HEARTCARE-B (06609) released its interim results for the first half of 2026 on August 31. During the period, the company generated revenue of RMB290 million, marking a 56.9% year-on-year increase. Net profit reached RMB60.365 million, up 18.5%, while adjusted net profit climbed 105.9% to approximately RMB70.367 million. The robust growth is primarily attributed to widespread clinical recognition of its products and rising end-market demand, which have consistently driven both revenue and profit expansion.
Core business continues to scale up while overseas markets accelerate expansion.
During the first half of 2026, the company's ischemic stroke business maintained steady revenue growth. The flagship intracranial thrombus aspiration catheter was newly adopted by approximately 200 additional hospitals, with implantation volumes surging over threefold compared to the same period last year. The company has continuously upgraded its aspiration catheter and thrombectomy techniques, developing a tiered system that now includes the CATCH cascade aspiration technology, the CATCH EZ exchange-free cascade aspiration variant, and the CATCH Mini cascade positioning approach, which are tailored to diverse clinical scenarios. Meanwhile, other ischemic stroke products, including stent retrievers, balloons, and catheters, also sustained steady sales growth.
The hemorrhagic stroke segment emerged as a high-growth revenue driver. The intracranial stent, recognized as an innovative medical device by the NMPA and developed in-house as an adjunct device for aneurysm embolization, was adopted by over 270 new hospitals in the first half, with sales up more than 80% year-on-year. Embolization coil system sales climbed over 100%, while the flow diversion stent has now been introduced in approximately 200 hospitals. The vascular closure business also posted rapid expansion, with the closure hemostasis system newly installed in over 200 hospitals and cumulative implantations exceeding 130,000 units in the first half, representing an 80% sales increase. The COLLSEAL closure device has been adopted by around 150 hospitals, achieving multi-department coverage.
Overseas, the company has secured 72 product registrations across 16 countries and regions, with approximately 150 registration applications underway in over 30 countries and regions. In the first half of 2026, overseas sales orders already surpassed the total revenue generated in all of 2025. The company continues to participate in international academic conferences such as WLNC, LINNC, and WFITN, while strengthening collaborations with overseas key opinion leaders and distribution channels to drive further market penetration.
Profitability continues to improve with steady progress across the innovative pipeline.
In the first half of 2026, gross margin improved to 71.5% from 68.2% in the prior-year period, driven by growing revenue from high-margin innovative products and cost optimization benefits from maturing production processes and scaled commercialization. While business scale expanded, the company strengthened expense controls, reducing the selling and administrative expense ratio to 32.9% from 37.0% a year earlier. Key R&D initiatives advanced steadily during the period. In the ischemic stroke segment, the self-expanding intracranial drug-eluting stent has entered the NMPA registration review phase, with patient enrollment for the carotid artery stent clinical trial expected to be completed within the year, further solidifying the company's product portfolio for carotid stenosis. In the hemorrhagic stroke arena, multiple innovative products targeting aneurysm treatment are under development to enrich the product matrix. In the interventional brain-computer interface field, ongoing product upgrades are on track, with the first-in-human clinical trial planned for the end of 2026.
Product matrix continues to expand while progressing toward a STAR Market listing.
The company currently holds NMPA approvals for 37 products, FDA clearances for 3 products, and CE marks for 2 products. Its pipeline covers acute ischemic stroke and neurovascular stenosis treatment, hemorrhagic stroke treatment, ischemic stroke prevention, neurointerventional access, peripheral interventional devices, and emerging businesses. On the capital markets front, the company plans to submit its application for an initial public offering of A-shares on the Shanghai Stock Exchange's STAR Market in the second half of 2026, targeting approximately RMB500 million in fundraising with an expected offering ratio of around 15%. The company will also continue its share buyback and cash dividend initiatives in line with operational conditions and regulatory requirements.
HEARTCARE-B, formally known as Shanghai Heartcare Medical Technology Corporation Limited, was founded in 2016. The company focuses on addressing unmet clinical needs in China, striving to enhance the accessibility of innovative medical technologies and products, reduce mortality from major diseases, and improve patient outcomes. Headquartered in the Lingang New Area of Shanghai, the company operates R&D and manufacturing centers in Nanjing's Jiangbei New Area and California, USA, with additional offices in Beijing, Hong Kong, and other locations. To date, HEARTCARE-B has pioneered a comprehensive one-stop solution for stroke treatment and prevention in the neurointerventional field, with a product portfolio encompassing thrombectomy devices, aneurysm and stenosis treatment tools, access devices, and stroke prevention products. The company holds 37 domestic medical device registrations and nearly 300 authorized patents, with certain products granted expedited review status. Its sales network covers all provincial-level regions in mainland China, and its products are utilized in over 3,000 hospitals.