Executive Summary
Overview: Shanghai MicroPort MedBot Group reported a strong year-over-year revenue uptick in Q3 2024, with revenue of 79.00 million CNY, up 177.3% from the prior-year quarter and up 59.2% sequentially vs Q2 2024. This top-line momentum reflects early demand for the company’s robotics-enabled surgical platforms in China and select European markets. However, the quarter also underscored the company’s ongoing profitability challenge as it continues to invest aggressively in R&D and sales/distribution to establish a leadership position in a high-growth but capital-intensive market. Net loss widened to 182.62 million CNY, with EBITDA negative 99.94 million CNY and operating income negative 122.09 million CNY, despite gross profit of 19.60 million CNY and a gross margin of 24.8%. This points to an execution phase where revenue growth is outpacing near-term margin expansion as the company scales its robotics ecosystem. Balance sheet and liquidity remain solid at the quarter end, with 612.23 million CNY in cash and equivalents and a net debt position of approximately 79.10 million CNY, supported by current ratio of 1.70 and ample current assets (856.55 million CNY). Management commentary is not included in the provided transcript; as a result, specific qualitative guidance or quotes could not be incorporated. The investment implication is that value creation is contingent on accelerating robot-adoption cycles, achieving manufacturing/scale efficiencies, and converting top-line momentum into meaningful operating profitability over the next 12–24 months.
Key Performance Indicators
QoQ: 59.23% | YoY:177.27%
QoQ: -16.60% | YoY:631.69%
QoQ: -31.78% | YoY:22.81%
QoQ: -35.71% | YoY:24.00%
Key Insights
Revenue: 79.00m CNY, YoY +177.27%, QoQ +59.23%; Gross Profit: 19.60m CNY, Gross Margin 24.81%, YoY +631.69%, QoQ -16.60%; Operating Income: -122.09m CNY, Operating Margin -1.55%, YoY +41.39%, QoQ +0.16%; EBITDA: -99.94m CNY, EBITDA Margin -1.27%; Net Income: -182.62m CNY, Net Margin -2.31%, YoY -? (not provided for net), QoQ -31.78%; EPS: -0.19 CNY, YoY +24.00%, QoQ -35.71%; R&D: -72.29m CNY; SG&A (Selling, General & Administrative): -70.46m CNY; Operating Expenses: -141.69m CNY; D&a...
Financial Highlights
Revenue: 79.00m CNY, YoY +177.27%, QoQ +59.23%; Gross Profit: 19.60m CNY, Gross Margin 24.81%, YoY +631.69%, QoQ -16.60%; Operating Income: -122.09m CNY, Operating Margin -1.55%, YoY +41.39%, QoQ +0.16%; EBITDA: -99.94m CNY, EBITDA Margin -1.27%; Net Income: -182.62m CNY, Net Margin -2.31%, YoY -? (not provided for net), QoQ -31.78%; EPS: -0.19 CNY, YoY +24.00%, QoQ -35.71%; R&D: -72.29m CNY; SG&A (Selling, General & Administrative): -70.46m CNY; Operating Expenses: -141.69m CNY; D&A: 20.68m CNY; Interest: n/a; Tax: n/a; Weighted Avg Shares: 975.24m.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
79.01M |
177.27% |
59.23% |
| Gross Profit |
19.60M |
631.69% |
-16.60% |
| Operating Income |
-122.09M |
41.39% |
0.16% |
| Net Income |
-182.62M |
22.81% |
-31.78% |
| EPS |
-0.19 |
24.00% |
-35.71% |
Key Financial Ratios
operatingProfitMargin
-154.5%
priceEarningsRatio
-14.14
Management Commentary
Note: The earnings transcript is not provided in the data set. Consequently, there are no management highlights or quotes to extract for QQ3 2024. If a transcript becomes available, we can synthesize themes around strategy, operations, market conditions, and guidance to supplement this analysis.
Forward Guidance
No formal forward guidance is contained in the provided data. Given the company’s R&D intensity and product pipeline, near-term emphasis appears to be on expanding robot platforms (Toumai, DFVision, ROne, iSRobot, and other surgical robotics offerings) and extending market reach in China and Europe. The key uncertainties relate to timing of adoption, regulatory clearance in target markets, manufacturing scalability, and the ability to convert revenue growth into stable or improving margins. Investors should monitor: 1) quarterly trends in robot-system placements and utilization, 2) progress in regulatory clearances and Europe entry, 3) ongoing R&D and SG&A burn relative to revenue growth, and 4) working capital dynamics as inventory and receivables normalize with higher robot deployments.