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Zylox-Tonbridge: Approval for Commercialization of Multiple Products Enabled 544% Year-on-year Revenue Growth for the Company in 2021
Zylox-Tonbridge (2190.HK, hereinafter called "the Company") announced on March 15 its first fiscal-year financial report since its IPO on Hong Kong Stock Exchange.
The Company reported an operating revenue of RMB 178 million in 2021, a significant year-on-year growth of 543.9%, mainly attributed to commercialization of a number of the Company's key products, including Intracranial Clot Retriever Device, Intracranial Support Catheter and Drug Coated PTA Balloon Catheter. The revenue of neurovascular interventional medical device in 2021 reached RMB 112 million for the year, which makes the Company one of the leading domestic manufacturers in this field. The Company’s gross profit grew by 709.7% during the same period to reach RMB 132 million, with gross profit margin rising further to 74.1%. As at the end of 2021 the Company had total cash and cash equivalents in hand, including term deposits, of RMB 2.918 billion.
The Company launched 8 products in China and 2 products in CE market in 2021 which is in line with the expectation for product development. During the period, 5 products were submitted for registration, sixteen products were also submitted for type testing which is a prerequisite for clinical trial or registration if no requirement for clinical trail. To-date the Company has a portfolio of 55 products and product candidates in different development stages, demonstrating its strong R&D capability for product innovations. The Company has established an extensive sales network covering more than 2,100 hospitals in China, which contributes to the rapid commercialization of the Company's products following their approval.
Dr. Jonathon Zhong Zhao, Founder, Chairman and CEO of Zylox-Tonbridge, said "In 2021 the Company achieved landmark progress in R&D and commercialization. The Company will continue to push forward research and development of our comprehensive product pipeline while continue to enhance our commercialization capability. We devoted our efforts and resources to build high quality medical devices to provide high-quality and affordable products for patients' benefit."
Sustained innovation to enlarge product portfolio
Zylox-Tonbridge has further enlarged its product portfolio in 2021.
The Company’s latest product portfolio now covers 55 products and product candidates, including the all-new IVL system, as well as upgraded products such as Clot Retriever Device II, and the second generation UltraFree® DCB. The Company has developed aspiration pump system and radial access catheter. It also planned to conduct further studies on the approved products, such as indication expansion for UltraFree® DCB. The Company cooperated with external companies to develop IVL system and pan-vascular surgical robots.
The Company also displayed remarkable execution capability for clinical trials. In 2021, the Company completed patient enrollment for peripheral venous stent system and flow diverter in 10 and 5 months respectively. As at the end of December 2021, the company had 12 products in the clinical trial stage.
Rapid commercialization to build competitive strength
With the approval of a number of its products, Zylox-Tonbridge has accelerated its commercialization process. The Company established a distribution network to cover more than 2,100 hospitals in China, meanwhile its products have been successfully commercialized in a total of 11 international countries, including France and Spain.
With construction and operation of the Company's new manufacturing sites in Hangzhou and Zhuhai, it expects to expand production capacity to meet fast-increasing market demand. Furthermore, the Company looks to strengthen its market leadership with a comprehensive product portfolio of quality and affordable products and solutions.
The Company has placed considerable priority to global expansion. The Company has begun to prepare clinical trial for several products, such as UltraFree® DCB, IVL system and Flow Diverter. It also began to prepare registration for peripheral venous stent system and neurovascular embolization coils. Along with increasing product portfolio in overseas market, the Company also plans to establish a local team in Europe to focus on global expansion.
Dr. Zhao said that during the past year the Company had obtained excellent achievements both in product R&D and commercialization under the lead of its "innovation-driven and platform-empowered" strategy. The Company will adhere to its original missions of providing high-quality and affordable products, establishing a leading platform for minimally invasive medical devices in China.