bearish
Angelalign Technology (6699 HK): 1H22 Profit Drops As Challenging Operating Environment Continued
294 Views21 Sep 2022 17:51
SUMMARY
- Angelalign Technology (6699 HK) has reported muted H1 2022 results, which were negatively impacted by the resurgence of the COVID-19 pandemic in China and the corresponding restrictions.
- Revenue from core business of clear aligner treatment grew just 3% y/y. However, lower ASP and higher cost of sales, pulled down the gross profit margin by 930bps to 60.2%.
- Thus far in H2 2022, China has imposed lockdowns in multiple major cities. With the uncertainty over the duration of COVID, no immediate respite is seen in Angelalign’s business.
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Tina Banerjee
Global Healthcare Analyst
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