Venus Medtech announces 2021 annual results: pacesetter in China and breakthrough-maker worldwide
On March 31, 2022, Venus Medtech (Hangzhou) Inc. (2500.HK, hereinafter referred to as "Venus Medtech"), a leading provider of integrated solutions for transcatheter structural heart valvular therapies in China, announced its annual results for the year ended December 31, 2021. According to the financial report, Venus Medtech recorded RMB416 million in sales revenue, a year-on-year increase of 50.6%. As China’s dominant provider of transcatheter aortic valve replacement (TAVR) devices, Venus Medtech sustained its industry leadership in 2021, covering nearly 70% of implantations in the market.
In 2021, Venus Medtech maintained rapid growth in the Chinese market with VenusA-Valve and VenusA-Plus, the earliest first-generation and second-generation TAVR products approved for marketing in China, which were applied in 3,600 procedures last year. The two products have covered 360 hospitals and medical centers nationwide, from which a wealth of clinical follow-up data was gathered, sufficiently testifying to their safety and effectiveness. In particular, VenusA-Valve is currently the only TAVR product with long-term safety verification for more than six years in China.
Venus Medtech boasts a best-in-class innovative cardiovascular device marketing team, which has by now expanded to 220 members. In 2021, the Company supported more than 60 free treatment events, engaging 300+ doctors and benefitting 2,000+ patients. These charitable endeavors made Venus Medtech the only high-value medical consumables company to win the Corporate Public Welfare Contribution Pioneer Award of Qingsongchou in 2021. In addition, Venus Medtech enjoys an efficient logistics team to ensure the safe and timely delivery of medical devices and subsequent procedures.
As one of the first domestic players to provide transcatheter structural heart valvular therapies, Venus Medtech has been expanding its global presence at a robust pace while keeping its leading position in commercialization in China. In 2021, Venus Medtech registered RMB10.51 million in overseas revenue, a marked year-on-year increase of 160.5%, with the sales of TriGUARD3™ cerebral embolic protection (CEP) device.
Europe is the bridgehead of Venus Medtech’s international strategy. To build a winning commercialization team for the European market, the Company engaged marketing veterans like David Breant and Shakeel Osman as senior managers, laying a solid foundation for the upcoming launch of VenusP-Valve, its new transcatheter pulmonic valve replacement (TPVR) system. VenusP-Valve passed the CE MDR qualification audit in 2021 and is right now under certification management review. It is expected to become the first Chinese valve product approved in the EU and generate considerable overseas revenue in 2022. In March 2021, VenusP-Valve received special use authorization in the UK to enter the market in advance, which amply proved the urgent needs of patients for the product.
Continuous development and acquisition of innovative therapies have enabled Venus Medtech to establish a series of new product pipelines in developed markets as Europe and America. The Company announced the acquisition of Cardiovalve, an Israel-based high-tech company specializing in innovative therapies for mitral regurgitation and tricuspid regurgitation, in December 2021, and completed the acquisition in January 2022. Cardiovalve is the only FDA-approved device for treating both mitral regurgitation and tricuspid regurgitation, and has received the FDA Breakthrough Device Designation for its transcatheter tricuspid valve replacement system. The product is expected to commence clinical trials in China this year, bringing innovative solutions to domestic patients.
Furthermore, a number of globally cutting-edge products started their clinical trials in 2021, including the Liwen RF™ radiofrequency ablation system for treating hypertrophic cardiomyopathy (HCM), new-generation TAVR products Venus-PowerX and Venus Vitae for treating aortic valve stenosis, and a renal denervation system for treating resistant hypertension. In 2022, Venus Medtech aims to advance the clinical progress of the above products in China as well as developed countries in Europe and America.
“2021 marked the beginning of our global journey”, said Eric Zi, Co-Founder, Executive Director, and General Manager of Venus Medtech. “Our progress has been impressive. Looking ahead, we will make more determined efforts to create innovative products with global influence and develop unprecedented, ground-breaking technologies in China and beyond, thereby translating our strategic vision to build a comprehensive platform for structural heart disease into reality.”