Sisram Medical Ltd.

Sisram Medical Ltd. (HKEX: 1696.HK), majority-owned by Fosun Pharma, is a global energy-based aesthetic device company with a unique Israel-China dual-operating model. Headquartered in Caesarea, Israel, with a major hub in Shanghai, the company generated $365.3 million in 2025 revenue (+4.7% YoY), anchored by the Alma brand and an explosively growing injectables business.

1. Financial & Market Performance

Sisram Medical achieved $365.3 million in 2025 revenue, growing 4.7% year-over-year. The most significant development was the injectables division's explosive growth — generating $28 million (+185.6% YoY) driven primarily by the pending China launch of DAXXIFY. The core Alma device business maintained stable performance across its 90+ country footprint. Sisram's R&D expenditure of approximately 8% of revenue supports a pipeline spanning next-generation picosecond lasers, home-use devices, and AI-powered diagnostic imaging. The company's Hong Kong listing provides access to Asian capital markets and strategic proximity to its largest growth market.

2. Manufacturing & Supply Chain

Sisram operates a dual-headquarters manufacturing model: the Caesarea, Israel facility produces the complete Alma laser product line, while select assembly and customization is performed in Shanghai, China for the domestic market. This geographic configuration provides resilience amid global trade tensions, enabling Sisram to route products through either Israeli or Chinese distribution channels. Both facilities maintain ISO 13485 certification and comply with FDA, CE Mark, and NMPA regulatory standards. The company's China R&D center focuses on product localization and regulatory navigation for the NMPA market.

3. Key Developments & Strategic Outlook

Sisram's 2026 outlook is anchored on the anticipated DAXXIFY China launch — a transformative event that could reshape revenue composition from device-centric to balanced device-plus-injectables. Additional growth drivers include expansion of direct sales operations in Europe and North America, continued evolution of the Alma platform into women's health and dermatological therapeutics, and strategic M&A for injectables portfolio expansion. As the only publicly traded pure-play aesthetic device company with direct access to both Israeli innovation and Chinese commercialization, Sisram occupies a unique and defensible strategic position.