VATECH announced Fiscal Year 2016 Results
VATECH (CEO Ro Chang-joon and Samuel Ahn, www.vatechcorp.co.kr) today announced financial results for fiscal year ended December 2016. The company reported net revenues of 220.7 million USD, operating profit of 39.7 million USD and net income of 33.2 million USD
VATECH’s performance during the fiscal year 2016 reflected a familiar pattern of growth for the past four years. From 2013 to 2016, VATECH showed 10% annual growth in revenues. This performance was led by increased exports of 3D imaging 3D including PaX-i3D Smart. PaX-i3D smart, one of VATECH’s latest innovation that provides CT and auto Panoramic images in one can, showed strong sales growth in global market. Overall, the sales of 3D imaging systems jumped from last year. VATECH has recently stepped up as No.1 (Based on the documented number of installations) in Chinese dental market which is a fast shifting market for 3D imaging systems.
This year, VATECH is preparing for another great momentum by investing in R&D and focused on strengthening sales networks. A new standard X-ray, which dramatically reduced scan time, dose but offer improved image quality, will greet the customers in the second half of the year. VATECH’s new dental software which incorporated Artificial intelligence into image analysis will be unveiled in IDS 2017 (International Dental Show). Alongside new products VATECH’s bendable IOS and Pax-i3D Smart are expected to lead the market and contributes to revenue growth again 2017. Meanwhile, VATECH aims to strengthen its competitive edges in North American market by acquiring VATECH AMERICA Inc.
“We led the market for the year 2016 with our innovative 3D imaging systems and enjoyed a rapid growth in China and India. We will focus on gaining new momentum in 2017 by developing new paradigms for dental equipment’s such as AI-incorporated analytic software said Samuel Ahn, CEO of VATECH