL® STENT AND THE EXPANSAL ®® STENT, ACHIEVED DOUBLE GROWTH DURING THE REPORTING PERIOD.
Jiu'an Medical
On April 28, Jiu'an Medical released the first quarter report of 2024: operating income was 762 million yuan, a decrease of 49.03% from the same period last year; The net profit attributable to the parent company was 247 million yuan, a year-on-year decrease of 58.86%.
Jiu'an Medical's R&D investment in the first quarter was: 53 million yuan, a decrease of 26.07% over the same period last year; R&D investment accounted for 6.9% of operating revenue.
Jiu'an Medical started with electronic sphygmomanometers, and its total production and sales of electronic sphygmomanometers ranked fifth in the world. As early as 1995, Jiu'an Medical independently developed the first KD-322 electronic sphygmomanometer, which is the first truly productized oscillometric electronic sphygmomanometer in China, and obtained the CPA (measurement and modeling) certificate. In the first half of 2022, Jiu'an Medical seized the opportunity of the overseas epidemic, and its U.S. subsidiary, iHealth, received a large order from the U.S. government, and its performance soared, reaching a peak of 26.3 billion in 2022, achieving a thousand-fold increase, and thus squeezing into the IVD track.
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The first quarter is traditionally a low season for the medical device industry, but that doesn't mean activity in the industry is stagnant. Instead, this period may provide new opportunities for medical device companies to review their strategies and prepare for future growth.
With the continuous progress of medical technology and the increase in global medical demand, the medical device industry will continue to maintain a steady growth trend, and we also look forward to greater growth of domestic medical device brands in the future. The home of equipment will continue to pay attention.