China Medical System Holdings Full Year 2023 Earnings: Misses Expectations

China Medical System Holdings (HKG:867) Full Year 2023 Results

Key Financial Results

• Revenue: CN¥8.01b (down 12% from FY 2022).
• Net income: CN¥2.40b (down 26% from FY 2022).
• Profit margin: 30% (down from 36% in FY 2022). The decrease in margin was driven by lower revenue.
• EPS: CN¥0.98 (down from CN¥1.33 in FY 2022).

867 Products In Clinical Trials

• Phase I: 1.
• Phase II: 5.
• Phase III: 5.

867 Post-Clinical Trial Products

• Pre-registration: 2.
• Approved (during full year): 3.

All figures shown in the chart above are for the trailing 12 month (TTM) period

China Medical System Holdings Revenues and Earnings Miss Expectations

Revenue missed analyst estimates by 12%. Earnings per share (EPS) also missed analyst estimates by 27%.

Looking ahead, revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Pharmaceuticals industry in Hong Kong.

Performance of the Hong Kong Pharmaceuticals industry.

The company's shares are down 3.0% from a week ago.

Risk Analysis

It's still necessary to consider the ever-present spectre of investment risk. We've identified 2 warning signs with China Medical System Holdings, and understanding these should be part of your investment process.

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