OrbusNeich Medical Group Holdings Limited posted resilient first-half 2026 results, with revenue rising 18.1 % year-on-year to USD 98.71 million. The outperformance was driven by broad-based volume gains across scoring, non-compliant and stent product lines, as well as the initial contribution from newly launched drug-coated balloons and third-party products.

Gross profit climbed 21.0 % to USD 67.66 million, lifting the gross margin by 1.6 percentage points to 68.5 %. Profit attributable to shareholders increased 9.0 % to USD 21.57 million, while core operating profit (excluding finance income, share-based expenses and deferred tax credits) advanced 20.1 % to USD 18.14 million. Basic earnings per share came in at 2.62 US cents.

By geography, APAC remained the largest growth engine, adding USD 6.70 million to reach USD 34.01 million on strong demand in Malaysia, Indonesia and the newly consolidated Taiwan operation. EMEA revenue grew 16.7 % to USD 26.15 million, supported by direct-sales expansion in Germany, France and Spain and a solid performance in Saudi Arabia. Japan achieved a 6.4 % increase to USD 17.15 million, aided by the launch of Scoreflex QUAD, while Mainland China delivered 4.8 % growth to USD 10.12 million despite ongoing VBP pressure.

Product-mix improvements underpinned margin expansion. Scoring balloon sales advanced 13.3 % to USD 32.43 million, non-compliant balloons rose 17.7 % to USD 21.10 million, and stent revenue surged 26.4 % to USD 6.95 million following the late-2025 rollout of eucaLimus. Drug-coated balloons contributed USD 0.84 million versus a negligible base period, while OEM and third-party products jointly added over USD 4.15 million.

Operating cash flow turned positive at USD 19.35 million, compared with USD 3.41 million a year earlier, reflecting higher profitability and disciplined working-capital management. Cash and bank balances stood at USD 224.30 million, providing ample liquidity for the Hangzhou manufacturing build-out and European direct-sales expansion.

Given the stronger earnings profile and robust balance sheet, the Board declared the Group’s first interim dividend of HK 8 cents per share, payable on or around 6 October 2026. The payout follows a final dividend of HK 12 cents per share distributed earlier this year.

Management reaffirmed its near-term focus on commercialising recently approved products, scaling third-party collaborations such as SonoScape’s IVUS platform, and completing the Hangzhou facility, which is slated to commence production by end-2027.