行业概述 - 医疗产品行业涵盖提供医疗产品和尖端技术的公司，专注于研发并服务于心血管、肾脏和泌尿设备等关键治疗领域[4] - 手术量增加推动销售增长，同时成本削减措施有助于改善公司盈利表现[4] - 供应链中断、通胀压力和劳动力短缺持续影响行业毛利率和运营利润率，预计这些挑战将持续到2025年[5] 关税影响 - 美国对医疗设备组件征收的关税从10%提高到30%，可能扰乱美国医疗科技经济，尤其是受固定价格医院合同约束的制造商[1] - 美国个人防护装备(PPE)生产商可能受益于与中国补贴企业的竞争减少，但供应商可能将组装转移到墨西哥或加拿大等免税国家[2] - 低利润率设备制造商面临供应链和成本压力上升，医院可能面临价格上涨和设备短缺的双重压力[2] 主要趋势 - AI、医疗机电一体化和机器人技术推动行业创新，机器人手术平台减少侵入性手术和患者创伤[6] - 3D打印技术用于生产干细胞、血管、心脏组织、假体和皮肤，推动行业向精准化和个性化转变[7] - COVID-19大流行导致体外诊断(IVD)需求激增，快速诊断测试设备开发加速，未来需求预计持续强劲[8] - 新兴市场因医疗意识增强和经济繁荣，对医疗产品需求旺盛，成为全球医疗设备公司的吸引力市场[9] 行业表现 - 医疗产品行业在过去一年中表现优于其所属的医疗板块(上涨10% vs 医疗板块下跌15.6%)，但落后于标普500指数(上涨11.6%)[13] - 行业当前远期市盈率为20.3倍，高于标普500的19.9倍和医疗板块的19.4倍，五年中位数市盈率为22.1倍[16] 重点公司 Insulet (PODD) - 开发Omnipod胰岛素管理系统，包括无管Omnipod设备和手持式个人糖尿病管理器[21] - 2025年收入预计同比增长18.1%，盈利预计增长32.1%，过去四个季度平均盈利超预期27.52%[25] - 面临来自大公司和初创企业的激烈竞争，以及供应链和地缘政治风险[24] MacroGenics (MGNX) - 专注于单克隆抗体疗法，2024年总收入从5870万美元增至1.5亿美元，主要得益于与Incyte的合作收入[29] - 2025年收入共识预期为9630万美元，每股亏损预期为2.21美元，过去四个季度平均盈利超预期76.50%[32] - 研发和行政成本上升导致净亏损扩大至6700万美元[31] Cellectar Biosciences (CLRB) - 开发癌症检测和治疗药物，主导产品iopofosine I-131在Waldenstrom巨球蛋白血症中显示98.2%临床获益率[36] - 2025年每股亏损预期为0.67美元，过去四个季度平均盈利超预期20.08%[38] - 面临NDA延迟和资金挑战，现金储备预计维持至2025年第四季度[37] Allurion Technologies (ALUR) - 提供Allurion胃气球减肥平台，结合AI驱动的虚拟护理套件[41] - 2025年收入预期为2860万美元，每股亏损预期为4.19美元，过去四个季度平均盈利低于预期11.118%[43] - 2024年第四季度收入同比下降32%，主要因法国业务暂停和宏观经济挑战[42]

Table of Contents As filed with the Securities and Exchange Commission on September 30, 2024 Registration No. 333-279902 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ALLURION TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 3841 92-2182207 (Primary Standard Industrial Classification Code Number) 11 Huro ...

As filed with the Securities and Exchange Commission on June 25, 2024. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ALLURION TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 3841 92-2182207 (Primary Standard Industrial Classification Code Number) 11 Huron Drive Natick, MA 01760 (508) 647-4000 If any ...

Table of Contents As filed with the Securities and Exchange Commission on May 31, 2024 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ALLURION TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 3841 92-2182207 (Primary Standard Industrial Classification Code Number) 11 Huron Drive Natick, MA 01760 (I.R.S ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to FORM S-1 REGISTRATION STATEMENT Table of Contents As filed with the Securities and Exchange Commission on October 20, 2023 Registration No. 333-274564 UNDER THE SECURITIES ACT OF 1933 ALLURION TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 3841 92-2182207 (Primary Standard Industrial Classification Code Number) 11 Huron ...