Peijia Medical Achieves First-Ever Profit Before Tax on Strong TAVR Growth
核心洞察
Peijia Medical (搜索) reported total revenue of RMB424.5 million for the first half of 2026, a 20.1% increase year over year, with gross profit rising 17.1% to RMB290.0 million.
The company achieved its first-ever profit before tax of RMB0.7 million and positive EBITDA of RMB47.4 million, while net loss narrowed 87.4% to approximately RMB9.0 million.
Transcatheter Valve Therapeutic Business revenue grew 28.3% to RMB207.3 million, driven by rapid adoption of the newly approved TaurusTrio® (搜索) TAVR system for aortic regurgitation (搜索).
Peijia Medical (搜索) (9996.HK), a leading Chinese domestic company in transcatheter valve therapeutics and neurovascular interventions, announced its interim results for the six months ended June 30, 2026, achieving its first-ever profit before tax on the strength of accelerating transcatheter aortic valve replacement (TAVR) growth. The Suzhou-based company reported total revenue of RMB424.5 million, up 20.1% compared with the same period in 2025, alongside gross profit of RMB290.0 million, an increase of 17.1%.
The Group's earnings before interest, taxes, depreciation and amortization (EBITDA) and profit before tax both turned positive, reaching RMB47.4 million and RMB0.7 million, respectively. Net loss for the period narrowed significantly by 87.4% to approximately RMB9.0 million. Cash generation also improved markedly, with net cash generated from operating activities reaching RMB49.4 million, an increase of 1,394.5% compared with the first half of 2025.
Commenting on the results, Dr. Yi Zhang, Chairman and Chief Executive Officer of Peijia Medical (搜索), said: "We are pleased with our performance in the first half of the year. More importantly, what gives me even greater satisfaction than the numbers themselves is seeing the innovation we have pursued over the years gradually translate into tangible clinical and commercial value."
TAVR Growth Accelerates, Led by TaurusTrio® Adoption
Revenue from the Group's Transcatheter Valve Therapeutic Business reached RMB207.3 million, up 28.3% compared with the six months ended June 30, 2025. The Group completed approximately 2,830 TAVR implantations, representing year-over-year growth of 36.5%, further strengthening its position in China's transfemoral TAVR market.
A key growth driver was the TaurusTrio® (搜索) transcatheter aortic valve (TAV) System for on-label aortic regurgitation (搜索) (AR) treatment, which addresses the unmet clinical needs of AR patients by providing a dedicated transfemoral TAVR solution for those who previously had limited treatment options. Following its approval by the National Medical Products Administration (NMPA) in December 2025, TaurusTrio® was commercially launched during the Reporting Period and achieved rapid clinical adoption, supported by its differentiated product design, safety profile and standardized procedural approach.
As of June 30, 2026, provincial listing across China had been substantially completed, while market access continued to advance. Implantations exceeded 660 cases during the Reporting Period, with monthly volume further accelerating to 330 cases in July 2026.
Despite intensifying competition in China's aortic stenosis (搜索) (AS) TAVR market, the Group's AS portfolio maintained growth, supported by its multi-product offering and differentiated pricing. In particular, TaurusMax® (搜索), featuring advanced 3D-steerable technology, continued to gain market recognition and strengthen the competitiveness of the Group's AS portfolio.
Neurointerventional Business Delivers Strong Profit Growth
The Group's Neurointerventional Business recorded revenue of RMB217.2 million, up 13.3% compared with the first half of 2025, while segment profit increased 79.0% to RMB73.2 million, demonstrating continued improvement in profitability.
The Group continued to expand its neurointerventional portfolio through an integrated model combining proprietary innovation and strategic partnerships. Self-developed products and innovative procedural solutions continued to gain clinical recognition, while exclusively distributed products, including YonFlow® Flow Diverting Stent and QIDA® Disposable Neuro Introducer Sheath, achieved commercial scale-up during the Reporting Period.
The Group also entered into a strategic cooperation agreement with B. Braun Medical (搜索) for the exclusive distribution of the SeQuent® Please CIS Paclitaxel Drug-Coated Intracranial Balloon Dilatation Catheter in the Chinese mainland. The product is currently under regulatory review for registration and is expected to further enrich the Group's neurointerventional portfolio following regulatory approval.
Commercial Platform Scalability Drives Operating Leverage
The Group maintained a resilient gross profit margin of approximately 68.3% while enhancing operational efficiency and optimizing its expense structure. Gross profit margin was affected by TAVR pricing adjustments, higher initial manufacturing costs during the TaurusTrio® (搜索) production ramp-up, and the continued impact of volume-based procurement (VBP) on the Neurointerventional Business. The Group partially mitigated these impacts through product mix optimization, lean cost management and improved operational efficiency.
The scalability of the Group's existing commercial infrastructure became increasingly evident during the period. Selling and distribution expenses decreased 19.4% to RMB117.0 million, despite continued revenue growth, as newly launched products leveraged existing sales and clinical promotion capabilities. Administrative and research and development expenses also declined year over year. Overall, while revenue increased 20.1%, all three major operating expense categories decreased, demonstrating improving operating leverage.
As a result, the segment loss of the Transcatheter Valve Therapeutic Business narrowed 87.2% to RMB9.7 million, while the Neurointerventional Business delivered a 79.0% increase in segment profit. Together with resilient gross margins, these improvements contributed to the Group achieving positive EBITDA and profit before tax during the Reporting Period.
Innovation Pipeline Advances in China and Overseas
The Group continued to advance its innovation pipeline and global development initiatives. In China, the GeminiOne® (搜索) transcatheter edge-to-edge repair (TEER) System and TaurusNXT® (搜索) Non-glutaraldehyde Crosslinked Dry-tissue TAVR System have entered the registration review stage, while clinical enrollment of the ReachTact® TAVR Assistance System continued to progress.
Overseas, the DCwire® Micro Guidewire received 510(k) clearance from the U.S. Food and Drug Administration (FDA). GeminiOne® (搜索) has submitted its European Union Medical Device Regulation (EU MDR) registration application and is undergoing an Early Feasibility Study (EFS) in the United States, while the global clinical study of the MonarQ TTVR® (搜索) System continued to progress across Europe, the United States and Canada. Favorable six-month follow-up results from the first-in-man (FIM) study of the Group's Lithotripsy Valvuloplasty System for the mitral annular calcification (搜索) (MAC) indication were also presented at the 2026 New York Valves.
Looking ahead, Dr. Zhang said: "The journey has not always been easy, but today Peijia Medical (搜索) has greater clarity than ever about where we are heading. We will remain committed to innovation, maintain our respect for life and our patience in pursuing long-term value, and continue to make every product the best it can be while taking each step forward with conviction. We are confident in the second half of 2026 and in our longer-term future."