SHANGHAI MICROPORT ENDOVASCULAR MEDTECH CO., LTD.

Cash flow Shanghai MicroPort Endovascular MedTech Co., Ltd.

Equities

688016

CNE100003MJ5

Medical Equipment, Supplies & Distribution

End-of-day quote Shanghai S.E. Other stock markets 10/09/2024			5-day change	1st Jan Change
81.86 ^CNY	+2.22%		-0.49%	-37.33%

08-26	Shanghai MicroPort Endovascular MedTech Co., Ltd. Reports Earnings Results for the Half Year Ended June 30, 2024	CI
08-21	Chinese Healthcare Watchdog Questions MicroPort Endovascular MedTech Over Price of Aortic Stent	MT

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Published financial data: SHANGHAI MICROPORT ENDOVASCULAR MEDTECH CO., LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	329M	465M	685M	897M	1.19B
Other Revenues, Total	4.76M	5.19M	-	-	7.47K
Total Revenues	334M	470M	685M	897M	1.19B
Cost of Goods Sold, Total	71.92M	102M	154M	226M	286M
Gross Profit	262M	369M	531M	671M	901M
Selling General & Admin Expenses, Total	71.41M	77.95M	104M	149M	185M
Provision for Bad Debts	568K	767K	1.28M	2.63M	1.34M
R&D Expenses	49.64M	73.01M	102M	138M	173M
Other Operating Expenses	1.67M	2.8M	5.32M	8.3M	9.85M
Other Operating Expenses, Total	123M	155M	213M	297M	369M
Operating Income	139M	214M	318M	373M	532M
Interest Expense, Total	-	-	-1.77M	-2.09M	-1.82M
Interest And Investment Income	10.15M	22.63M	28.79M	15.36M	18.41M
Net Interest Expenses	10.15M	22.63M	27.02M	13.27M	16.59M
Currency Exchange Gains (Loss)	-69.01K	-901K	-437K	2M	1.19M
Other Non Operating Income (Expenses)	-107K	-115K	-159K	-244K	-219K
EBT, Excl. Unusual Items	148M	236M	344M	388M	550M
Gain (Loss) On Sale Of Assets	-215K	-40.94K	-	-226K	-95.23K
Asset Writedown	-	-	-	-	-
Other Unusual Items	16.05M	13.97M	17.28M	25.83M	22.79M
EBT, Incl. Unusual Items	164M	250M	362M	414M	572M
Income Tax Expense	22.58M	34.94M	48.15M	61.84M	85.05M
Earnings From Continuing Operations	142M	215M	314M	352M	487M
Net Income to Company	142M	215M	314M	352M	487M
Minority Interest	-	-	2.34M	4.83M	5.21M
Net Income - (IS)	142M	215M	316M	357M	492M
Net Income to Common Incl Extra Items	142M	215M	316M	357M	492M
Net Income to Common Excl. Extra Items	142M	215M	316M	357M	492M
Per Share Items
Net EPS - Basic	1.55	2	2.95	3.33	4.57
Basic EPS - Continuing Operations	1.55	2	2.95	3.33	4.57
Basic Weighted Average Shares Outstanding	91.44M	107M	107M	107M	108M
Net EPS - Diluted	1.55	2	2.95	3.33	4.57
Diluted EPS - Continuing Operations	1.55	2	2.95	3.33	4.57
Diluted Weighted Average Shares Outstanding	91.44M	107M	107M	107M	108M
Normalized Basic EPS	1.02	1.37	2.03	2.31	3.24
Normalized Diluted EPS	1.02	1.37	2.03	2.31	3.24
Dividend Per Share	0.44	0.6	1.41	1.54	2.01
Payout Ratio	15.87	21.8	20.51	42.35	33.62
Supplemental Items
EBITDA	147M	227M	333M	395M	553M
EBITA	143M	222M	327M	387M	543M
EBIT	139M	214M	318M	373M	532M
EBITDAR	-	228M	333M	396M	556M
