Sisram Medical Announces 2023 Annual Results
Revenues of
FINANCIAL HIGHLIGHTS
- Revenue was
US$359.3 million , increased by 1.4% YoY. - Revenue portion derived from direct sales for the year ended
December 31, 2023 was 78% of total revenue, as compared to 66% for the corresponding period in 2022. - Gross profit margin increased from 57.0% to 61.1%.
- Net cash flows from operating activities was
US$43.9million , increased by 99.4% YoY. - Revenues in
North America and inAsia Pacific wereUS$156.9 million andUS$109.7 million , increased by 9.2% and 11.8%, respectively.
FINAL DIVIDEND
- The Board has resolved to declare a final dividend of
HK$0.158 (inclusive of tax) per share for the year endedDecember 31, 2023 .
KEY ACHIEVEMENTS
Continuously innovating in R&D and advancing registration progress
- Launched three EBD products into new territories:
- Soprano Titanium™: Alma's flagship equipment platform for hair removal was introduced toNorth America market following regulatory FDA clearance.
- Opus: A non-invasive RF equipment platform for skin resurfacing and face tightening was introduced to international markets outside the US.
- Alma Veil™: Launched inNorth America , Alma Veil™ is a platform that effectively targets a wide range of common dermatological and vascular conditions using three best-in-class technologies seamlessly integrated into a single handpiece. - Expanding Sisram's injectables line offering: 1) the NMPA has accepted registration application of the biostimulator Profhilo® and the long-lasting neurotoxin DAXXIFY® ; 2) the Company has entered into a strategic partnership with Prollenium®, a Canadian FDA-approved dermal filler manufacturer, to expand its injectables product portfolio and offer a unique combination of premium dermal filler with energy-based devices to enhance the effectiveness and longevity of various common aesthetic treatments.
- Personal Care brand LMNT launched the 2nd generation of product LMNT O2.
- FDA clearances and CE clearances:
- Received the clearance from theU.S. FDA for marketing VorFat System, which adopts a new technique of micronized fraction of the adipose tissue independently developed by the Company.
- Obtained 2 additional FDA clearances related to the Soprano and Harmony product families and 1 CE clearance for Opus. - On the clinical research front, the Group has conducted 20 clinical and preclinical studies during the Reporting Period, in the aesthetics, dermatology, plastic surgery, and gynecology fields.
Maintaining market leadership while expanding direct sales channels
- Reinforce APAC leadership: The Group completed the acquisition of PhotonMed,
China's leading energy-based device distributor and Alma's strategic partner. The Acquisition strengthens the Company's direct-to-consumer strategy and reinforce the group leadership positioning and brand inAsia Pacific market. - New direct offices: new direct offices in
Japan andDubai . Both will start with the business of energy-based devices and gradually expand into the Company's wellness ecosystem business units. - Existing direct offices: accelerated the business expansion of the existing direct channels to achieve the rapid revenue growth. Direct sales revenue increased by 19.6% compared to the last corresponding period.
Brand recognition and Global Brand Awareness
-
Alma Academy events were successfully conducted, includingAlma Academy Italy and Alma Academy US, which brought together thousands of physicians, global key opinion leaders (KOLs), and business partners worldwide. - Launching Sisram's first Wellness Center in downtown
Chicago : it offers a comprehensive range of advanced medical aesthetic services in skin health, beauty, and wellness. The concept center allows physicians to experience the Alma flagship devices, gaining practical experience while being guided by professional clinical personnel. It enables the Company to gather valuable insights from end-users, placing their needs and aspirations at the forefront, so as to strengthen the Company's brand image and solidify its market position, which represents a momentous step towards the Company's strategic goals.
Strategy and Outlook
Consistent growth driven by the direct sales strategy
Since the Company clarified its going-direct sales strategy in 2016, the proportion of revenue generated from direct sales has increased from 36% to 78%. In 2023, direct sales marked a record all-time high, amounting to
Embracing near-future technologies, enriching product portfolio and strengthening customer relationships
Based on the company's long-term strategy, Sisram will continue to execute its strategy by evaluating and implementing near-future technologies to strengthen the innovation in EBD segment. The Company will also continue expanding its offerings through Sisram's unique wellness ecosystem and become the leading company offering such a comprehensive and synergetic product line with strategical focus on utilizing the building blocks of injectables, skincare, and personal care, especially to prepare for the launches of DAXXIFY® and Profhilo® in
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