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Venus MedTech (2500.HK) Vs Peijia Medical (9996.HK) Vs CardioFlow (2160.HK) - Dilemma of TAVR Market

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HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Microport Cardioflow Medtech / Equity Bottom-Up

<ul>
<li>TAVR was once envisioned with infinite optimism as a "hundred billion yuan market", attracting massive amounts of capital/companies to enter. However, the commercialization status of TAVR companies is much bleak.</li>
<li>High cost of TAVR surgery without medical insurance reimbursement and limited number of qualified hospitals to carry out such complicated surgery are the major reasons for the unsatisfactory sales growth. </li>
<li>Venus Medtech's market share would continue to be challenged. MicroPort CardioFlow's low gross margin and slow product iteration are the problems. Peijia could be “dark horse” if positive momentum continues. </li>
</ul>


TAVR was once envisioned with infinite optimism as a "hundred billion yuan market", attracting massive amounts of capital/companies to enter. However, the commercialization status of TAVR companies is much bleak.
High cost of TAVR surgery without medical insurance reimbursement and limited number of qualified hospitals to carry out such complicated surgery are the major reasons for the unsatisfactory sales growth. 
Venus Medtech's market share would continue to be challenged. MicroPort CardioFlow's low gross margin and slow product iteration are the problems. Peijia could be “dark horse” if positive momentum continues. 


CardioFlow (2160.HK) Vs Venus MedTech (2500.HK) Vs Peijia Medical (9996.HK) - Dark Horse Is Emerging