Total Revenues (As Reported)	334M	470M	685M	897M	1.19B
Effective Tax Rate - (Ratio)	13.74	14	13.31	14.94	14.86
Total Current Taxes	24.86M	37.53M	54.62M	57.46M	94.22M
Total Deferred Taxes	-2.27M	-2.57M	-6.36M	3.28M	-9.15M
Normalized Net Income	92.81M	147M	218M	248M	349M
Interest on Long-Term Debt	-	-	1.93M	2.08M	1.79M
Supplemental Operating Expense Items
Selling and Marketing Expenses	55.44M	59.52M	75.67M	104M	130M
General and Administrative Expenses	15.98M	17.18M	28.06M	45.03M	55.03M
Research And Development Expense From Footnotes	49.64M	77.01M	107M	146M	179M
Net Rental Expense, Total	-	1.25M	77.55K	1.33M	2.67M
Imputed Operating Lease Interest Expense	-	-	-	512K	1.01M
Imputed Operating Lease Depreciation	-	-	-	822K	1.66M
Maintenance & Repair Expenses, Total	-	1.38M	1.09M	994K	-
Stock-Based Comp., R&D Exp. (Total)	442K	-	2.09M	10.3M	10.42M
Stock-Based Comp., S&M Exp. (Total)	458K	175K	781K	3.49M	3.77M
Stock-Based Comp., G&A Exp. (Total)	226	-	1.18M	2.34M	2.83M
Stock-Based Comp., Other (Total)	-	-	-	1.53M	-
Total Stock-Based Compensation	900K	175K	4.05M	17.66M	17.01M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	889M	1.05B	1.24B	977M	2.97B
Short Term Investments	-	-	494K	-	-
Total Cash And Short Term Investments	889M	1.05B	1.24B	977M	2.97B
Accounts Receivable, Total	34.23M	48.79M	73.2M	124M	148M
Other Receivables	159K	-	-	862K	1.03M
Notes Receivable	-	38.56K	847K	424K	246K
Total Receivables	34.39M	48.83M	74.05M	125M	149M
Inventory	56.29M	82.06M	107M	156M	211M
Other Current Assets, Total	10.47M	14.63M	33.92M	36.2M	38.06M
Total Current Assets	990M	1.2B	1.46B	1.29B	3.37B
Gross Property Plant And Equipment	76.41M	82.37M	160M	287M	418M
Accumulated Depreciation	-23.85M	-28.81M	-43.02M	-60.81M	-82.87M
Net Property Plant And Equipment	52.56M	53.56M	117M	226M	335M
Long-term Investments	-	-	-	126M	122M
Other Intangibles, Total	45.31M	60.62M	76.07M	219M	208M
Deferred Tax Assets Long-Term	4.72M	7.29M	13.65M	10.38M	19.53M
Deferred Charges Long-Term	60.51M	50.31M	78.7M	97.42M	174M
Other Long-Term Assets, Total	2.26M	7.57M	9.4M	21.87M	22.63M
Total Assets	1.16B	1.38B	1.75B	2B	4.25B
Liabilities
Accounts Payable, Total	9.73M	17.83M	24.79M	42.13M	40.4M
Accrued Expenses, Total	47.72M	80.34M	95.14M	78.07M	137M
Current Portion of Leases	-	-	8.84M	9.09M	11.38M
Current Income Taxes Payable	3.41M	5.8M	10.71M	9.66M	27.34M
Unearned Revenue Current, Total	1.19M	2.72M	2.16M	2.53M	1.86M
Other Current Liabilities	8.03M	7.97M	20.4M	45.36M	94.47M
Total Current Liabilities	70.08M	115M	162M	187M	313M
Long-Term Leases	-	-	36.97M	32.09M	24.37M
Unearned Revenue Non Current	15.6M	22.13M	24.61M	27.25M	37.88M
Other Non Current Liabilities	4.06M	5.3M	7.84M	6.32M	7.62M
Total Liabilities	89.74M	142M	231M	252M	383M
Common Stock, Total	71.98M	71.98M	71.98M	71.98M	82.73M
