Angelalign Technology Reports 2023 Interim Results: Strong
Shanghai, China, Sept. 07, 2023 (GLOBE NEWSWIRE) — In August, Angelalign Technology (6699.HK) reported 2023interim results, highlighting strong year-on-year growth in revenue (8%) and clear aligner case shipments (23.6%) while investing in commercial infrastructure as part of its global expansion.
Mainland China: Clear aligner case shipments in China grew 11.4% year-on-year. General gross margin increased 130 bps year-on-year to 59.3%. The growth in Mainland China was driven by geographic expansion within China and higher than average growth in the kids and adolescent segments.
Global Expansion: In driving global expansion, the Company established subsidiaries, hired sales teams, and successfully achieved regulatory approvals in a number of key developed markets. This investment resulted in an operating loss for the international business while driving an initial 9,400 clear aligner case shipments outside of China. Initial customer feedback has been positive, particularly with regards to the innovative product portfolio, quality of the treatment planning, and the overall responsiveness of the organization.
Looking Forward: The global clear aligner market represents one of the fastest growing markets in oral health. With its twenty-year clear aligner history, experience in treating over one million cases, expanding clear aligner product portfolio, and high-quality treatment planning team, Angelalign Technology is favourably positioned to drive top and bottom-line growth both in China and in key markets around the world.
(As of June 30, 2023, the total number of cases of any and all the products and services provided by all entities owned or controlled by Angelalign Technology Inc. has exceeded one million.)
Disclaimer: This announcement is not directed at any investors or potential investors, and does not constitute an offer to sell — or a solicitation of an offer to buy — any securities, and may not be used or relied upon in evaluating the merits of any investment. Any projections, estimates, forecasts, targets, prospects and/or opinions expressed in this release are subject to change without notice. The contents in here should not be construed as or relied upon in any manner as investment, legal, tax, or other advice.
