Advanced MedTech Holdings (AMTH), a leading provider of healthcare solutions and urology devices worldwide, has revealed important new developments that signal a turning point in the company’s history. Along with the company’s impressive financial results for the fiscal year ending on March 31, 2024 (FY24), it also announced the planned retirement of Group Chief Executive Officer (CEO) Abel Ang.
Modification of the Leadership
Abel Ang, who has led AMTH’s expansion for the previous ten years, is stepping down as CEO as part of a well-thought-out leadership change. Wong Yau Chung, who was the Group’s Chief Operating Officer (COO) until July 1, 2024, will become the Group CEO-designate. Wong will officially step into the CEO position on 1 October 2024, bringing with him a wealth of experience and a strategic vision honed through his tenure at AMTH and various leadership roles in the healthcare sector.
Mr. Philip Yeo, Chairman of Advanced MedTech, expressed gratitude for Abel Ang’s transformative leadership, highlighting his pivotal role in catapulting AMTH into one of the fastest-growing urology companies globally. Abel Ang will continue to contribute as a member of the Board of Directors, ensuring continuity and strategic guidance.
Record Financial Performance
AMTH reported record-breaking revenues for FY24, marking a substantial achievement amidst global market challenges. The Group recorded global revenues of US$335.0 million, reflecting a robust 15.1% increase year-over-year on a reported basis, and a 17.4% rise excluding COVID-19 related revenues. The expansion of AMTH highlights its ability to adapt to changing market conditions and its strategic strength in doing so.
Highlights of the Segmental Performance:
- Revenues for Capital Equipment & Consumables (CEC) reached US$163.6 million, a noteworthy 15.0% increase over the prior fiscal year.
- Clinical Urology Services (CUS): Recorded revenues of US$120.5 million, marking a substantial 19.7% growth, driven by expansion and increased patient procedures.
- Robotic Surgery & Tools (RST): Generated revenues of US$50.9 million, demonstrating a resilient 5.7% growth on a reported basis and a robust 19.8% increase excluding COVID-19 related revenues.
The strong performance in the United States, where revenues surged by 22.3%, underscored AMTH’s successful market penetration and adoption of innovative products such as Thulio, Nautilus, and Axis in the urological consumables sector.
Strategic Focus and Future Outlook
Under Wong Yau Chung’s leadership, AMTH is poised to embark on a new chapter of growth and innovation. With an enhanced focus on the Integrated Urology Platform (IUP) strategy, continued investment in research and development, and strategic expansions, AMTH aims to sustain its leadership position in the global healthcare market.
Mr. Wong Yau Chung, in anticipation of assuming the CEO role, expressed confidence in AMTH’s future trajectory, emphasizing a commitment to driving sustainable growth and delivering value to stakeholders. He acknowledged Abel Ang’s instrumental guidance and highlighted the collective efforts of AMTH’s talented team in achieving the record FY24 results.
About Advanced MedTech Holdings
Advanced MedTech Holdings is a subsidiary of Temasek, specializing in urology devices, clinical services, and contract manufacturing. With operations spanning 100 countries, AMTH is dedicated to enhancing patient outcomes through innovative medical technologies and strategic investments in healthcare solutions.
Appendix: Wong Yau Chung – Bio
Yau Chung brings over 18 years of global healthcare and medical devices experience to his role as Group CEO-designate of Advanced MedTech Holdings. His leadership journey includes pivotal roles at AMTH subsidiaries and strategic positions in healthcare management and corporate planning.
