Airdoc Technology Interim results 2024: solid growth in turnover and gross profit

On August 28, Airdoc Technology (2251.HK) announced its interim results for 2024, showing continued solid growth.

In the first half of 2024, Airdoc Technology achieved revenues of RMB93.71 million, a year-on-year increase of 13.6%. Gross profit reached RMB53.76 million, with a gross profit margin of 57.4%. The company achieved steady growth in both revenue and gross profit, further consolidating its leading position in the industry.

As a global leader and pioneer in AI technology for retinal imaging, the company further enhanced the coverage and effectiveness of its health management services by continuously promoting the in-depth application of AI technology during the reporting period.

Diversified strategies deliver results, business growth accelerates steadily

The company has focused on its core businesses to achieve sustainable growth while promoting its diversified strategies. During the reporting period, the company’s business covered three major segments: Airdoc Medical, Airdoc Health and Airdoc Eye Health. Airdoc Medical and Airdoc Eye Health achieved revenue growth of 22.1% and 22.7%, respectively.

The significant increase in the number of customers and service locations has fueled the expansion of the overall business. In the first half of the year, the number of customers increased to 418 and the number of active service locations increased to 5,950, representing a year-on-year increase of 78.63%. The company served 2.96 million people through its SaMD and health risk assessment solutions, identifying 15,842 significant positive cases, with a cumulative total of more than 70,000 significant positive cases, making a significant contribution to the early detection and treatment of major diseases.

The company has further improved the accessibility of healthcare services through the widespread application of Airdoc-AIFUNDUS (1.0). The number of active service locations in hospitals reached 244, reflecting a year-on-year increase of 70.6%, while the number of active service locations in primary care organizations reached 1,533, a year-on-year increase of 192.0%. The number of tests has increased significantly in both hospitals and primary care organizations. In addition, the company has implemented AI solutions in more than 296 medical check-up centers across the country, and the reorder rate of software products in some medical check-up centers exceeded 50%.

Global market expansion is also accelerating at the same time. After gaining market access in the CE27 countries of the European Union, the company’s products have entered markets such as Malaysia, Singapore, Thailand, the United Arab Emirates and South Africa, and the turnover of international business has increased by 17% year-on-year.

Breakthroughs in AI technology, intelligent upgrade of visual training

The company’s growth is driven by the continuous iteration and upgrading of products, together with investments in research, which act as two engines. Ensuring long-term competitiveness and meeting the increasingly complex and diversified needs of our customers are the necessary guarantees for success. These include, but are not limited to, the postoperative refractive error prediction method developed by the company in collaboration with the Eye, Ear, Nose and Throat Hospital of Fudan University and published in the Journal of Cataract and Refractive Surgery (JCRS), providing ophthalmologists with a more reliable clinical reference.

A semi-supervised deep learning model developed in collaboration with Xinhua Hospital, Shanghai Jiao Tong University School of Medicine has also achieved remarkable results and has been published in iScience, a subjournal of Cell. The model significantly reduces the cost of data labeling while maintaining excellent classification results, providing a new solution for clinical applications.

During the reporting period, the company also successfully developed AI eye movement technology based on ordinary RGB cameras and integrated it into its AI visual training products, forming a unique digital AI therapy for visual training. The upgraded version of the AI ​​visual training products added AI eye movement and AI training guidance functions, and launched the AI ​​VisionBox for the optometry market.

In addition, the AIFUNDUS-M multi-modal fundus camera has completed its development and registration, and its hardware, software, algorithms and solutions have been fully upgraded. Meanwhile, the company is actively promoting the research and development of non-invasive phototherapy devices to continuously expand its product line.

Firm commitment to advancing technology and integrated diagnostics for the public good

Airdoc Technology understands that corporate excellence also comes from the deep practice and tireless pursuit of social responsibility. Therefore, the company actively participates in public welfare programs, such as the large-scale chronic disease screening program in Yangchun City, Guangdong Province, which provides free chronic disease screening services to 10,000 citizens. In addition, the company assists the laboratory sponsored by BGI to carry out risk monitoring for altitude sickness. During the reporting period, Airdoc’s public welfare covered approximately 100,000 people.

Looking ahead, Airdoc Medical Technology will continue to deepen the application of AI technology in the field of medical and healthcare, and promote the broad application of general artificial intelligence (AGI) in assisted diagnosis, disease detection and personalized medical advice, further optimize its product portfolio, continue to expand its market channels and improve its global market coverage by strengthening its technological research and development and production capabilities. With the improvement of the laboratory in Changsha production base, the company will maintain its competitive advantages in the fields of AI-based myopia prevention and control products for fundus retina, myopia prevention and control products and AI products for visual training.

Airdoc Technology promotes the strategy of integrated diagnosis and treatment from detection to diagnosis, driving the overall modernization of the AI ​​healthcare industry, creating more value and opportunities for society, and pursuing the mission of making healthcare accessible and affordable for all.