Airdoc Technology announces H1 revenue:  82.5 million, 120.6% year-on-year growth

 

On August 25th, Airdoc Technology(02251.HK) announced the interim results of the Group for the six months ended June 30, 2023. In the first half of the year, the company achieved a revenue of RMB82.5 million, an increse of 120.6% over the same period last year. The gross profit of the Group increased to RMB51.36 million by 132.7%, with a gross profit margin increased by 3.3% to 62.3%. The loss significantly narrowed down by 58.8% to RMB41.02 million.

 

In the first half of 2023, all three business units delivered strong results, the number of service sites utilizing the company’s SaMDs and health risk assessment solutions increased year-over-year to 3,331 from 2,681. And the cases detected are increased to 2.96 million from 1.63 million.In unit testing price, the company charged an average of RMB20.87 per Use for the Reporting Period, representing a year-over-year increase of 8.1% from RMB19.3 per Use for the same period in 2022.

 

Expanding Production Capacity and Controlling Costs Show Results

Airdoc Technology is an AI-based medical device company with an advanced platform of AI-empowered retina-based deep learning algorithms. Founded in 2015, Airdoc Technology is one of the first to provide  AI-empowered retina-based early detection, diagnosis and health risk assessment solutions in China.

 

Airdoc Technology’s three main business pillars, Airdoc Medical, Airdoc Health, and Airdoc Eye Health delivered sollid grwoth, achieved revenue of RMB29.8 million, RMB21.7 million, and RMB31.0 million respectively, representing year-over-year growth of 137.3%, 26.0%, and 307.0%.

 

The coverage rate of Airdoc Medical has achieved a significant improvement. The Airdoc-AIFUNDUS (1.0) was the first AI-empowered retina-based auxiliary diagnosis product that obtained the Class III medical device registration certificate from the NMPA for assisting physicians in medical institutions with detecting and diagnosing diabetic retinopathy. Airdoc Technology sold the Airdoc-AIFUNDUS (1.0) to 143 hospitals and 525 primary healthcare institutions. In addition, the company also implemented its AI-based solutions in over 210 health checkup centers across China.

 

Meanwhile, the company has achieved internal hardware production, economies of scale, and improved cost control, resulting in a continuous reduction in hardware costs. In 2022, the company had completed the construction of the second manufacture facility in the High-tech Development Zone of Changsha, Hunan. The Changsha factory had passed its final testing last year and was ready to commence production. The Changsha factory currently has six production lines manufacturing three types of devices, with an annual production capacity of approximately 100,000 fundus camera per year.

 

Through our efforts to continuously streamline costs, the gross profit margin increased from 59.0% for the six months ended June 30, 2022 to 62.3% for the six months ended June 30, 2023. The expanded capacity will enable Airdoc Technology to massively roll out the AIFUNDUSCAMERA-P into different sales channels. At the same time, the company will continue to streamline cost, improve gross profit margins, and minimize loss.

 

Fostering Integrated of diagnosis and treatment : AGI applications Accelerte Growth

Airdoc Technology plans to launch, in order of the detection rate, its in-house developed treatment and control solutions that are compatible with external treatment plans, so as to achieve the integration of diagnosis and treatment, which marks the next chapter in its business development.

 

The company has already taken the first step and launched a product for treating myopia with appearance of tessellated retina, which ranks the first in the positive detection rate. This product won the highest award in the Geneva International Invention Patent. Airdoc Technology empowered the traditional treatments for strabismus and amblyopia by using its AI technologies and developed a myopia and amblyopia treatment product that are increasingly recognized by professional doctors and customers.

 

Artificial General Intelligence (AGI) is the trend of the moment, with its applications becoming increasingly integrated into everyday life. Airdoc Technology intend to leverage AGI and large language model (LLM) by further incorporating them into its products and services. The company are actively formulating strategies to introduce AGI in its auxiliary diagnosis, disease detection and personalized medical advices, bridging doctors and patients conveniently and efficiently without constraints of time and space，and delivers health that are accessible and affordable.