On March 19, Time Angel announced its 2023 annual results report. The global business achieved a new breakthrough and entered a stage of rapid growth. The Chinese market maintained high-quality growth and continued to rank first in market share. Financial reports show that in 2023, the total number of Times Angel cases reached 245,000, a year-on-year increase of 33.2%; in the first year of official commercialization in the international market, the number of international cases reached 33,000, accounting for 13.5%; benefiting from operating leverage brought by the group's overall revenue growth driven by international expansion, the adjusted net profit of the domestic business reached 256 million yuan, an increase of 29.9% over the previous year.
Looking at the global orthodontic market, invisible orthodontic technology with comfortable and aesthetic advantages has become a global trend. In particular, the child and youth market, where the penetration rate of invisible orthodontics is still low, has shown strong growth potential. Facing broad global market opportunities, Times Angel has steadfastly promoted digitalization and globalization strategies. It has been recognized by professional doctors in advanced and mature orthodontic markets such as Europe, America, and Asia, driving the global business into a stage of rapid growth. In the Chinese market, Times Angel has ranked first in the invisible correction market share for three consecutive years, and has significantly expanded its advantages in the early childhood correction market and the third- and fourth-tier emerging markets.
Feng Dai, chairman of the board of directors of Time Angel, said, “Medical-based innovation to help dentists around the world do a good job in diagnosis and treatment is an eternal development path for Time Angel. We will continue to promote extensive application iterations of innovative technology, provide more efficient and convenient products, technology and solutions, and meet the high requirements of dentists and patients around the world through mature and stable clinical support, medical design and delivery services.”
The global business has entered the fast track, and the number of cases has increased dramatically
Since establishing a global strategy, Time Angel has chosen to enter mainstream international orthodontic markets such as Europe, Australia, and America, which have the highest level in the world, to build a solid foundation for global business in just one year, and successfully enter the fast track.
Currently, Time Angel's products and services cover more than 30 countries and regions around the world, and Europe has become one of the fastest growing markets; in terms of teams, Time Angel has built a local business team with rich experience in the orthodontic market, and has established a total of 8 offices outside of mainland China. Foreign employees are distributed in Europe and the Middle East (EMEA), North America (NA), Asia Pacific (APAC), and Latin America (LA).
Times Angel actively participated in and carried out academic exchanges and training activities in various majors, and was recognized by international professional orthodontic opinion leaders. For example, in the European market, Time Angel participated in more than 20 top academic conferences in European countries throughout the year, and established the Time Angel European Scientific Expert Committee and Clinical Expert Committee with orthodontic experts.
At the same time, Times Angel is promoting collaborative empowerment with its holding company Aditek, Brazil's leading orthodontic product manufacturer, in medical design, intelligent manufacturing, etc., including providing it with online training and on-site counseling for the A-treat digital orthodontic solution design platform and iOrtho cloud service platform, and helping Aditek upgrade its intelligent manufacturing base in Brazil, thus having two major production centers in China and South America, laying the manufacturing foundation for strong global growth.
The Chinese market ranked first in market share for three consecutive years, and children's products are growing strongly
In the Chinese market, Times Angel has always maintained its leading edge and achieved a steady increase in the number of cases. At the same time, it is committed to helping dentists complete the treatment cycle of each case with high quality, strictly control quality throughout the process, and help the healthy and sustainable development of the industry. In 2023, Time Angel's domestic business reached 212,000 cases, an increase of 15.3% over the previous year. According to Insight Consulting's research data, Times Angel has been the brand with the largest market share for invisible orthodontics for three consecutive years.
Looking at different regional markets, Times Angel has established a stable market position in Tier 1 and 2 developed cities with sophisticated product strength and rapid response medical service capabilities. At the same time, by building a differentiated product matrix, balanced sales channel network, and deeper medical support and market services, Time Angel's penetration rate in the third- and fourth-tier markets continues to increase, achieving a steady increase in the number of cases.
In recent years, global demand for orthodontic treatment for children and adolescents has entered a period of explosion. Time Angel has continued to launch innovative products and solutions based on years of technical experience in the field of early orthodontics, and has received wide market recognition. For example, based on the scientific diagnosis and treatment attitude of “treating by age” for early correction, Times Angel has launched a next-generation KiD front traction solution to provide dentists with a new treatment option combining orthopedic correction in one. In 2023, Time Angel Kids Edition products continued to grow strongly.
Continue to invest in innovation to lead the future trend of the industry
Angel of the Times has always used technological innovation as a long-term driving force, deposition scientific research results into industrial achievements, push them to the stage of clinical maturity, and lead new trends in the invisible correction industry. In 2023, Time Angel's R&D investment reached RMB 174 million, accounting for 11.8% of total revenue. In terms of intellectual property, as of December 31, 2023, Time Angel has registered 185 patents and 16 software copyrights.
At the same time, Times Angel continues to improve the workflow of orthodontic diagnosis and treatment through technology such as digitalization and artificial intelligence, connecting dentists and patients more efficiently in the entire process of auxiliary diagnosis, program design and modification, intelligent manufacturing, and follow-up quality control. For example, in 2023, Time Angel comprehensively enhanced the integration capabilities of the iOrtho cloud service platform, improved cloud platform docking services with multiple intraoral scanning brands on a global scale, and completed a new upgrade of MOOELI, a digital dental remote solution.
Thanks to the insight and layout of cutting-edge technology over the years, the research and application of computer technology in the diagnosis of malformed jaw deformities has reached the international advanced level. In 2023, Time Angel and R&D teams from various universities successively published a number of high-level academic papers in international journals and top conferences with global influence, such as IEEE TMI, ICLR, and MICCAI.
At the same time, Time Angel continues to optimize the intelligent production system, continue to promote digital intelligence transformation in process research and development, automation, supply chain management, etc., and achieve expandable world-class manufacturing capabilities. Today, Age Angel designs, produces, and quality controls more than 40 million braces every year, and no two braces are the same. In any country or region of the world, it takes an average of 8.5 business days from the doctor's order to the delivery of the braces.
Firmly promote digitalization and globalization strategies
Despite some uncertainty in the external environment, the invisible correction industry is still showing growth resilience. According to the Insight Consulting Report, the number of global cases of invisible orthodontics has gradually increased from less than 1 million in 2015 to nearly 4 million in 2022, with a compound annual growth rate of more than 25%. It is estimated that by 2030, the number of cases of invisible orthodontics worldwide will reach about 10 million.
Looking forward to the future, the global orthodontic market will continue to grow, invisible orthodontics will continue to replace traditional braces, and the invisible orthodontics market in developed countries and emerging economies all have great market potential and opportunities. Furthermore, with the improvement of economic standards and early cultivation and education of invisible orthodontics, the youth/child market has promising prospects in the future.
Time Angel CEO Hu Jiezhang said, “Times Angel will firmly promote the two major strategies of digitalization and globalization, and continue to invest in R&D and innovation to help doctors achieve medical goals and make the patient experience more comfortable; we will also establish multiple production and service centers around the world and build production and medical systems that meet the unique needs of localization to respond quickly to local market needs; we will continue to attract global talents, enhance organizational strength, and build a global enterprise.”