Machinery / Industrial Parts & Tools

Minimally invasive medical robot with a loss of 4 billion passed the listing hearing

On September 24, according to information from the Hong Kong Stock Exchange, Shanghai MicroPort Medical Robot (Group) Co., Ltd. (abbreviated as "MicroPort Medical Robot") has passed the Hong Kong Stock Exchange listing hearing.

Surgical robots are one of the most technically complex and most clinically valuable subdivisions in the medical device industry. Surgical robots can eliminate traditional surgical and interventional tools and technical barriers, reduce the burden on surgeons, and obtain better clinical results .

In 2015, the minimally invasive medical robot was formally registered and established, and its product layout areas include endoscopy, orthopedics, pan-vascular, transnatural cavity, and percutaneous puncture.

Currently, Minimally Invasive Medical Robot has 3 products: Dragonfly Eye DFVision three-dimensional electronic laparoscope, Toumai endoscopic surgery robot, Honghu Skywalker joint replacement surgery robot. And these three products have been included in the special review procedures for innovative medical devices of the State Food and Drug Administration.

Nevertheless, because the product has not yet been commercialized, minimally invasive medical robots are still at a loss. According to relevant data, the minimally invasive medical robot will lose 69.8 million yuan and 209 million yuan in 2019 and 2020, respectively. The loss for the first quarter of 2021 was approximately 115 million yuan, an increase of 3.9 times from the 23.62 million yuan in the same period last year.

In 2019, 2020, and the first quarter of 2021, R&D costs were 62 million yuan, 135 million yuan, and 90 million yuan respectively, accounting for 88.57%, 64.59%, and 78.26% of total operating expenses.

It lost nearly 400 million yuan and has not yet achieved profitability, but it is still favored by many investors. After financing, the valuation has reached 22.5 billion yuan, which shows that there is a huge market potential thrust behind it.

The benchmark "Da Vinci" medical robot track is fiery

The development of medical robots can be traced back to 1985. According to application scenarios, medical robots can be divided into four categories: surgical robots, rehabilitation robots, service robots, and auxiliary robots. Surgical robots are the most important category, accounting for about 37% of medical robots.

At present, there are two types of surgical robots and exoskeleton robots that have formed or have industrialization trends in the world. Among them, the "Da Vinci Surgical Robot" of the American Intuitive Surgery Company is the leader of surgical robots, accounting for half of the world's surgical operations. Robot market.

It is reported that the product design of the "Tumai Endoscopic Surgical Robot" of the minimally invasive medical robot is the fourth generation of the benchmark "Da Vinci".

In the data disclosed by Intuitive Surgery, the price of a single Da Vinci surgical robot exceeds 20 million. As early as the end of 2017, a total of 4,409 units were installed worldwide. In recent years, Da Vinci's global installed capacity has grown steadily, with the annual growth rate maintained at 500-600 units.

In 2020, the installed capacity affected by the epidemic will decline to a certain extent. The cumulative installed capacity for the whole year is 407, and the cumulative installed capacity is nearly 6,000. The United States is Da Vinci's largest market in terms of cumulative installed capacity and new additions. However, the contribution rate of the Asian market to growth has been increasing in recent years, and it is expected to become its growth pillar in the future.

In addition, according to the data of Intuitive Surgery, the United States and Japan have 147 and 34 units for every 20 million people. However, according to the data of Fosun Pharma, the number of Da Vinci robots in China at the end of 2019 was 138, and the number of Da Vinci robots in my country for every 20 million people is only about 2...

The huge prospect of the blank market is stimulating the domestic capital market. In addition, thanks to Fosun Pharma’s advanced strategic layout, as early as 2011, after acquiring the exclusive domestic agent of Da Vinci Robotics, in 2016, it established a joint venture with Intuition Surgery to establish Intuition Fosun (40% holding).

In the 10-year period from 2011 to 2021, the market value of Intuitive Surgical (IRSG) increased from 10.7 billion U.S. dollars to 86 billion U.S. dollars, with a 10-year compound growth rate of 22.9%, which shows the ability to "money" in this field!

Giants have deployed medical robots in the domestic tens of billions of market changes

For now, most of the medical device giants have entered the field of surgical robots. Johnson & Johnson, Medtronic, Stryker, Xerox, Zimmer, etc., in recent years have been more competitive in the more segmented orthopedic surgical robot market.

As we all know, in addition to consolidating their own existing industrial chain, the various medical equipment giants deploying in the field of surgical robots, more importantly, want to seize the huge market value and potential of the surgical robot market in the future.

According to relevant data, the Chinese surgical robot market is expected to increase from USD 400 million in 2020 to USD 3.8 billion in 2026, with a CAGR of 44.3%. At the same time, as the incidence of chronic diseases such as cardiovascular, neurovascular, and tumors continues to rise, the increasing popularity of chronic diseases will bring a larger market for surgical robots.

The huge market and super high rate of return are obviously one of the reasons why minimally invasive medical surgical robots still attract a lot of capital despite successive losses.

It is reported that the current minimally invasive medical robot "Tumai" laparoscopic surgery robot has completed radical prostatectomy, the first case in the country. This operation belongs to the "gold standard" operation of endoscopic surgical robots, with high technical barriers and large clinical needs. Tumai is also the only domestic surgical robot that has independently developed and completed the registration clinical trial of complex laparoscopic surgery.

The company said that in May 2021, it submitted Tumai's application for registration in urological surgery to the State Food and Drug Administration, and was accepted by the State Food and Drug Administration in June 2021. It is expected to obtain registration approval in the first quarter of 2022.

However, the Da Vinci robot has already been updated to the fourth generation in 2018 and has a first-mover advantage in my country. Due to the doctor's usage habits and the relatively expensive replacement cost, it has established a wide "moat" in my country.

However, under the main theme of the priority of domestic production in my country, the minimally invasive medical robot "Tumai" endoscopic surgical robot will definitely achieve good results after approval and registration, and it is worth looking forward to!