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Press release content from PR Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from PR Newswire
Press release content from PR Newswire. The AP news staff was not involved in its creation.

LifeTech Scientific Corporation Announces 2021 Interim Results

August 30, 2021 GMT

SHENZHEN, China, Aug. 30, 2021 /PRNewswire/ -- LifeTech Scientific Corporation (LifeTech, 01302.HK), a leading company specialized in minimally invasive interventional medical devices for cardio-cerebrovascular and peripheral vascular diseases, today announced 2021 interim results.

Compared with the first half of 2020, LifeTech achieved an outstanding performance. The revenue was approximately RMB461.1 million, increased by approximately 68.9%, the gross profit and the net profit was recorded approximately RMB374.4 million and RMB204.4 million respectively, representing an increase of around 72.5% and 106.5% respectively.

In the first half of 2021, the sales generated from mainland China was increased by approximately 74.6% and it accounted for approximately 84.0% of the total revenue. Although the COVID-19 epidemic situation in most overseas markets remained unstable, the overseas sales still increased by approximately 44.3% as compared with the corresponding period of 2020.

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As the performance of business segments, in the first half of 2021, the turnover contributed by the structural heart diseases business was approximately RMB159.1 million, representing an increase of approximately 100.6%, of which the sales of LAA occluder increased by approximately 147.5% and the sales of the three CHD occluders: HeartR™, Cera™ and CeraFlex™ increased by approximately 47.3%,160.0% and 13.3% respectively.

LifeTech’s peripheral vascular disease business generated the turnover of approximately RMB286.8 million, representing an increase of approximately 50.0%, of which the sales of stent grafts and vena cava filters increased by approximately 60.8% and 24.7% respectively.

The turnover contributed by the cardiac pacing and electrophysiology business was approximately RMB15.2 million, representing a growth of approximately 508.0%.

LifeTech continuously strengthened its innovation capabilities and accelerated the R&D process of its pipeline products to maintain its leading position in the industry, the R&D expenses increased by approximately 25.3% to approximately RMB91.7 million in the first half of 2021, and achieved the following main progress:

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  • G-iliac™ Iliac Artery Bifurcation Stent Graft System, LAnavi™ Jointed Steerable Introducer, Freepath™Guidance System and OKcurve™ Steerable Delivery System obtained official registration approval from the China NMPA;
  • Xuper™ Open Surgery Stent Graft System obtained the CE certification in EU;
  • IBS Angel™ Iron Bioresorbable Scaffold System (“IBS Angel™”) obtained registration approval from Medical Device Authority in Malaysia;
  • Artery Stent Graft System (chimney graft) was approved as an innovative medical device in China;
  • Cinenses™ Lung Volume Reduction Reverser System has completed the enrollment of clinical trials in Europe;
  • G-Branch™Thoraco-Abdominal Aortic Stent Graft System has completed the enrollment of FIM study and the mid-term follow-up results are positive;
  • LAmbre™ LAA Occluder System, IBS Titan™ Sirolimus-Eluting Iron Bioresorbable Peripheral Scaffold System and IBS Angel™ were approved in the United States by the FDA for “Compassionate Use”, and
  • IBS™ Sirolimus-Eluting Iron Bioresorbable Coronary Scaffold System obtained the implied permission for conducting confirmatory clinical trials in China.

Meanwhile, the total of 1,350 patent applications have been filed, of which 496 patents have been registered as at 30 June 2021, which is an important intangible asset and an internal driving force of LifeTech improving its core competitiveness in the global device market.

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SOURCE LifeTech Scientific Corporation