Essex Bio-Technology (1061.HK - HK$4.74) releases a strong set of interim results. Revenue was up 35.5% YoY to HK$313mn and profit rose 68.8% YoY to HK$52mn. In terms of business segment, sales of surgical products and ophthalmic products were up 49.2% YoY and 22.5% YoY to HK$124.4mn and HK$171.3mn respectively. The overall GPM for Beifuji and Beifushu series maintained at 90.9%, and the blended GPM was down mildly by 0.2ppt YoY to 81.9%. Equity settled share-based payments were HK$2.9mn (1H14: HK$6.3mn). No interim dividend (1H14: nil). Net cash position maintained (HK$74.1mn cash vs. HK$31.6mn bank borrowings). Moreover, the company said it is developing a new VEGF nano-antibody and are investigating the potential of antibody as a future treatment for cancer and age-related macular degeneration. At $4.72, Essex Bio-Technology is trading at 27.4x TTM earnings.
Phoenix Healthcare (1515.HK - HK$12.78) announced interim results for the six months ended 30 June. Revenue was up 18.8% YoY to RMB602mn, mainly driven by its supply chain business. Net profit rose 23.4% YoY to RMB102mn. No interim dividend (1H14: nil). Share price closed at $12.78, up 0.8% yesterday.
Sihuan Pharmaceutical (460.HK - Suspended) released a voluntary announcement as the CFDA granted full approval of Phase I/II/III clinical trials for Pirotinib, an internally developed innovative patented oncology drug. The company expects clinical trial for Pirotinib to initiate first-in-patient in China in October 2015 as planned.
MicroPort (853.HK - HK$3.18) announced a voluntary recall of its Long 8 Varus Cobalt Modular Neck, as the company received 28 reports of implant fractures related to the recalled part (representing a 0.0286% rate of fracture). There are 784 units of the recalled part that are subject to this recall.