Data analysis of Chinese IVD companies' half-yearly reports for the first half of 2023

Listed companies with main IVD business in China have completed the disclosure of their financial results in the first half of 2023. 

This article summarizes and analyses the half-yearly reports of 59 listed companies mainly engaged in IVD business (IVD revenue accounted for 50% or more) (Note: Burning Rock and Genetron are not included). 45 manufacturing companies, 9 service companies (third-party medical testing ICLs), and 5 distribution (trading) companies are included. At the same time, we will review the half-yearly reports of IVD-related (IVD revenue accounted for less than 50%) listed companies as well.

In the first half of 2023, the total revenue of listed companies mainly engaged in IVD business is 54 billion yuan, a decrease of 50.51% from 109.11 billion yuan in the same period of 2022. 

Among them, manufacturing companies had total revenue of 27.55 billion yuan, a decrease of 61.46% from 71.48 billion yuan in the same period of 2022; service companies had total revenue of 16.62 billion yuan, a decrease of 40.55% from 27.95 billion yuan in the same period of 2022; and distribution companies had total revenue of 9.84 billion yuan, an increase of 1.65% from 9.68 billion yuan in the same period of 2022.

Table 1 The Total Revenue of Listed Manufacturing Companies

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Table 2 The Total Revenue of Listed Service Companies

Table 3 The Total Revenue of Listed Distribution Companies

The IVD section revenue of IVD-related listed companies is as follows: Mindray 5.975 billion yuan, Wantai BioPharm 1.274 billion yuan, VCANBIO 437 million yuan, Livzon 298 million yuan, Edan Instruments 202 million yuan, Skyray Instrument 48 million yuan.

Analysis of operating income of listed companies with main IVD business in the first half of 2023

By total revenue, 69.49% of companies had lower revenues than in the same period of 2022. According to the half-yearly report data released by companies, this situation is closely related to the decrease of business related to the COVID-19 pandemic. 

By total revenue growth ratio, compared with the same period in 2022, only 28.81% of the companies’ profits is in the growth, as the COVID-19 related business reduced. Some companies stated that the basic testing business has slowly rebounded to the pre-pandemic state.