Tinavi (天智航, 688277.SH), a leading Chinese surgical robot developer, reported 51.75 million yuan (US$7.04 million) in revenue for the third quarter of this year, up 121.92% year on year.
According to a financial statement issued by the Beijing-based company, it recorded revenue of 134 million yuan in the first nine months of this year, an increase of 58.63% from the same period last year.
Tinavi attributed the spike in revenue to R&D on orthopedic surgical robots and supporting accessories and services.
What’s more, market expansion and a growing client base also helped to bolster income and diversify revenue streams, the statement said.
China’s surgical robot market is experiencing fast growth thanks to higher adoption of minimally invasive robot-assisted surgeries (RAS) and medical insurance coverage that lowers the resulting financial burden on patients and their families.
Data disclosed by Tinavi indicate that as of September 2023, its assets totaled 1.63 billion yuan, 16.08% higher than at the close of the fourth quarter of 2022.
The company also has been doubling down on R&D spending in the first three quarters of 2023, with the aggregate outlays rising 14.63% year on year to 92.08 million yuan.
Chinese doctors performed over 16,000 RAS using Tinavi’s products from January to September 2023, representing a surge of more than 70% over a year earlier.
This figure also eclipsed the some 12,000 surgeries the company’s robots took part in last year.
As of September 2023, Tinavi’s iconic TiRobot surgical platform has been adopted by upwards of 180 hopsitals at the clinical stage, undertaking over 50,000 surgeries.
Frost & Sullivan released data earlier, showing that the global market for surgical robot grew at 24% CAGR from 23.8 billion yuan in 2016 to 70.4 billion yuan in 2021.
On current trends, the market size worldwide is forecast to hit a whopping 399.4 billion yuan.
This category is projected to expand at a faster pace in China than elsewhere in the world, with China’s surgical robot market on track to reach 70.95 billion yuan by 2030, Frost & Sullivan pointed out.