Gelonghui, March 27 | Weitai Medical-B (02235.HK) announced that for the year ended December 31, 2023, the company achieved operating income of RMB 253.2 million, an increase of 45.9% over RMB 173.6 million for the year ended December 31, 2022, mainly due to the rapid growth of AideX's continuous glucose monitoring system, the steady growth of the Equil encapsulated insulin pump system, and the rapid growth of blood sugar monitoring systems. The above growth has benefited from the company's overseas customers, domestic professional markets and e-commerce Further expansion of channels. The company's product portfolio will continue to benefit from growing user demand for diabetes treatment, monitoring and management in China and around the world, as well as increased coverage of innovative medical devices by healthcare payers.
The company's gross product profit for the year ended 31 December 2023 was RMB 125.7 million, an increase of 53.5% over RMB 81.9 million for the year ended 31 December 2022. The company's gross margin was 49.7%, up 2.5 percentage points from 47.2% for the year ended December 31, 2022. The increase in gross profit and gross margin is mainly due to the continuous increase in the share of sales of glucose monitoring systems and the increase in overall efficiency of scale. The company expects revenue and gross margin to continue to grow in 2024.
For the year ended 31 December 2023, the company's R&D expenses were RMB 70.1 million, an increase of 14.8% over RMB 61.1 million for the year ended 31 December 2022, mainly due to increased personnel costs and material expenses.