Rayence Reports Highest Ever Results this Q2
- 36.66bn KRW revenue and 7.08bn KRW operating profits this Q2, 59.5% and 570% increase respectively compared to Q2 2020.
- 3 figure increases in dental detectors, intraoral sensors and industrial detector sales
- Expecting continued growth in sales of industrial AXI detectors specialized for Electric Vehicle(EV) secondary cell examination
Rayence (228850, www.rayence.com, CEO: Kim Tae-woo), a company that specializes in digital x-ray components and materials, reported its 2Q results, its highest-ever revenue and operating profits, on the 10th. For this fiscal quarter, Rayence recorded 36.66bn KRW revenue and 7.08bn KRW operating profits, an increase of 59.5% in sales and a staggering 570% in operating profits.
With record revenues in both Q1 and Q2, Rayence also recorded its highest ever H1 results. Its revenue and operating profits for the first half of 2021 are 68.13bn KRW and 13.1bn KRW respectively. The operating profits for the first half of 2021 has already exceeded that of the full year of 2020 which was 8.4bn KRW. Furthermore, this figure is markedly higher even when compared to the pre-COVID-19 2019 1H results of 11.3bn KRW.
With dental clinics all over the world reopening for business, sales for detectors and sensors supplied for dental imaging equipment has increased drastically. Rayence’s Q2 sales for dental detectors has increased by 406% compared to Q2 of 2020. Rayence’s sales for dental intraoral sensors, world-renowned for their high quality, has also skyrocketed, recording sales of 7.47bn KRW, an increase of 481% compared to Q2 of 2020.
In the industrial detector sector, sales increased by 134% compared to Q2 of 2020, fuelled by an increase in demand for EV secondary cell inspection. Rayence has long captured the largest share in the domestic AXI(Inline Automated X-Ray Inspection) detector market. Notably, Rayence released the world’s first 3D Inline AXI detector for secondary cell inspection in the first half of 2021, and started supplying them to battery inspection machine manufacturers almost immediately. This is a testament to how Rayence’s CMOS detectors are optimized to detect even the smallest flaws, a key requirement in the industrial x-ray inspection market.
Rayence plans to strengthen its position in the growing medical, dental, veterinary imaging markets by using its key differentiators such as detector technology and AI-powered software. Furthermore, it is expanding its reach in the global battery inspection device manufacturers, keeping in pace with the growing EV market. Rayence expects strong future growth in this market thanks to the large number of global and domestic companies actively considering its detectors.