Daily Brief Health Care: Shenzhen Mindray Bio-Medical Electronics, Cleanspace Holdings Ltd, UltraGreen.AI, JTEC Corp/Osaka, Kyowa Kirin Co Ltd, Sysmex and more

• Shenzhen Mindray Bio-Medical Electronics (300760 CH) (SMBE), a provider of medical devices, is looking to raise about US$2bn in its upcoming H-share IPO
• SMBE is a diversified global medical device enterprise with its products spanning In Vitro Diagnostics (IVD), patient monitoring and life support, medical imaging, along with an emerging business portfolio.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• CleanSpace Holdings Ltd (ASX:CSX) is a designer and manufacturer of respiratory protection equipment and consumables for powered air purifying respirators (PAPRs).
• CSX has provided a trading update at their AGM which guides to lower H1 FY26 revenue growth relative to previous halves and RaaS estimates (+27%), impacted by trade and tariff tensions not dis-similar to trends seen for several advanced Australian manufacturers including Veem (ASX:VEE) and Austin Engineering (ASX:ANG), and the dismantling of key US safety regulator NIOSH.
• Gross margins remain in-line with estimates around the ‘mid-70s’ and costs are well controlled.

• Market Leader in a High-Growth Niche: UltraGreen.AI is a global leader in the manufacturing and distribution of indocyanine green (ICG), a critical consumable for the rapidly expanding Fluorescence Guided Surgery (FGS) market. The FGS market is projected to experience robust double-digit compound annual growth, driven by the increasing adoption of minimally invasive and precision surgical techniques.
• Strong Financial Profile with High Profitability: The company has demonstrated a track record of impressive revenue growth and consistently high-profitability margins. This financial strength is underpinned by its dominant market position and stable pricing power, particularly in the lucrative US market.
• Strategic Shift Towards an AI-Powered Ecosystem: UltraGreen.AI is strategically evolving from a consumables provider to an integrated surgical intelligence platform. By combining its ICG products with proprietary imaging systems (IC-Flow™) and an AI-driven data analytics platform (PerfusionWorks™), the company aims to create a comprehensive ecosystem that enhances surgical decision-making and patient outcomes, creating significant barriers to entry.

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• A soft start – Q1 FY6/26 results were relatively soft, with sales flat and OP still in negative territory.
• This reflects the seasonally weak nature of Q1 and continued spending on R&D.
• The Optical segment remained strong, supported by resilient global demand, while the Life Science & Equipment Development segment continued to progress, driven by consumables, maintenance services, and semiconductor equipment currently in the testing stage. 

• Kyowa Kirin Co Ltd (4151 JP) announced that ziftomenib is now commercially available in the U.S. Company will be eligible for 50% profit sharing from drug sales in the U.S.
• Rocatinlimab, under Phase 3 trials, represents a potentially novel upstream approach for the management of mild to severe atopic dermatitis. It is also undergoing Phase 3 trials for Prurigo nodularis.
• 2026 will be an inflection point. Ziftomenib results will slowly fall in place. Positive results of rocatinlimab and new manufacturing facilities has potential to play out in long term.

• Sysmex is a global leader in the in-vitro diagnostics (IVD) market, with a dominant position in the hematology segment and a strong presence in urinalysis and hemostasis. The company’s business model is driven by the sale of diagnostic instruments and the recurring revenue from high-margin reagents.
• Growth is supported by favorable long-term trends, including aging populations, rising prevalence of chronic diseases, and increasing healthcare access in emerging markets. Sysmex is strategically focused on expanding its footprint in these high-growth regions, particularly in Asia.
• While the company has a strong track record of revenue growth and profitability, it faces challenges from intensifying competition, pricing pressure from healthcare cost-containment measures, and the need for continuous innovation to maintain its technological edge.

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