Zylox-Tonbridge Reports Strong Interim Financial Results for 2024, Achieving Significant Growth and Profitability

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Aug 26, 2024, 06:14 ET

HANGZHOU, China, Aug. 26, 2024 /PRNewswire/ -- Zylox-Tonbridge Medical Technology Co., Ltd. (2190.HK), a leading player in China's peripheral and neurovascular intervention markets, today announced its interim financial results for 2024. The Company reported revenue of $51.26 million, a 59.0% increase year-over-year, and achieved a net profit of $9.66 million, marking its first profitable half-year. This milestone highlights the Company's ability to navigate a dynamic market landscape, achieving scale and entering a new phase of sustainable growth.

In the first half of 2024, Zylox-Tonbridge launched several pioneering products in China, addressing unmet clinical needs and expanding treatment options for physicians and patients. By leveraging Volume-based Procurement (VBP) initiatives, the Company significantly increased market penetration with its comprehensive and high-quality product portfolio. As of June 2024, Zylox-Tonbridge has received marketing approvals for 44 products from the National Medical Products Administration (NMPA). Notably, revenue from neurovascular and peripheral vascular interventions increased by 46.7% to approximately $34.2 million and by 88.2% to roughly $16.9 million, respectively.

During this period, Zylox-Tonbridge expanded its international presence, with products now available in 22 countries, including Germany, France, and Italy. The Company's international revenue grew by 84.2% to approximately $1.61 million.

Innovative Products Filling Market Gaps

In the first half of 2024, Zylox-Tonbridge introduced several key products, enhancing its portfolio and providing more comprehensive solutions for patients.

The approval of the ZYLOX Peripheral Venous Stent System marks a significant milestone, strengthening Zylox-Tonbridge's leadership in the peripheral venous treatment market in China. Additionally, the Tonbridge KYLIN Flow Diverter is the first fully visualized flow diverter with a closed distal end developed by a domestic manufacturer. Meanwhile, the ZYLOX Unicorn® Closure System breaks the market dominance of imported brands in the market of vascular puncture site suture solutions.

Zylox-Tonbridge remains committed to innovation, offering more advanced medical solutions to patients. According to the Company's product pipeline, disruptive product candidates like the Embolization Assist Stent and Drug-Coated Self-Expandable Intracranial Stent are expected to launch within the next 1-3 years. Through a strategic partnership with Avinger, the Company aims to introduce a series of OCT imaging-guided devices in China by 2025.

Comprehensive Advantages Enhance Market Penetration

As VBPs become more entrenched, Zylox-Tonbridge has increased its market presence through strategic actions and a comprehensive product portfolio. Since late 2020, the Company has built an extensive distribution network, now covering over 3,000 hospitals, with over 600,000 devices in clinical use. The Company's innovative, high-quality products have gained strong recognition among physicians.

In the "3+N" provincial alliance centralized procurement led by Hebei, Zylox-Tonbridge's Intracranial Support Catheter secured the top ranking in Group A (manufacturers with significant market share), winning the bid. Additionally, the Thrombite Clot Retriever Device won two of six awarded slots, representing 33% of the total awarded products.

Expanding Global Reach to Serve More Patients

Zylox-Tonbridge's international business witnessed rapid growth in the first half of 2024, with overseas revenue reaching approximately $1.61 million, an 84.2% year-over-year increase. The Company's warehouse and logistics center in Italy is operational, ensuring efficient service for European customers. The Company also conducted post-market clinical trials for CE-marked products in Europe, further enhancing its commitment to quality.

To date, Zylox-Tonbridge has received CE Mark approval for eight products in the European Area, with five products approved in the UAE, three in Brazil, and several others in countries including Germany and the UK. The Company continues to expand globally, introducing products like the ZYLOX Peripheral Venous Stent System and IVL System to international markets. Zylox-Tonbridge is also actively enhancing its brand presence at international conferences, such as WLNC 2024 and LINC 2024.

Looking ahead, Zylox-Tonbridge remains focused on expanding its innovative product portfolio and improving operational efficiency, further strengthening its position as a leading vascular intervention medical device platform.

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