Airdoc Technology (02251.HK) achieved remarkable success in 2023, accelerating its commercialization in an unparalleled way
As a leading medical AI company in the Hong Kong market, Airdoc Technology (02251.HK) recently announced its financial results for the fiscal year 2023, achieving a total revenue of approximately RMB 203.9 million, a year-on-year increase of 79.5%, with a gross profit of about RMB 125 million, up by 124%, and a gross margin increase of 12.2 percentage points to about 61.3%.
The company is dedicated to providing comprehensive and multi-dimensional artificial intelligence solutions for the early screening and management of chronic diseases, myopia prevention, and control, and is a global pioneer in the field of retinal image AI. In 2023, Airdoc Technology significantly accelerated its commercialization,while most of its peers were still in the experimental stage or early stages of commercialization. The company, as the industry leader, faces no competition!
Explosive growth in all indicators in 2023, entering a period of rapid growth phase without any visible limits
Airdoc Technology is in the medical AI imaging industry. Its self-developed AI retinal image deep learning platform holds a leading position in the industry. Its products include: 1) Software as a Medical Device (SaMD), which identifies retinal images to detect and diagnose related lesions, applicable to conditions such as diabetic retinopathy, glaucoma, cataracts, etc., in medical scenarios. 2) health risk assessment solutions, covering 55 types of lesions, providing chronic disease management and health assessments for healthcare industry. Both belong to the category of fundus AI, and the company also has myopia prevention AI, visual training AI, and other software and hardware products.
The core of the company is a set of AI software that provides fundus images for various commercial scenarios, covering medical and healthcare scenes, with main operating indicators including detection sites, detection volume, average price, number of customers, etc.
In 2023, the number of active detection sites covered by Airdoc Technology reached 5,671, a year-on-year increase of 139.2%, with 276 hospitals, up by 527.3%; 1,221 primary medical institutions, up by 1271.9%; 320 physical examination centers, up by 111.9%; and 1,986 optometry centers, up by 113.5%. The total number of detections for the year was about 6.83 million, up by 58.1%, with an average price of about RMB 22.6 (an increase of 11.3%), and the number of customers reached 673, up by 69.5%. In addition, in 2023, 31,459 significant positive cases were identified.
Breaking down into three major business segments, Airdoc Medical's revenue was RMB 84.6 million, up by 200%, Airdoc Health's revenue was RMB 44.4 million, up by 6.1%, and Airdoc Eye Health's revenue was RMB 75 million, up by 71.9%. The detection volumes of these three segments were approximately 2.5 million (up by 85.9%), 2.06 million (up by 8.6%), and 2.28 million (up by 108.6%) respectively.
Summary highlights: 1) The acceleration of commercial promotion, especially the pleasing increase in the number of outlets, particularly in medical scenarios such as hospitals and primary medical institutions, achieved growth far beyond expectations, holding a large number of patient entrances. This proves the effectiveness of the company's SaMD certified products in professional medical scenarios and the huge potential demand. 2) The annual detection volume increased significantly by 58.1%. Both medical and eye health scenarios saw a significant increase in detection volume. On one hand, there is still a lot of room for penetration in such scenarios; on the other hand, with the increase in the number of outlets, as a new entity, the volume of fundus AI examinations will undergo a process from contact, recognition, to explosion, making the future detection volume limit vanish.
Introducing two new tracks: Myopia Prevention AI and Vision Training AI, strengthening the integrated strategy of diagnosis and treatment
The "14th Five-Year National Eye Health Plan (2021-2025)" released by the National Health Commission in 2022 proposes that by 2025, it aims to achieve an annual eye care and vision screening coverage rate of over 90% for children aged 0 to 6 years, continually improve the overall level of children and adolescents' eye health, increase the effective correction coverage rate for refractive errors, and gradually reduce the number of people with vision impairment caused by high myopia.