Additional Paid In Capital	809M	809M	818M	835M	2.62B
Retained Earnings	185M	353M	604M	810M	1.14B
Comprehensive Income and Other	-	-	-	1.99M	1.59M
Total Common Equity	1.07B	1.23B	1.49B	1.72B	3.84B
Minority Interest	-	-	27.81M	23.96M	19.76M
Total Equity	1.07B	1.23B	1.52B	1.74B	3.86B
Total Liabilities And Equity	1.16B	1.38B	1.75B	2B	4.25B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	107M	107M	107M	107M	123M
ECS Total Common Shares Outstanding	107M	107M	107M	107M	123M
Book Value / Share	9.94	11.51	13.93	16.03	31.18
Tangible Book Value	1.02B	1.17B	1.42B	1.5B	3.64B
Tangible Book Value Per Share	9.52	10.94	13.22	13.98	29.5
Total Debt	0	0	45.81M	41.18M	35.75M
Net Debt	-889M	-1.05B	-1.2B	-936M	-2.93B
Debt Equivalent Oper. Leases	-	9.98M	620K	10.68M	21.35M
Minority Interest, Total (Incl. Fin. Div)	-	-	27.81M	23.96M	19.76M
Equity Method Investments, Total	-	-	-	126M	122M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	31.15M	47.86M	53.52M	82.86M	131M
Inventories - Work In Process, Total	13.66M	20.2M	31.45M	34.36M	46.67M
Inventories - Finished Goods, Total	15.58M	-	24.72M	41.05M	37.52M
Inventories - Others	-	18.85M	433K	1.04M	795K
Buildings, Total	43.03M	43.14M	45.97M	48.34M	50.05M
Machinery, Total	28.62M	36.84M	58.67M	80.2M	99.48M
Full Time Employees	387	502	660	786	908
Accumulated Allowance for Doubtful Accounts (Supple)	1.8M	2.57M	3.85M	6.48M	7.81M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	142M	215M	316M	357M	492M
Depreciation & Amortization - CF	4.64M	4.76M	13.96M	18.32M	21.19M
Amortization of Goodwill and Intangible Assets - (CF)	4.21M	8.17M	8.92M	13.45M	11.28M
Depreciation & Amortization, Total	8.85M	12.92M	22.88M	31.77M	32.46M
Amortization of Deferred Charges, Total - (CF)	1.92M	2.69M	3.69M	12.23M	13.76M
(Gain) Loss From Sale Of Asset	215K	40.94K	56.36K	226K	95.23K
(Gain) Loss on Sale of Investments - (CF)	-813K	-13.93M	-15.01M	-4.1M	-9.15M
Asset Writedown & Restructuring Costs	3.56M	2.83M	3.9M	2.23M	6.35M
Provision and Write-off of Bad Debts	-	-	-	2.63M	1.34M
Other Operating Activities, Total	-9.33M	-3.62M	-6.77M	-2.4M	-788K
Change In Accounts Receivable	-13.43M	-18.87M	-41.56M	-48.38M	-31.75M
Change In Inventories	-25.56M	-27.82M	-27.48M	-51.29M	-61.27M
Change In Accounts Payable	34.26M	48.33M	40.17M	15.25M	102M
Change In Deferred Taxes	-2.27M	-2.57M	-6.36M	3.28M	-9.15M
Change in Other Net Operating Assets	4.05M	2.83M	10.88M	15.45M	22.01M
Cash from Operations	143M	217M	300M	334M	558M
Capital Expenditure	-21.24M	-26.22M	-89.58M	-294M	-190M
Sale of Property, Plant, and Equipment	22.95K	650	-	-	-
Cash Acquisitions	-	-	-	-133M	-
Investment in Marketable and Equity Securities, Total	0	0	0	0	-10.11M
Other Investing Activities, Total	10.15M	17.55M	15.01M	-12.5M	23.28M
Cash from Investing	-11.07M	-8.67M	-74.57M	-440M	-177M
Long-Term Debt Issued, Total	-	-	-	2.09M	-
