iRay Technology, Q3 2020, Sales Results

Image Credit: Screenshot of website, 15th November 2020

On October 27th, iRay Technology published its financial results (unaudited) for Q3 2020. These show that sales continued to grow at an explosive growth during the third quarter. Total Group sales reached CNY¥ 169.2m, compared with CNY¥ 112.7m in Q3 2019, an increase of approximately +50% year-on-year. This took cumulative 2020 sales to CNY¥ 554.2m, compared with CNY¥ 313.6m during 2019, an increase of approximately +77% year-on-year.

During the first half of 2020, sales of COVID-related products increased rapidly which included wireless detectors for general x-ray. Higher sales were offset by lower sales from non-COVID-related products which included x-ray detectors for veterinary, dental, mammography, industrial and security applications. During the third quarter, the demand across these product segments steadily rebounded, particularly within industrial, security and dental segments.