Event: on September 20, 2022, Lanfan Medical Co., Ltd. was informed that the innovative medical device product "Beautiful Morse coated Coronary Balloon Dilatation Catheter" developed and produced by Shandong Jiwei Medical products Co., Ltd. (hereinafter referred to as "Jiwei Medical") has recently been approved and registered by the State Drug Administration (NMPA).
Comments:
Independent research and development is the first in China, and the product matrix is rich in strength. Parten BA9 DCB is the first approved moss-coated balloon in China, which fills the gap in the application of rapamycin and its derivatives in the field of drug balloon, and provides a more safe and effective treatment for the treatment of coronary artery small vessel disease. We believe that the successful research and development of this product and its approval for listing will help the company to further improve the product portfolio of high-value consumables in the field of coronary intervention, enhance the company's core competitiveness in this field, and will have a positive impact on the company's business development.
The external influence is gradually weakening, and the company's performance is expected to get back on track. In 2020 and 2021, the company's cardiovascular and cerebrovascular business was greatly affected by COVID-19 's epidemic situation and collection, but since 2022, the revenue of cardio-cerebrovascular business in the first half of the year has increased compared with the same period last year. In the first half of 2022, sales of coronary stents in overseas markets have returned to pre-epidemic levels, and revenue from transcatheter aortic valve replacement system (TAVR) has increased by about 110% compared with the same period last year. In the first half of 2022, the company continued to maintain a good sales momentum of EXCROSSAL stents in the domestic market, with sales of more than 200000 stents and a further increase in domestic market share to 23%. New domestic products, such as BioFreedom non-polymer drug-coated coronary stents, began to contribute revenue to the company. We believe that the company's cardiovascular and cerebrovascular business is gradually coming out of the global COVID-19 epidemic and the post-harvest trough in China, and the company's performance is expected to return to the right track.
Investment M & A combined with R & D innovation provides a new driving force for the development of the company. The company will continue to adhere to the combination of investment M & An and innovative R & D, continue to develop, invest and M & A new products with core technology and meet the needs of the market, and accelerate the overall planning and layout of the cardio-cerebrovascular plate. In investment and M & A, we will make full use of professional teams through industrial funds or direct investment and mergers and acquisitions; in innovative R & D, the company has built eight global R & D and clinical registration platforms in Singapore, the United States, Germany, Shandong, Beijing and Shanghai, and built a global 24-hour R & D system, relying on a global R & D platform, layout on coronary artery, valve, nerve intervention and other high-value consumables races. We believe that the company's product pipeline is expected to become a new engine for the company's sustainable development in the future.
Investment suggestion: as a leading echelon in the field of in vitro diagnosis, Tuojing Life has caused great disturbance to the company's operation due to the epidemic, but it is optimistic about its product layout in COVID-19 and multi-front, so it is recommended to pay continuous attention to it.
Risk factors: the risk of the continuous impact of COVID-19 epidemic, the risk of industry policy change, the risk of product quality, the risk of research and development and registration of new products, the risk of long preparation time for new products to enter the market, the risk of market competition, the risk of declining gross profit of products, and the risk of changing sales model.