Sisram Medical Announces 2022 Annual Results
Annual Revenue of $354.5 M, Represents 20.5% Year Over Year Growth
with Significant Expansion in North America, APAC, and the Middle East
HONG KONG, March 21, 2023 /PRNewswire/ -- Sisram Medical Ltd (the "Company" or "Sisram",: 1696.HK; together with its subsidiaries collectively referred to as the "Group"), a global consumer wellness group, featuring a first-of-its-kind synergistic ecosystem of business building blocks and consumer-focused branding, ranging from Energy Based Devices, injectables, aesthetics and digital dentistry, personal care and more, today announced its audited consolidated annual results for the year ended December 31, 2022 (the "Reporting Period").
2022 ANNUAL FINANCIAL HIGHLIGHTS
- Revenue was US$354.5 million, representing an increase of 20.5% YoY.
- Profit was US$40.1 million, an increase of 23.2% YoY.
- Gross profit margin increased to 57.0% from 56.7% for the corresponding period in 2021. The increase is mainly driven by the continued expansion of the direct sales portion.
- The Company saw significant growth in all regions, mainly in North America, APAC, and the Middle East. Revenues in North America were US$143.7 million, an increase of 28.2% YoY. Revenues generated from APAC were US$98.1 million, an increase of 15.1% YoY. Revenues in the Middle East and Africa were US$36.6 million, an increase of 18.7% YoY.
KEY ACHIEVEMENTS
- The company maintained consistent investment in R&D, introduced three brand new products, and successfully promoted two existing products to new markets.
- New products introduced: 1) Alma Ted™, an ultrasound-based system to meet the market's growing hair loss needs; 2) CBD+ Professional Skincare Solution™, a professional skincare solution to visibly reduce redness and calm the appearance of stressed skin; 3) LMNT one™, the B2C product designed with a light-based skin rejuvenation treatment to achieve skin rejuvenation through multiple dimensions such as giving an instant glow and promoting collagen production in the comfort of consumers' homes.
- Existing products promoted to new markets: 1) Alma Hybrid™ creates a unique synergistic effect by combining the power of three core energies and enabling endless options for ablative, non-ablative and thermal treatments for skin rejuvenation and scar revision. The system was launched in Europe in 2020 and in the U.S. in 2021, and then was introduced in Canada in August 2022; 2) Alma Duo™, an advanced, effective, and FDA cleared solution to promote blood flow to the sexual organs to restore natural function, was successfully launched in the global market in November 2022.
- Diversified product portfolio to enrich injectable and dental business lines: further enriched the product portfolio by investing and entering into sublicense-related agreements in 2022.
- Company entered sublicense-related agreements with Shanghai Fosun Pharmaceutical Industrial Development Co., Ltd. to obtain the exclusive right to import and commercialize Daxxify in mainland China, Hong Kong S.A.R and Macao S.A.R. Daxxify is a long-acting botulinum toxin from US-based company Revance. The BLA for the glabellar lines was approved by the FDA on September 8, 2022.
- Sisram invested in a joint venture company which focuses on silk fibroin-sodium hyaluronate composite gel and facial implant thread products.
- Through strategic investment, Sisram entered the field of innovative biomaterials and introduced high-end materials and technologies such as non-invasive veneers, further enriching the Company's product portfolio and competitiveness in the aesthetic dentistry area.
- Continued expansion of direct sales layout: the Company established new direct offices in the United Kingdom in 2022 and Dubai in early 2023 to further enhance brand influence and support the strong growth in demand for Sisram's products and services in the European and Middle East markets.
- Returned to offline marketing events gradually: Sisram hosted hundreds of physicians and business partners around the world at Global Alma Academy Events and Sales meetings and built up the B2C channels and activities to support LMNT's launch and market penetration, continuously enhancing brand search volume and influence globally.
FINAL DIVIDEND
- The Board declared a final dividend of HK$0.173 (inclusive of tax) per share for the year ended December 31, 2022.
2023 STRATEGY & OUTLOOK
Focus on strategic market while keep expanding globally
Maintain and strengthen the company's global position by strategically focusing on the in-depth development of China and North American markets, while continuing to cultivate marketing efforts in key regions such as the European market. By leveraging the strength of the successful establishment of the new direct business channel in Dubai in early 2023, the company will continue to explore more development opportunities in the Middle East market.
Boost Brand Visibility Through Targeted Marketing Strategies
Sisram will follow a customer-centric approach and leverage social media, brand activities and KOLs to achieve a successful marketing transformation and deliver customized products and experiences. The approach will transform from marketing to clinics to marketing to consumers, as well as from regional marketing to global marketing.
Innovative R&D to Enrich the Wellness Ecosystem
Sisram will accelerate the improvement of its current best-sales product line while exploring new high potential wellness domains in order to constantly create ongoing growth engines.
With a focus on promoting the development of the injectables business line, intensive attention will be paid to the launch of the long-lasting botulinum toxin product Daxxify in mainland China, Hong Kong S.A.R and Macao S.A.R. The company is also developing comprehensive wellness solutions based on a combination of energy-based devices, injectables, personal care and aesthetic dentistry.
Customer-Centric Approach: High-quality Service to Enhance Customer Experience
Sisram will enhance its post-sales team by following the customer journey and offer the instant support, circulating valuable feedback back to sales and R&D team. In 2023, the Company plans to build the first Sisram Concept Centre in North America, which integrates clinical treatment, showroom, training, and marketing tools to deliver the image of a wellness ecosystem.
Outlook
Management expects to record revenue growth of at least 15% -25% in the whole year of 2023.
Mr. Liu Yi, Chairman and Executive Director of Sisram, commented: "In 2023, we will accelerate the development of Sisram Global Wellness Ecosystem with strategically focus on China and North America market. By implementing a customer-centric approach in our business, we will strengthen the customer experience by providing comprehensive solutions on a global scale."
Mr. Lior Dayan, CEO of Sisram and Alma, said: "As we look back on the remarkable progress and achievements of our Company in 2022, we are also reminded of even greater opportunities that lie ahead. We will further strengthen our core digital architecture to foster collaborations and increase synergies throughout the Company. With our focus on providing innovative wellness solutions, we will actively explore new opportunities that will enable us to expand our market share and deliver exceptional customer experiences."
About Sisram Medical Ltd
Sisram Medical Ltd (1696.HK) is a global consumer wellness group, featuring a first-of-its-kind synergistic ecosystem of business building blocks and consumer-focused branding, ranging from Energy Based Devices, injectables, aesthetics and digital dentistry, personal care and more. The company is majority-owned by Fosun Pharma, one of China's leading healthcare groups. On September 19, 2017, Sisram Medical went public, becoming the first Israeli company ever to trade on the Main Board of the Hong Kong Exchange.
Sisram Medical – Enhancing Quality of Life
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