ICARES Medicus, Inc.'s global expansion of medical device sales has been successful, and its revenue share has increased from 10% in 2019 to 30% in the first quarter of this year. The market in China is expected to be an important driver for the next wave of performance growth. The Intraocular Lenses by its subsidiary are expected to complete its clinical trial report in the third quarter of this year, and will strive to be certified for market launch in the fourth quarter of next year.
According to ICARE Medicus' President William Lee, the first quarter revenue was NT$148 million, up 24.58% year-on-year, but gross margin dropped 4 percentage points to 80.41%. This was mainly due to the change in EU medical device regulations from MDD to MDR, which required the re-implementation of clinical and certification procedures for products already on the market, resulting in higher costs.
The main products include IOLs, IOL implants, high-end medical device surface coatings and continuous laser capsulorhexis devices, which are mainly used in cataract and refractive surgery. Technical services and royalty income continued to grow, but their share had dropped to 31% and 39% respectively.
The company has established a presence in Spain and Germany in response to market growth, and revenue is expected to continue to rise this year. In order to keep up with the growth in orders, the company has doubled its production capacity this year and are in the process of commencing production. The expansion of Plant 2, which was initiated last year, is expected to be completed by the end of this year.
China is the next key market for growth. Lee pointed out that its subsidiary in Shanghai has completed clinical trials for its own brand of monofocal pre-installed artificial IOLs and expects to complete clinical trial reports in the third quarter of this year, and will then enter the product registration process and obtain marketing approval from the National Pharmaceutical Administration (NMPA) in the fourth quarter of 2024 at the earliest.
