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Basecare Medical-B (02170. HK) announced its annual performance. As of December 31, 2023, the group's revenue was RMB 208 million, a year-on-year increase of approximately 48%; The gross profit was RMB 91.351 million, a year-on-year increase of about 53%; The overall gross profit margin of the group is 43.9%, which is basically the same as 42.2% for the year ended December 31, 2022. The increase in revenue is mainly due to (i) steady growth in sales of PGT reagent kits, (ii) sales growth of cyro-storage equipment and intelligent liquid nitrogen tanks; And (iii) the increase in revenue from the sales of consumables such as embryo incubator and culture media.
During the reporting period, the company has completed the acquisition of all equity of BMX, and BMX has since become a wholly-owned subsidiary of the company. BMX is a leading supplier of reproductive products, with automated and standardized laboratory workflows for in vitro fertilization clinics. It has a comprehensive product portfolio and extensive global sales network and experience, which can enrich and enhance the company's product portfolio and sales network. BMX operates world-class businesses with partners spread across multiple countries and regions worldwide. Through BMX's self-developed commercialization team and distributors, BMX's products are sold directly to clinics in Europe, Asia, and the Americas.
In terms of commercialization, BASECARE is transitioning from a direct sales model to a distributor agency sales model. As of December 31, 2023, the group has a total of 55 sales personnel in China, cooperating with over 40 distributors, and covering a total of over 300 assisted reproductive institutions in China. At the same time, BMX's business is widely spread in more than 20 countries and regions outside of China, cooperating with over 30 distributors and serving over 600 overseas clinical institutions.
As of December 31, 2023, the group has covered 81 top third-generation IVF hospitals, accounting for 76% of the total 106 third-generation units. The group's assisted reproductive centers have penetrated 300 households, with a coverage rate of over 50%. The total number of hospital cycles covered by the entire pipeline product reached 400000, a year-on-year increase of 38%.
To achieve the company's vision, the group plans to implement the following business strategy: (i) Based on the advantages of PGT products in the industry, accelerate the expansion of the entire industry chain's capabilities. Simultaneously empowering other product businesses in the five major scenarios, enhancing the stickiness of pipeline products, thereby increasing the business penetration rate of the company's five major laboratory scenarios; (ii) Deepen and expand sales network, covering 500 assisted reproductive centers in China, and expand sales scale. Accelerate the certification process of pipeline products in various scenarios and accelerate the commercialization process. At the same time, company will continue to help the assisted reproductive center in completing the localization and upgrading deployment of the laboratory, further expanding market share; (iii) Strengthen the international strategic layout, establish a wide global sales network to expand the international market, and promote the rapid overseas sales of self-developed products. Simultaneously building an international standard laboratory, KOL, and overseas sales team, gradually promoting PGT, andrology, and cyro-storage products to overseas markets; (iv) Continuously empower the company through mergers and acquisitions and external cooperation, strengthen technological research and development and technology achievement transformation capabilities, and build a globally leading research and development system; (v) Through the construction of the headquarters, we aim to create a global production base that covers the entire assisted reproductive industry chain products, achieve high-quality and large-scale delivery capabilities, adhere to the industrial development of independent research and development and domestic substitution, provide national biopharmaceutical safety guarantees, and prepare for large-scale market expansion.