Revenue Soars 44%, Basecare Medical (2170.HK) Advances Toward Global Intelligent Manufacturing
SUZHOU, China, March 31, 2025 /PRNewswire/ -- Amid frequent pro-fertility policy updates, Basecare Medical, a pioneer in the assisted reproductive IVD sector with full fertility health industry chain coverage, released its stellar 2024 performance report. The company achieved annual revenue of nearly RMB 300 million, a sharp 44% year-over-year (YoY) increase, signaling the initial success of its globalized full-industry-chain strategy and positioning it to become the most innovative player in the global assisted reproduction field. As societies grapple with fertility challenges and high childcare costs, China has integrated assisted reproductive services into its national healthcare system and accelerated childcare subsidy policies. Concurrently, the U.S. White House issued an executive order to strengthen fertility healthcare, mandating commercial insurance plans to cover in vitro fertilization (IVF) treatments and expanding fertility welfare policies.
44% Revenue Growth: Building a Full-Industry-Chain Ecosystem in Reproductive Health
Against a backdrop of heightened policy support for fertility, the assisted reproduction industry has entered a strategic growth phase. As a leader in the field, Basecare Medical has leveraged its first-mover advantages in genetic testing, embryo culture, andrology diagnostics, and cryopreservation to establish a closed-loop technological ecosystem across the entire assisted reproduction value chain, emerging as one of China's few industrial-scale benchmark enterprises.
Basecare's 2024 financial results highlight accelerated growth and a maturing product pipeline. The company reported revenue of RMB 299 million (up 44% YoY), gross profit of RMB 136 million (up 49% YoY), and a 1.62 percentage point improvement in gross margin to 45.54%, driven by differentiated growth across core business segments.
Genetic Lab Section: PGT Technology Matrix as Core Barrier
The genetic testing division generated RMB 160 million in revenue (up 6% YoY), with PGT-related growth sustaining a 15% rate and the ECS project surging 56%. The recent approval of the DA5000 high-throughput sequencer marked another milestone in China's 14th Five-Year Plan R&D initiatives. Basecare's self-developed PGT-A kit, holding China's first Class III innovative medical device certification, retains its first-mover edge. The PGT-M kit has completed clinical registration, poised to fill the domestic gap in single-gene disorder testing, while the PGT-SR kit is in final clinical stages, expected to complete the "PGT-A+M+SR" product line by 2025.
Embryo Lab: Localization Penetrates High-End Markets
Revenue in the embryo lab segment soared 161% YoY to RMB 126 million. The flagship GERI Ⓡ time-lapse incubator, featuring the world's only humidity-compatible time-lapse imaging system, saw explosive growth with China sales multiplying sixfold and 42 units installed in 2024. With domestic registration expected in H1 2025, production costs are projected to drop over 30%, complemented by breakthroughs in localized Gems embryo culture media. Basecare is targeting a RMB 1 billion end-market opportunity (Frost & Sullivan data) to deepen import substitution.
Andrology & Cryopreservation: AI Redefines Industry Standards
The andrology and cryostorage division achieved breakthroughs via AI innovation. The BKA210 intelligent sperm analyzer, China's first AI-powered real-time live sperm analysis system with regulatory approval, revolutionizes diagnostics with full assessment in three minutes. The BSG800 ultra-low temperature storage system, deployed at Guangdong Provincial Reproductive Hospital's smart sperm bank, achieved zero-error sample storage. Basecare also formed an AI sperm detection multi-center research alliance with 18 top institutions, offering end-to-end solutions from male fertility testing to preservation.
By synergizing "hardware + reagents + AI systems," Basecare is evolving from a product supplier to a fertility health ecosystem platform. Its full-industry-chain capabilities, turbocharged by policy tailwinds and technological upgrades, reinforce its leadership in China's localization wave.
From "Made in China" to "Global Intelligent Manufacturing"
Basecare's breakthroughs extend beyond domestic dominance, positioning it as a global intelligent manufacturing exemplar through cross-border innovation.
Global Supply Chain: APEC as Growth Engine
In 2024, Basecare's Thailand production base commenced operations, enabling localized production of GERI incubators and Gelida 47 smart liquid nitrogen tanks to serve Southeast Asia and South America. Partnering with Singapore's Rhea Labs, the company launched an integrated IVF clinic solution covering equipment, consumables, and training. With manufacturing hubs in Suzhou, Melbourne, and Thailand, Basecare's cross-time-zone supply chain now serves over 1,000 medical institutions across 30 countries. Overseas revenue contributions rose to 35% in 2024, with Europe, North America, and Asia-Pacific sales growing 27%, 19%, and 5% YoY, respectively. Aligning with China's Belt and Road Initiative and Thailand's Eastern Economic Corridor, Basecare is deepening global industrial integration through technology exports and localized production.
AI-Driven Fertility: Reshaping Assisted Reproduction
The EEVA embryo assessment system, integrated into GERI incubators and backed by over 100,000 embryo datasets, became the first FDA-approved AI tool to enhance top-tier embryo selection efficiency by 40%. Leveraging data from subsidiary Genea Biomedx's global IVF clinics, Basecare is building an AI matrix for embryo, sperm, and oocyte analysis, aiming to launch an AI-powered embryo transfer planning system. The company is advancing toward becoming the world's first "AI + Reproductive Health" platform, pushing the boundaries of intelligent assisted reproduction.
Outlook: Bridging the Valuation Gap
As fertility issues rise to national policy agendas, Basecare, with its full-industry-chain capabilities, stands at the forefront of China's pro-fertility policy. However, market valuations lag its potential: as of March 28, its TTM price-to-sales ratio of 3.66x remains in the lower historical range, undervaluing its technological moat and global positioning.
With accelerating commercialization of innovations and IVF's inclusion in public insurance, Basecare—already operating in over 30 countries—is poised to capitalize on rising IVF adoption and redefine global industry dynamics. As a trailblazer in China's high-end medical manufacturing, its journey from local champion to global disruptor merits close watch.
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