Minimally invasive medical care is expected to achieve nearly a 15% year-over-year revenue growth this year, with the surgical robot business potentially turning a profit in the first half of the year.

Caixin News, April 2 — (Reporter He Fan) MicroPort Medical (00853.HK) saw year-over-year growth in both revenue and gross profit in 2025, with annual profit turning profitable after a loss. However, segments such as surgical robots and orthopedics still weighed on performance. During today’s earnings conference, the company projected that revenue growth in 2026 will approach 15%, with a higher growth rate in the second half of the year compared to the first half; the surgical robot business is expected to install over 200 units for the full year, and profitability in the first half is highly likely.

The company’s financial report shows that last year, it achieved revenue of $1.11B, a 6.0% increase year-over-year (excluding exchange rate effects); gross profit was $635 million, up 10.5%; and net profit attributable to shareholders was $48.52 million, turning from a loss to profit.

“There will be differences between the 2026 and 2025 consolidated financial statements. Starting this year, the Brain Science (business) will no longer be included in the consolidated reports,” said Sun Hongbin, CFO of MicroPort Medical, providing a cautious outlook. Driven by existing and newly listed products domestically, as well as newly approved overseas products including the robot business, the company expects that revenue in 2026 will grow close to 15% year-over-year. Looking at the first and second halves, consistent with last year, the trend is from low to high; the first half is expected to grow by more than 10% year-over-year, and the second half may approach 20%.

“Last year, the orthopedics segment was disappointing and declined. This year, from the entire group’s perspective, we aim to restore growth in our global orthopedics business,” Sun Hongbin said. Regarding specific business segments, he added, “International orthopedics, despite challenges, the company still hopes to continue focusing strategically on the U.S. market while maintaining rapid growth in other markets. The full-year growth is expected to be between 5% and 7%. Several new products will be launched throughout the year, and the company will also increase supply chain investments to improve the direct sales market.”

In the cardiovascular business, Sun Hongbin expects a year-over-year growth of over 15% for the full year.

Regarding the company’s core coronary products, a relevant executive stated that starting this year, the main volume will come from drug-coated balloons and spinal balloons, expected to generate over 70 million yuan in additional revenue. For the rotational atherectomy and piezoelectric guidewire “green channel” products, volume growth is also anticipated this year. As for OCT (Optical Coherence Tomography) products, MicroPort Medical is currently the second-largest domestic brand in the market, so no significant volume increase is expected.

Looking at product lines, last year, the company’s cardiovascular intervention business achieved a net profit of $28.5 million, and large artery and peripheral vascular intervention net profit was $77.7 million. However, segments such as orthopedic medical devices, structural heart disease, arrhythmia management, and surgical robots all incurred losses.

MicroPort Medical’s subsidiary, MicroPort Robotics-B (00252.HK), held an earnings conference today. President He Chao stated that the TuoMai robot actually began to accelerate volume in the second half of 2025, showing an upward trend. “From the situation over the past 3-4 months, our production capacity has fully caught up with order delivery speed.”

Chief Commercial Officer Liu Yu added that overseas operations have positively impacted MicroPort Robotics’ performance, also influencing domestic business.

The company expects that in the first half of this year, approximately 108 units will be installed (±5 units), with 23 units installed so far. Conservatively, profitability in the first half is highly probable.

In terms of expenses, MicroPort Medical’s R&D expenses decreased by 32.3% in 2025, down to $147 million. The company explained that the significant reduction in R&D costs was to prioritize and focus on core projects and improve R&D efficiency.

Management stated during the earnings conference that future R&D expense ratios are expected to be controlled around 10%, with 10%-13% being a reasonable and healthy level. The company will prioritize supporting innovative products, including domestic “Green Channel” products and overseas breakthrough products. It will also consider supporting products with strong market potential, significant user value, and commercial value. If products receive good market feedback, upgrades will continue.