Broncus Medical (02216.HK) Announces Interim Results for 2023

Product sales in China for interim FY2023 increased of 114% compared to the same period in 2022, while product commercialization is steadily advancing.

HANGZHOU, China, Aug. 30, 2023 /PRNewswire/ — On August 29, 2023, Broncus Medical (02216.HK), a leader in precise interventional diagnosis and therapy of lung diseases in China, announced its interim results for the six months ended June 30,2023. During the period, the company focused on the development strategy of providing "Broncus Solution"´╝î an innovative interventional diagnosis and treatment solutions for lung diseases.  Moreover, the company accelerated the pace of channel underlaying and commercialization empowerment, and promoted its business to fulfill an integrated development in multiple categories.

In first half 2023, Broncus Medical earned product sales of US$ 5.234 million, an increase of 63% compared to the same period in 2022. Of which, total revenue from Mainland China was US$ 4.251 million, showing a significant increase of 114% compared to the same period in 2022. US$ 10.232 million was spent on Broncus Medical R&D during the period with the year-on-year growth of 12%. Net loss continued to shrink to – US$14.73 million.

Therapeutic Products of Precise Interventional Pulmonology Works Out Well

Broncus Medical remains in the industry’s leading position in technical advantages of its core therapeutic products. As at June 30, 2023, Broncus Medical had 13 products globally registered, 9 products in the process of registration application and other new products under various development stages. Several products made breakthroughs in global market access and commercialization and the company’s therapeutic products for lung cancer and COPD disease are progressing well, including:

For Lung Cancer Treatment

(1) The good clinical study results of the primary endpoints of BroncAblate pulmonary radiofrequency ablation system have well proven the safety and efficacy of the product. During the Chinese Medical Association 11th National Academic Conference on Respiratory Endoscopy and Interventional Pulmonology on August 5, 2023, professor Li Shiyue from the First Affiliated Hospital of Guangzhou Medical University, the coordinating principal investigator of the clinical study, reported postoperative 6-month data of the study. Data show that 126 patients used the system for the treatment of lung cancer, with a technical success rate of 99.35% and a 6-month complete ablation rate of the main lesion being 92.06%. Meanwhile, there is a relatively low incidence of common complications such as pneumothorax and bleeding in thermal ablation for lung cancer in this study.

(2) The company finalized the design of and completed type testing submission for the InterVapor®, the product for lung cancer treatment, in July 2023.

For COPD Treatment

The first investigational procedure in the pre-marketing clinical trials of Targeted Lung Denervation (TLD) Ablation System was completed in July 2023. The clinical trial will evaluate the safety and efficacy of Broncus TLD Ablation System in the treatment of AECOPD. This clinical trial is planned to enroll 189 patients at more than twenty trial sites in China. The enrollment is progressing steadily.

Significant Progress in Commercialisation of Core Products

Navigation Products

Broncus currently has three marketed navigation products, including LungPoint, LungPoint Plus (known as "Archimedes Lite" outside Asia) and LungPro (known as "Archimedes" outside China). The commercialization of navigation products has been steadily promoted via a combination of direct sales and distribution. 

InterVapor ®

InterVapor® is the world’s first and only Thermal Vapor Treatment System to treat COPD. Since InterVapor® was approved for sale in Mainland China, it has obtained its price for online bidding and tendering from 21 provinces and cities, and it has been successfully put to clinical use in more than 40 hospitals. Feedback from doctors and patients is positive.

"Mist Fountain"

"Mist Fountain", a disposable nebulizing micro-catheter for endoscope´╝îis the only approved nebulizing microcatheter in China. The product with multiple patented technologies helps doctors explore a wide range of applications of drugs in conjunction with devices in the treatment of lung diseases.

Based on the progress of the commercialisation of the products, Broncus Medical will continue to develop product sales channels and learn from the marketing experience of listed products to empower commercialisation of its products at all stages.

Continuously Carry out Various Marketing & Academic Activities to Promote the Popularisation of the Technique.

In the first half of the year, Broncus Medical continued to carry out communication activities both at home and abroad, which popularise the company’s technological advantages in the industry. With the R&D support and products selling, the company aims to penetrate its products to into more hospitals all over the world, offering continuous impetus for the growth of its sales.

Up to now, Broncus Medical has hold "Starting a New Era of Interventional Pulmonology " Series Events, several "QI CHANG" Summits on interventional therapy for severe COPD, some animal experimental surgery of lung disease under navigation system in different places and held academic exchange programmes for Chinese and foreign doctors.

During the first half of 2023, Broncus Medical continued to follow up on targeted customers in the Asian market and launched a number of training programs for overseas doctors. As of July 25, 2023, the company has completed three training sessions for doctors in the Asia-Pacific region, with the participation of 20 clinicians from Thailand, the Philippines, India, Taiwan and Hong Kong; the company has also participated in the 2023 APCB conference in Malaysia and organized a special seminar, and held six promotional seminars in India, with the participation of a cumulative total of more than 4,000 professional audiences.

In the first half of 2023, Broncus Medical made full use of the Company’s technological advantages, continued to make efforts in the products commercialisation and brand promotion. At the same time, the company also made efforts to product pricing, cost control and commercialisation to realise a positive growth in product sales revenues, demonstrating strong operational resilience and sales potential.

Source: Broncus Medical (02216.HK) Announces Interim Results for 2023