Angelalign Technology Inc. Reports Strong Growth in Global Operations for 1H 2024
SAN CLEMENTE, Calif., Aug. 22, 2024 /PRNewswire/ -- Angelalign Technology Inc. ("Angel Aligner" or the "Company") announced its financial results for the first half of 2024, highlighting the Company's global expansion in the clear aligner market. The Company reported significant growth in key international markets, while also maintaining steady growth in the China market.
In the first half of 2024, Angel Aligner saw an increase in the total number of case shipments, growing from approximately 95,400 cases in the same period of 2023 to 152,900. In China, the number of cases reached 95,300, solidifying Angel Aligner's leading market share position in the China market. The Company also reported 57,600 cases in the international markets, accounting for 37.7% of the total cases. This success is driven by Angel Aligner's high-quality treatment planning, strong clinical and commercial support, and reliable delivery capabilities, all of which have enabled the Company to expand its presence to over 50 countries globally.
Angel Aligner's total revenue increased by 39.8% year-over-year to approximately USD 121.3 million. Revenue in the China market grew to USD 89.1million, while revenue in the international market reached USD 32.1 million, reflecting a growing contribution from global operations. Additionally, gross profit rose by 47.1% to USD 75.7 million, with the gross margin improving to 62.4%.
Angel Aligner's growth strategy is tailored to the specific needs of orthodontic professionals and patients in various regional markets.
In Europe, Angel Aligner deepened its ties with orthodontists through user-events led by Key Opinion Leaders and customer-centric localized operations. For example, in March 2024, the Company held the first Angel Aligner European Academic Forum in Spain. At this event, Angel Aligner invited leading orthodontic experts to discuss the clinical application and development of clear aligner technology, covering topics such as biomechanics, early orthodontic treatment, material and treatment planning, and future trends.
In Brazil, Angel Aligner is leveraging its acquisition of Aditek by enhancing Aditek's capabilities in medical design and intelligent manufacturing. This move is fueling the growth of Aditek's own brand, "Self", and is laying a solid foundation for the official launch of Angel Aligner's product line in Brazil. The Company plans to address the diverse needs of the Brazilian market through a dual-brand strategy with "Self" and "Angel Aligner".
In the Asia-Pacific region, Angel Aligner further expanded its market presence into countries like Malaysia and Thailand by combining regional business teams with local distributor networks. In North America, Angel Aligner garnered significant attention and recognition at the 124th Annual Session of the American Association of Orthodontists (AAO).
To enhance the experience for orthodontic professionals and patients globally, Angel Aligner has maintained its commitment to user-centric digital innovation, continuously iterating the iOrtho digital orthodontic intelligent service platform and further enhancing green manufacturing and intelligent unmanned production capabilities. In the first half of 2024, the Company invested USD 10.5 million in research and development, accounting for 8.7% of total revenue.
Angel Aligner CEO Hu Jiezhang commented, "The global clear aligner industry holds immense growth potential. Angel Aligner will continue to pursue a dual-engine strategy of digitalization and globalization, driving innovation in clear aligner solutions, advancing the digital and intelligent capabilities of our software, and upholding high standards in orthodontic medical services and large-scale personalized manufacturing. Our goal is to create superior user experiences and deliver better services to Orthodontic professionals and patients worldwide."
*The USD/CNY exchange rate is determined based on the average rate of 1 USD ≈ 7.103871 CNY.
Media Contact: Angel Aligner: Sue Kolb, Head of Marketing [email protected]
SOURCE Angelalign Technology Inc.
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