MicroPort (微创机器人, HK: 2252), one of China’s surgical robot pioneers, reported a staggering 850% jump in its annual revenue in the 12 months ending December 31, 2022, according to a preview of the company’s financials released today.
The company said it invested huge sums in R&D, clinical trial registration and commercialization, as in previous years, in fiscal year 2022, so as to continuously build a surgical robot technological innovation platform and product system.
As such, although the firm’s revenue leaped — it fell short of revealing the numbers — it expects its losses to continue in the time period as of December 31, 2022, citing increased spending.
According to an exchange filing, MicroPort is likely to post a loss of between 1.1 billion yuan (US$160 million) and 1.15 billion yuan.
At this range, the company’s losses would have almost doubled than the level in 2021, when it recorded a net loss of 584 million yuan, up 179.28% year on year.
Competition in China’s surgical robot space is heating up over the past few years, with the entry of domestic players such as MicroPort, Tinavi (天智航, SH.688277) and Shenzhen Edge Medical(精峰医疗).