Eyebright Medical Announces Strong First Half 2024 Results, with Revenue Surpassing 68% Growth and Net Profit Rising by Nearly 30%

HONG KONG, Aug. 22, 2024 /PRNewswire/ -- Eyebright Medical Technology (Beijing) Ltd ('Eyebright Medical'; the 'Company'; SH Stock Code: 688050), the first domestic manufacturer of high-end refractive intraocular lenses in China, today announced its financial results for the first half of 2024.

The Company reported strong revenue growth, with total operating revenue reaching RMB 685.72 million, representing a 68.54% increase year-over-year. Net profit attributable to shareholders of the listed company reached RMB 208.04 million, a 27.49% increase compared to the same period last year. Excluding non-recurring items, net profit attributable to shareholders of the listed company reached RMB 199.05 million, demonstrating a 29.95% year-over-year growth.

Eyebright Medical is a leading ophthalmic medical device provider, focusing on the areas of surgical treatment, myopia management, and consumer vision care. The Company has strategically expanded its product pipeline to provide a one-stop ophthalmic solutions, spanning the full life cycle of eye care.

In the surgical treatment field, the Company focuses on developing high-end medical devices for cataract surgery, with its core surgical products being the Proming^™[1] and Prosert^™ series of intraocular lenses. In the myopia management field, the Company's core product is the iBright^™ brand of orthokeratology lenses. It has also developed defocus frames lenses and daytime rigid contact lenses, complementing orthokeratology lenses to provide patients with more choices and meet different myopia management needs. In the consumer vision care field, the company manufactures both clear and colored soft contact lenses as well as lens care solutions. The company promotes the soft contact lens with its own brands of LeBleu^™ , OCULA^™, Binto^™  and TOPPOP^™. It also provides OEM services for other brands.

The Proming^™[1] and Prosert^™ series of intraocular lenses, part of Eyebright Medical's surgical treatment product lines, achieved a significant 30.20% year-on-year revenue increase, a notable performance within the industry. The company's Multifocal Intraocular Lenses, implanted in tens of thousands of patients, have consistently demonstrated excellent visual outcomes, with few reported instances of glare, halos, or other adverse visual phenomena.

Within the myopia management product portfolio, iBright^™ Ortho-K lenses saw a 6.89% year-on-year revenue increase, outperforming the industry average despite market softness. The company's Ortho-K lenses utilize the self-developed high oxygen permeability materials for enhanced safety and feature a proprietary base curve aspheric design to improve peripheral defocus, effectively slowing myopia progression. The company also offers daytime wear rigid contact lenses and defocus frame lenses, providing patients with both in-eye and outside-eye myopia management options. During the reporting period, the defocus frame lenses experienced a significant 86.78% year-on-year revenue increase.

After acquiring Tianyan Medicine in 2021 and Fujian Unicon in 2023, Eyebright has integrated the two manufacturing facilities and driven rapid growth in its soft contact lens business. Contact lens revenue surged 956.92% year-on-year to RMB 183.47 million in the first half, representing 26.76% of total revenue. Tianyan Medicine holds multiple registration certificates for colored contact lenses, while Fujian Unicon has obtained multiple registration certificates for both clear and colored contact lenses including silicone hydrogel contact lenses. Eyebright Medical is developing high-end contact lenses with enhanced comfort, safety, and functionality, and plans to allocate more resources to track consumer demand for vision care products.

The Company's commitment to innovation is evident in its substantial R&D investment, which reached RMB 68.6 million in the first half of the year, representing a year-on-year growth of 25.43%. This dedication to research and development is further reflected in the rapid expansion of the company's R&D team, with a 49.47% year-on-year increase in personnel.

Eyebright Medical is actively developing innovative products with high growth potential, such as aspheric trifocal Toric intraocular lenses, phakic intraocular lenses, and silicone hydrogel contact lenses. These advancements aim to drive company performance, solidify its market leadership, accelerate domestic market penetration, and expand its international footprint.

Remark

1.    The trademark, along with those mentioned below, has been successfully registered in mainland China.