#China #Suzhou #Peijia Medical #Neurovascular #Valve Therapies

Peijia Medical Reports Impressive Annual Results for 2025

Peijia Medical (9996.HK), a notable player in the rapidly growing fields of transcatheter valve therapeutics and neurovascular interventions, has released its annual results for the year ending December 31, 2025. The announcement, made on March 25, 2026, reveals the company's solid revenue growth and enhanced operational efficiency, as it progresses with critical pipeline initiatives amid an evolving industry landscape.

Financial Performance and Highlights

For the fiscal year ending 2025, Peijia Medical recorded a total revenue of RMB712.9 million, reflecting a commendable year-on-year increase of 15.8%. The revenue composition was well-balanced, with transcatheter aortic valve replacement (TAVR) products contributing 40.7% and neurointerventional products accounting for a substantial 59.3%. Despite the challenges, the Group has maintained a steady gross margin and improved its operational efficiency through rigorous cost management and scaling operations. Excluding losses from the Future Technology Business segment, the company’s adjusted loss decreased significantly by 44.1% to RMB110.5 million, underscoring a positive trend in profitability.

Neurointerventional Business: A Breakdown of Success

Peijia's Neurointerventional Business segment has emerged as a significant profit driver, reporting a remarkable 86.6% increase in segment profit to RMB97.2 million. The profit margin for this segment has also improved, reaching 23.0%. This growth can be attributed to sustained revenue increases, heightened cost discipline, and improved operational efficiency, demonstrating the effect of operational leverage as the business expands. Furthermore, the segment made a landmark achievement with the DCwire® receiving 510(k) clearance from the U.S. Food and Drug Administration, marking it as the Group's first regulatory approval in the U.S. market. This milestone validates the competitiveness of Peijia's offerings and sets the stage for greater global market penetration.

TAVR Business Expansion and New Indications

In the area of TAVR, Peijia Medical has retained its leading market position in China, concurrently expanding its commercialization efforts. Revenue from TAVR products saw a healthy growth of 11.6% to RMB290.1 million, and the total number of implant procedures reached approximately 3,900, an increase of 14.4% year on year. The Group’s products are now utilized in over 780 hospitals, with 130 being newly introduced over the year. Of note, the Taurus product family is gaining favorable recognition in the treatment of aortic stenosis, supported by a diversified portfolio encompassing both core and premium product offerings.

On the other hand, the approval of TaurusTrio®, a localized product licensed from JenaValve's Trilogy THV System, in December 2025 for treating severe aortic regurgitation is a significant strategic milestone. This approval signals a shift from a single-indication focus to a broader multi-indication platform, unlocking new growth avenues and reinforcing Peijia’s competitive positioning over the long haul.

Pipeline Developments and Future Prospects

Looking onto its pipeline, Peijia Medical continues to make notable strides. Applications for registration of the next-generation TaurusNXT® TAVR product and the GeminiOne® transcatheter edge-to-edge repair (TEER) system have been submitted in China. Additionally, the clinical trial registration for HighLife®, the Group's trans-septal mitral valve replacement system, is accelerating, while ReachTact®, the robotic-assisted TAVR system, has entered the clinical trial phase. Internationally, the submission for GeminiOne® to obtain the EU MDR CE Mark is in progress, alongside the advancement of other pipeline programs through clinical development phases.

As of year-end 2025, seven of Peijia's transcatheter valve therapeutic products gained entry into the National Medical Products Administration (NMPA) Innovative Medical Device Special Review Procedure, solidifying the Group’s reputation as an innovator in the industry.

Leadership Insights and Future Directions

Dr. Yi Zhang, Chairman and CEO of Peijia Medical, remarked, "2025 was a year of solid progress and reinforcing our fundamentals. Our Transcatheter Valve Therapeutic Business has continued to broaden its commercial horizons while our Neurointerventional Business has experienced accelerated growth. As we look ahead to 2026, we are prepared for new opportunities and challenges, dedicated to maintaining disciplined execution, fostering continuous innovation, and focusing on long-term value creation as we move into the next growth phase."

Peijia Medical is positioned not only to thrive in the Chinese market but aims to extend its reach globally, setting a foundation for robust future growth and competitiveness in the medical device landscape.