Total Debt Issued	-	-	-	2.09M	-
Long-Term Debt Repaid, Total	-	-	-10.07M	-10.9M	-14.54M
Total Debt Repaid	-	-	-10.07M	-10.9M	-14.54M
Issuance of Common Stock	745M	-	-	-	1.78B
Common Dividends Paid	-22.5M	-46.79M	-64.78M	-151M	-166M
Common & Preferred Stock Dividends Paid	-22.5M	-46.79M	-64.78M	-151M	-166M
Other Financing Activities, Total	-15.14M	-	35M	-	-
Cash from Financing	707M	-46.79M	-39.85M	-160M	1.6B
Net Change in Cash	839M	162M	186M	-266M	1.98B
Supplemental Items
Cash Income Tax Paid (Refund)	52.62M	80.73M	119M	-	174M
Levered Free Cash Flow	72.88M	124M	108M	-77.87M	247M
Unlevered Free Cash Flow	72.88M	124M	109M	-76.57M	248M
Change In Net Working Capital	4.13M	-203K	30.91M	77.54M	-42.78M
Net Debt Issued / Repaid	-	-	-10.07M	-8.81M	-14.54M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	12.16	10.57	12.7	12.45	10.66
Return on Total Capital	13.51	11.63	14.18	13.92	11.7
Return On Equity %	22.11	18.66	22.75	21.57	17.38
Return on Common Equity	22.11	18.66	23.15	22.21	17.71
Margin Analysis
Gross Profit Margin %	78.45	78.37	77.51	74.82	75.92
SG&A Margin	21.4	16.58	15.16	16.62	15.6
EBITDA Margin %	44.16	48.26	48.58	44.01	46.6
EBITA Margin %	42.77	47.25	47.74	43.14	45.76
EBIT Margin %	41.51	45.51	46.44	41.64	44.81
Income From Continuing Operations Margin %	42.48	45.64	45.79	39.27	41.04
Net Income Margin %	42.48	45.64	46.14	39.81	41.48
Net Avail. For Common Margin %	42.48	45.64	46.14	39.81	41.48
Normalized Net Income Margin	27.81	31.32	31.78	27.61	29.37
Levered Free Cash Flow Margin	21.84	26.27	15.74	-8.69	20.82
Unlevered Free Cash Flow Margin	21.84	26.27	15.9	-8.54	20.91
Asset Turnover
Asset Turnover	0.47	0.37	0.44	0.48	0.38
Fixed Assets Turnover	6.61	8.86	8.02	5.23	4.23
Receivables Turnover (Average Receivables)	11.41	11.2	11.22	9.09	8.73
Inventory Turnover (Average Inventory)	1.6	1.47	1.63	1.72	1.56
Short Term Liquidity
Current Ratio	14.13	10.44	9	6.93	10.76
Quick Ratio	13.18	9.59	8.13	5.9	9.96
Operating Cash Flow to Current Liabilities	2.04	1.9	1.85	1.79	1.79
Days Sales Outstanding (Average Receivables)	31.98	32.67	32.52	40.14	41.82
Days Outstanding Inventory (Average Inventory)	228.42	248.89	223.95	212.54	234.15
Average Days Payable Outstanding	30.82	39.56	43.49	44.44	44.19
Cash Conversion Cycle (Average Days)	229.58	242	212.98	208.23	231.79
Long Term Solvency
Total Debt/Equity	-	-	3.01	2.36	0.93
Total Debt / Total Capital	-	-	2.92	2.31	0.92
LT Debt/Equity	-	-	2.43	1.84	0.63
Long-Term Debt / Total Capital	-	-	2.36	1.8	0.62
Total Liabilities / Total Assets	7.76	10.33	13.2	12.66	9.01
EBIT / Interest Expense	-	-	179.44	178.82	292.01
EBITDA / Interest Expense	-	-	192.35	194.04	309.83
(EBITDA - Capex) / Interest Expense	-	-	141.8	53.21	205.4
Total Debt / EBITDA	-	-	0.13	0.1	0.06
Net Debt / EBITDA	-6.03	-4.63	-3.51	-2.31	-5.19
Total Debt / (EBITDA - Capex)	-	-	0.18	0.37	0.1