New Ray Medicine International Holding Limited provided consolidated earnings guidance for the year ended 31 December 2023. For the period, the company expected that the Group will record a net loss of not more than HKD 30.0 million for the year ended 31 December 2023 as compared to the net loss of approximately HKD 77.9 million recorded by the Group for the year ended 31 December 2022. The expected substantial reduction in loss for fiscal year 2023 was primarily due to (i) the absence of equity-settled share-based payment expenses.

Such expenses for fiscal year 2022 amounted to approximately HKD 10.4 million which was recognised as a result of the grant of share options by the Group to the Directors and employees during fiscal year 2022 and the Group did not record such expenses for fiscal year 2023; and (ii) the recognition of the impairment loss on inventories of approximately HKD 1.6 million due to the slow-moving inventories that were close to their expiry date as compared to the impairment loss on inventories of approximately HKD 42.4 million for fiscal year 2022.