Acotec Reports 2022 Annual Results: full-year revenue of $396 million, up 30% year-over-year

On March 23rd, Acotec (06669.HK) released its annual performance report for the year ended December 31st, 2022. In the year of 2022, Acotec's total revenue reached RMB 396 million, a year-on-year growth of 30% compared with that of 2021; gross profit was RMB 336 million, a year-on-year growth of 26% compared with that of 2021; and net profit was RMB 70.14 million.


From the performance data, we can visualize the considerable results of the diversified product pipeline layout of Centaur. Since the beginning of the real landing of the arterial and venous dual-line parallel strategy in 2021, the peripheral arterial interventional therapy products into the global vision of the first RuiDa, 2022, its venous interventional and access products revenue amounted to 86.03 million yuan, accounting for the proportion of the total operating income from the same period last year, 8% increased to 21.8%. And due to the rapid commercialization of IV line products, the revenue share of knee DCB decreased to 68.5% from 90.5% in the same period last year.

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Six new products approved for marketing, accelerating all-round layout in vascular field


In 2022, Centauri launched five new products and one DCB product with expanded indications into the market within one year, realizing a qualitative change in the speed of product introduction.

Last year, the peripheral support catheter and high pressure conical balloon were approved for marketing successively, and the peripheral support catheter was approved for marketing in the United States and Brazil at the same time. If these two products still belong to the product of Cinderella continuing to work in the field of peripheral arteries, then the approval of venous endoluminal radiofrequency closure generator and venous endoluminal radiofrequency closure catheter is Cinderella's second product in the field of vein layout after the listing of peripheral thrombus suction system. Since then, Cinderella has once again won the first place in the blue ocean market of domestic peripheral venous disease treatment devices.


This year, Cinderella also extended its tentacles to a wider field. Last year, its DCB product for treating stenosis of autologous arteriovenous fistulae in hemodialysis patients, NEO-Skater intracranial balloon dilatation catheter, and YAN coronary artery balloon dilatation catheter were successively approved for marketing. From the strategic level, this move means that it has officially completed the full coverage of its products in the four major departments of vascular surgery, cardiology, nephrology and neurology, and continues to broaden its therapeutic areas, from peripheral arteriovenous diseases to coronary vascular and neurovascular treatment. So far, the layout of the whole body vascular field has been initially landed, in the future, for the peripheral vascular, coronary vascular, intracranial neurovascular disease treatment products will be landed one by one, the landing of each product pipeline will be for the broadening of the growth point of the enterprise to bring a new point of strength.

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Sinking Market Penetration Accelerated New Products Commercialization Operation and Maintenance Effective


By the end of 2022, the rate of hospitalization of all listed products of Syngenta will enter a period of rapid growth. Above-knee drug-coated balloon entered 1,400 hospitals in total; below-knee drug-coated balloon entered 700 hospitals in total, forming full coverage in provinces with higher medical level and stronger payment ability such as Beijing, Zhejiang and Guangdong, etc., and in the future, it will continue to radiate to the neighboring sinking markets with these regions as the core; fueled by the urgent and pressing needs of the sinking market in 2022, peripheral thrombus aspiration system With the help of the urgent and pressing market demand in 2022, the Peripheral Thrombus Aspiration System achieved rapid hospitalization in the country within one year, with the number of hospitals reaching 1,000. In addition, the hospitalization of other products is also on schedule.


In addition to the channel advantages and product advantages accumulated by Cinderella for several years, such a good hospitalization speed is closely related to its rich marketing promotion. Last year, Cinderella participated in a total of 163 academic forums and conferences, 104 academic and teaching activities carried out by itself, in order to strengthen the promotion of the sinking market, to enhance the reach and penetration of the grassroots hospitals, a total of more than 800 departmental meetings were organized, to share its latest concept of vascular disease treatment and the advantages and usage of its products, and the overall commercialization of the operation and maintenance of the results are remarkable.


Diversified Technical Talents Joining and Continuously Strengthening Team Building


In 2022, while rapidly expanding its business, Cinderella rapidly completed the replenishment of its talent echelon and the improvement of its talent management system. By the end of last year, the number of employees of Cinderella totaled more than 600, an increase of more than 50% compared with 2021.


First of all, the first Ruida in the R & D side to increase investment in talent, the year in Shenzhen, set up a new active device team, for the future production and research of active device products to get a great talent team to protect. At the same time, the first Ruida synchronization supplemented the electrical engineering, automation and programming and other professional background of the R & D experts, has formed Beijing, Shenzhen, California, the United States of America, four teams in three places, a total of 118 members of the establishment.


Secondly, in order to cooperate with the rapid landing of new products, Cinderella has continued to strengthen the team construction in the marketing and sales side, on the one hand, Cinderella continues to consolidate and consolidate its team advantages accumulated in vascular surgery for many years, on the other hand, Cinderella has set up a new experienced marketing and sales team in the nephrology department, which will help the commercialization of AVF DCB products.


Join hands with global giants to achieve a great leap in globalization layout


In 2022, on the basis of maintaining independent operation, Syngenta entered into a strategic cooperation with Boston Scientific. As of press date, Boston Scientific's partial offer for 65% of the shares of Syngenta has been completed.

In the future, Syngenta and Boston Scientific may explore commercial collaboration opportunities in China. to benefit physicians and patients across the country through a more complete portfolio of products from both companies. Boston Scientific may also evaluate opportunities to collaborate with Syngenta to register and commercialize Syngenta's products globally, including in the United States. In addition, Syngenta's manufacturing and research and development facilities could help Boston Scientific expand some of its manufacturing and research and development activities to the benefit of both companies. Boston Scientific may also work with Syngenta to identify product development opportunities in potential new areas for each or both companies.

The history of Syngenta's development may be a source of inspiration for others in the industry. Return to the mission, specialize in product research, and move forward with certainty that the market will not treat each and every focus. This is precisely the first Ruida CEO Li Jing often mentioned a sentence: fine in learning, sincere in the heart, sure in the line, standing in the letter. It is also relying on the certainty of perseverance, the first Ruida quietly adhere to ten years after the market to see.

However, no matter whether it is seen or not, Cinderella will, as the rising sun, adhere to the mission of "always committed to long-term clinical benefits and improve the quality of life of patients", continue to improve the level of treatment of vascular diseases, bring new treatment modalities and trustworthy products to doctors and patients, and continuously improve the long-term clinical benefits of patients, which is its unchanging This is its unchanging devotion.