Airdoc Technology practices the use of AI technology to assist in the prevention and control of myopia among teenagers and the development of eye health. During this period, the company targeted the leopard-spot pattern fundus, which ranks first in the positive detection rate of fundus AI products, and launched a myopia prevention AI product aimed at the main causes of myopia in teenagers. Through generative artificial intelligence technology empowerment, innovative products and comprehensive solutions were developed and launched in aspects such as eye usage distance management and light management.
Moreover, addressing the poor compliance with traditional treatments for strabismus and amblyopia, Airdoc Technology, based on artificial intelligence large model technology, has developed vision training AI treatment products for children and adolescents with strabismus and amblyopia, improving patient compliance and gaining recognition from professional doctors and patients. The vision training AI products have covered more than 800 hospitals nationwide.
Highlight summary: With these two new categories, the company's second growth curve is beginning to show results, also significantly enhancing the company's integrated strategy of diagnosis and treatment. Additionally, more consumer-grade hardware products for the C-end have also expanded the company's business dimensions.
Medical AI chips empowered by large models continue to break through, new indications to be implemented in 2024
As an artificial intelligence company, Airdoc Technology places great emphasis on technological research and development. It has participated in the formulation of several industry standards in the field of fundus AI and has taken on the innovation of multiple new indications, becoming one of the most willing partners for hospitals, universities, and research institutions. Moreover, with continuous commercial breakthroughs, the company is also quickly feeding back to AI algorithm models and pairing with the most advanced AI medical chips (Nvidia, Cambricon) domestically and internationally. The company's exploration in the field of AI based medical large models is continuously advancing, expecting to further improve future research and development and operational efficiency.
In July 2023, Airdoc Technology participated in the formulation of the "Expert Consensus on Assessing the Risk of Cardiovascular Diseases Using Artificial Intelligence Technology Based on Fundus Images." During the period, it also collaborated with Peking University to explore methods for early detection of dementia. In August 2023, in conjunction with the Capital Medical University affiliated Beijing Tongren Hospital affiliated to the Capital Medical University , Beijing Friendship Hospital affiliated to the Capital Medical University , and iKang Healthcare Group, a deep learning model was developed and verified, capable of screening for hyperthyroidism through retinal fundus photographs. In October 2023, it participated in the most influential academic conference in the field of medical image analysis - MICCAI 2023, with eight papers accepted by MICCAI, including one oral paper presented at the conference, covering hot research areas in artificial intelligence such as retinal disease identification, skin disease identification, and brain imaging.
Regarding new products, the Airdoc-AIFUNDUS (2.0) version is expected to be approved in 2024, adding three new indications including hypertensive retinopathy, retinal vein occlusion, and AMD. In terms of fundus cameras, the latest M-type multimodal scanner has completed the development phase and is applying for registration.
In 2023, Airdoc Technology also made good progress in expanding the overseas market. During the period, Airdoc-AIFUNDUS(1.0) obtained the EU CE MDR certification, officially entering the markets of 27 EU member states including Belgium, Germany, Italy, France, and others. The company also made preliminary business progress in Chile, Spain, the Czech Republic, Thailand, the Philippines, Indonesia, South Africa, and Malaysia. In 2023, the company's overseas revenue increased by 496% year-on-year, reaching RMB 9.2 million, accounting for 4.5% of the total revenue.
Highlight summary: As a leader in the field of fundus AI imaging, Airdoc Technology leads in the research and innovation of multiple new indications, which is of significant medical and commercial importance to the industry and itself. Besides fundus AI, the company also has a certain technical reserve in skin imaging and brain imaging, with very broad future growth potential. In 2024, the new product Airdoc-AIFUNDUS (2.0) will add three new indications to the company, expanding the departments in hospitals beyond ophthalmology, endocrinology, and physical examination to include cardiology, neurology, etc., taking commercialization to the next level. Additionally, the overseas market will also be a huge opportunity to prove the company's product strength. File: Airdoc Technology (02251.HK) achieved remarkable success in 2023, accelerating its commercialization in an unparalleled way 10/04/2024 Dissemination of a Financial Press Release, transmitted by EQS News. |
