In 2021, the company achieved robust business growth amid the market volatility and challenge. The company recognized total revenue of RMB1,271.7 million, representing a year-over-year growth of 55.7%, of which 93.1%, 5.3% and 1.6% were generated from provision of clear aligner treatment solutions, sales of intraoral scanner and provision of other services, respectively. It is gratifying to note that revenue generated from its core business, namely the clear aligner treatment solutions, achieved a year-over-year growth of 48.2%, despite the impact of external headwinds. In addition, leveraging its refined operational management capabilities, the company delivered steady earnings growth, with the adjusted EBITDA increasing by 40.7% year-over-year to RMB417.5 million, and the adjusted net profit increasing by 52.9% year-over-year to RMB347.5 million.
Continuously penetrate into the digital orthodontics market and strengthen its diversified product portfolio
With a profound understanding of the medical principles and practices of digital orthodontics and insight into the needs of various dental professionals and patients in China, the company have built a diversified product portfolio and currently market four lines of clear aligners with a variety of unique features that appeal to different user segments, including Angelalign that targets the mass market, Angelalign Pro that targets the high-end market, Angelalign Kid that focuses on early intervention for children, and COMFOS as a good value-for-money product.
During the Reporting Period, the company had 183,200 case shipments, representing a year over-year increase of 33.1%. Specifically, the case shipments of Angelalign , Angelalign Pro , Angelalign Kid and COMFOS achieved a year-over-year growth rate of 10.4%, 52.5%, 116.0% and 56.2%, respectively.
Optimize the digital treatment experience and achieve all-round empowerment with medical-centric and intelligent technological services
To optimize the digital treatment experience, the company expanded its business into sales of intraoral scanners in 2021, which allows dental professionals to significantly improve their communication efficiency with prospective patients. Leveraging the compatibility of Make It with major intraoral scanners, which is a built-in case assessment support module of iOrtho, its cloud-based service platform, dental professionals can present to a prospective patient an image of his or her own current dentition next to the simulated post-treatment position through a dual view layout within a few minutes of intraoral scanning.
The company believes that large-scale, systematic, and continuous professional training in clear aligner treatment helps develop dental professionals' recognition of, and confidence in, Angelalign's services. In 2021, the company continued to empower more Chinese dental professionals with varying levels of sophistication by further optimizing its training content and curriculum around the treatment process and core issues in clinical practice. During the Reporting Period, the company served approximately 25,000 dental professionals, representing a year-over-year increase of 25.6%.
Integrate interdisciplinary capabilities in five major areas and continuously invest in R&D initiatives to make continuous breakthroughs in product and technology development
Benefiting from its long-term investment of R&D resources, the company has established strong interdisciplinary R&D capabilities in five major areas, including clinical stomatology, biomechanics, materials science, computer science and intelligent manufacturing technologies. Based on these interdisciplinary R&D capabilities, the company has developed reliable technology and data platforms, including masterForce , masterControl and artificial intelligence multimodal biological data platform ME . In 2021, the company achieved a series of innovative results in materials, technologies, software and equipment, which focus on product performance, clinical convenience, optimization of treatment planning and differentiation of products and technical services.
The company has formulated the industry standard of "Dentistry - Orthodontics Appliance Diaphragm" in collaboration with Peking University Hospital of Stomatology. The company also obtained the approval by the National Standardization Technical Committee for Oral Materials and Instruments (SAC/TC99) of another industry standard project of "Dentistry - Bracket-free Diaphragmtype Orthodontic Appliance" in 2021. During the Reporting Period, the company incurred R&D expenses of RMB123.1 million, accounting for 9.7% of its revenue. As of December 31, 2021, the company had registered 117 patents, and 16 software copyrights.
The company has established good cooperation with many renowned stomatology schools and universities in China. The company has proactively conducted industry-academia research cooperation and prioritized the application of scientific research results and other industrialization achievements. Over the recent years, the company has set up special research funds for orthodontics with the Ninth People's Hospital, Shanghai Jiaotong University School of Medicine, Peking University Hospital of Stomatology, Sichuan University Huaxi Stomatology Hospital and Wuhan University Stomatological Hospital, respectively, to carry out joint R&D initiatives. The company also conducted research on orthodontic materials with the State Key Laboratory of Molecular Engineering of Polymers of Fudan University, the preliminary research results of which has been accepted by Regenerative Biomaterials, an SCI journal published by the Oxford University Press
Continue to enhance brand awareness and academic influence
As a leader in driving the development of China's clear aligner treatment industry, "Angelalign" has become the best known and the most trustworthy domestic brand among China's clear aligner treatment solution providers. In 2021, the company continued to enhance brand awareness and academic influence of "Angelalign" through industry-academia research collaboration, academic sharing, promoting campaigns for popular science and charitable campaigns.
The company has been appointed as a sponsor by the Bureau of Training of General Administration of Sport of China to provide clear aligner treatment for national athletes since 2017, with its clear aligners being designated as the Approved Products for National Team Athletes. In the Beijing 2022 Winter Olympic Games and the 2022 AFC Women's Asian Cup, a number of Chinese athletes who won gold medals smiled with "Angelalign" clear aligners.
Optimize scalable and intelligent mass customization capability to achieve lean manufacturing
The company believes that its accumulated intelligent manufacturing capabilities, a "mass customization" model and scalable manufacturing capabilities are the solid foundation for its long-term business growth.
The company's Angelalign Chuangmei Center in Wuxi City comprises new manufacturing facilities and a research and development center with a gross floor area of approximately 126,000 square meters. During the Reporting Period, the first phase of its Angelalign Chuangmei Center was completed. The company also completed the commissioning process of one established automated production line in the first quarter of 2022, which will be put into use based on demands of its products. In addition, the company applied intelligent and innovative technologies to upgrade the information systems, technics and equipment of its existing automated production lines, and has enabled a fully automated outer packaging system to enhance the automation of the product outer packaging process, which significantly improves the production efficiency.
Looking forward, the company aims to serve dental professionals and their patients with more customized products and services, refined manufacturing capability and flexible supply chain. To this end, the company intends to pursue the following key strategies to grow its business sustainably and maintain its market leadership: (1) strengthen R&D capabilities and continue orthodontic solution innovations; (2) further intelligentize and digitalize its systems to improve operational efficiency; (3) optimize medical services to enhance user experience; (4) increase production capacity and improve production efficiency; (5) solidify its market leading position by expanding sales network and enhancing brand awareness and academic influence. The Company will continue leveraging its market leadership and its intimate understanding of China's digital orthodontics market, the company believes that it is well positioned to capture the upside potential of the enormous market. In the future, the Group will continue to deepen its main business, conduct solid and steady operations, and strive to enhance the company's performance and market value, and strive to create more investment returns for shareholders.
About Angelalign Technology Inc.
Angelalign Technology Inc. is a leading clear aligner treatment solution provider in China. The Company facilitates dental professionals throughout the entire clear aligner treatment process with Angelalign clear aligner system, which comprises a trio of interrelated components: (1) digitally-assisted case assessment support and treatment planning services, (2) customized, removable clear aligners based on specific treatment plans, and (3) iOrtho, a cloud-based service platform. Established in 2003, Angelalign has always been committed to helping dentists diagnose and treat in a steady, easy, quick and accurate way through digital technology-driven products and technical services to smile confidently with the help of technology.
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