Shanghai Bioheart (2185.HK) Q1 2025 Earnings Report

Shanghai Bioheart delivered a modest topline in Q1 2025 with revenue of 10.43 million CNY and gross profit of 4.85 million CNY, yielding a gross margin of 46.47%. The company continues to operate with a heavy R&D and SG&A spend, resulting in a substantial net loss of 13.61 million CNY and an EBITDA loss of 8.92 million CNY. R&D expenses dominated the cost structure at 10.05 million CNY, underscoring the company’s heavy investment in its BRS and RDN product pipeline, including Bioheart, Iberis 2nd, and related drug-coated balloon initiatives, as well as ongoing collaboration with Terumo China for clinical trials. The near-term revenue trajectory remains uncertain as commercialization milestones and regulatory progress drive meaningful earnings leverage.

From a quarterly trend perspective, Q1 2025 shows improvement in operating loss and net loss relative to some prior quarters, reflected in favorable YoY/ QoQ momentum for operating income and earnings per share, but the company remains in a pre-profit, R&D-intensive phase. Management commentary (not provided in the prompt) is essential to confirm milestones around clinical trial progress, regulatory expectations, and any anticipated capital-raising needs to fund ongoing development. Investors should monitor cash runway, burn rate, and the timing of potential product approvals or pilot commercial launches to assess the path to profitability.