Aortic valve leader, continue to expand academic influence: during the reporting period, the company achieved operating income of 276 million yuan, an increase of 18.34% over 2019. Affected by the epidemic, the number of TAVR operating tables completed in the first half of the year was about 700. in the second half of the year, the hospital relaxed its control over elective operations, with the number of operating tables increasing 114.29% month-on-month to about 1500, with a total of 2200 for the whole year; at the same time, during the Q1 period, when the number of hospital operations affected by the Spring Festival was relatively small, the company achieved a rapid growth of 750 operating tables in the whole season, and is expected to achieve about 4500 operations in the whole year. In the whole year, it covered 85 to 249 terminal hospitals, completed 114 training sessions for the new center, assisted 94 heart teams to carry out TAVR surgery, conducted more than 2000 technical guidance operations, and affected more than 4000 doctors.
The products have been listed on the market one after another and continue to expand their international influence: VenusA-Plus has added recyclable functions on the basis of the original generation of products, becoming the first domestic TAVR product with recyclable functions.
The launch of VenusA-Plus products gives the operator a chance to release again, which is expected to shorten the operator's learning curve. The core products of the future ball-expanded Venus VitaeValve and self-expanding Venus PowerX Valve with dry valve technology are currently in the stage of animal research, and Venus VitaeValve is expected to conduct human clinical trials within this year. VenusP-Valve submitted CE Mark in April 2019. For the more early development of mitral and tricuspid valve replacement, the company's TMVR product Limbus is in the FIM preparation stage, and the TTVR product is in the animal experimental stage.
Hand in hand Haoyue, enter the upstream biomaterial innovation: the company is mainly selling TAVR products currently using Qiming self-developed pig pericardium material, which has a cost advantage over bovine pericardium. At the same time, the company actively cooperates with Haoyue Group to establish Qiming Haoyue in September 2020 to further develop new biological dry valve materials for pig pericardium and bovine pericardium to prolong the service life of existing products. Expand the company's production pipeline in the field of self-research pericardium. At the same time, with the research and development in the field of biomaterials, it will also become a supplier of new pericardial biomaterials in the future, and the business segment will be further expanded from downstream manufacturers to upstream.
Our point of view: the company is the leading company in the valve field, which continues to occupy the first position in the market share and has a first-mover advantage; the R & D pipeline covers many directions in the valve field, actively arranges the international road, and expands the patient group. some products are expected to be extended to low-and medium-risk patients in the future. At the same time, actively innovate in the field of biomaterials and enter the upstream production end. It is recommended that active attention be paid to it.
Risk hint: pipeline research and development progress is not as expected, market commercialization is not as expected, policy collection risk.