Murray forecasts half-year results Endoscopes or new growth points

On the evening of July 11th, Myer Medical released its 2019 half-year results forecast, forecasting first-half revenue of 7.82 billion to 8.51 billion yuan, up 15%-25% from the same period last year, and expected earnings of 2.25 billion to 2.43 billion yuan, up 20%-30% from the same period last year.Its overall growth in the first half of the year was the same as in the first quarter, but its profit growth rate was lower than that in 2018. The data showed that Myer's revenue growth and profit growth in the first quarter of this year were 20% and 25%, respectively, compared with 23% and 44% for the whole of 2018.
New profit growth points
although there are three main businesses as the backbone of the company, but Murray Medical is still trying to cultivate new growth points.
said in its first-quarter and half-year results forecasts that the continued strength of its emerging business has led to a steady and sustained growth in the company's overall operating income.
report shows that life information and support, in-body diagnostics and medical imaging form the existing business framework of Myer Medical, while Murray Medical is also focusing on emerging areas such as minimally invasive surgery. At present, Murray Medical has invested in endoscopic surgical instruments and hard mirror systems, and has a certain amount of technology accumulation, will nurture it as a new business growth point.
endoscopes are mainly used for minimally invasive surgery, i.e. various surgical procedures such as organ lesions removal, malformation correction, repair or reconstruction through a tiny hole or incision, and ultimately for therapeutic purposes. Compared with traditional surgery, endoscope minimally invased surgery has the advantages of small mouth, less blood loss, rapid recovery and so on, favored by both doctors and patients, has become one of the fast-growing areas of the domestic medical device industry in recent years.
2018, China's voyeur market reached 27.8 billion yuan, and the endoscope equipment market was larger, reaching 50 billion yuan, according to the China Medical Device Industry Association.
addition, high gross margin is also a feature of the endoscope industry.
Such as the recent application for the listing of Kangji Medical, the main products are minimally invascope surgical medical devices, its gross margin in 2017 and 2018 are more than 80%, while the gross margin of Murray Medical is only 67% and 66% in the same period.
if Murray Medical develops endoscopic devices into its fourth main business, its profits may usher in another wave of rapid growth.
But the 2018 annual report shows that Myer Medical's three main business accounted for 98% of total revenue, endoscopic devices accounted for less than 2%, in Myer's official website of surgical products, there is currently only HD3 hard endoscope products.
The cornerstone of Myer Healthcareany new business development can not be separated from the foundation of business support, life information and support is one of my medical's three major product lines, but also the cornerstone of all of Myer's business.
, life information and support business accounted for 38% of Myer's total revenue, of which the monitor has become the first domestic market share.
2017, Myer, Philips and GE's monitors had a domestic market share of 64.8%, 17.7% and 3.8%, respectively, according to the China Medical Device Association.
But in the international market, Murray Healthcare ranks behind Philips and GE - according to Evaluate MedTech, the global monitor market was 2.79 billion in 2017, with Philips, GE and Murray's market share of 38%, 26% and 10%, respectively.
10 per cent of the global market is still hard-won.
Taking the European market as an example, in 2008 Myer Medical finally found a knock-on brick in the European market through the acquisition of Datascope, and in order to adapt to the European market, Murray Healthcare integrated its sales team and turned distribution into direct sales.
but still need to fight a price war, because there is no market base, Murray Medical had to set the price of products 10%-20% lower than Philips, gradually accumulated brand reputation. In 2018, Murray's high-end monitor BeneView N successfully entered the high-end market in Europe and the United States.
in fact, in addition to the international market, the domestic monitor market still has the potential for development. According to china Medical Device Association data, China's monitor market penetration rate has exceeded 30%, but compared with the developed countries in Europe and the United States 80% penetration rate is still low.
At the same time, Murray in the third and second-tier hospital monitors occupy a high proportion of the share, in addition to GE and Philips two multinational enterprises, with Paulette, Libang and other domestic companies represented by mainly low-end monitoring equipment, compared to Myer Medical's high-end monitor income and gross margin are in the leading position. (Cypress Blue Equipment)