Jenscare Scientific Co (9877.HK) Q1 2025 Earnings Report

Jenscare Scientific reported a negative earnings per share (EPS) of -0.21 for QQ1 2025, with no revenue figure disclosed in the available data. The quarterly results continue a pattern of losses driven by substantial research and development (R&D) and other operating expenses, masking the absence of top-line visibility. In Q4 2024, the company posted an EBITDA of -44.5 million CNY and a net loss of -37.6 million CNY, underscoring the heavy burn required to advance its product pipeline, including LuXValve (transcatheter tricuspid valve replacement) and KenValve (transcatheter aortic valve replacement). The weighted average shares stood at roughly 404.9 million, implying meaningful fixed-cost dilution against slim or non-existent revenue in the period. From a strategic perspective, Jenscare remains focused on its pipeline to address structural heart diseases in China. The market opportunity for transcatheter therapies is large, but real value creation hinges on regulatory approvals, successful clinical milestones, and eventual commercialization. The near-term readthroughs that investors should monitor include any disclosed revenue milestones, regulatory progress for LuXValve and KenValve, potential collaboration or licensing deals, and management commentary on cash runway and optionality for financing. Overall, the QQ1 2025 results highlight a high-risk, high-reward investment thesis: the company may eventually unlock substantial upside if its devices advance through clinical and regulatory hurdles, but near-term profitability remains distant. Investors should weigh the substantial R&D burn against the potential long-term payoff from a scalable structural heart devices platform.