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Temasek-backed Advanced MedTech sees leadership transition following record FY2024

Douglas Toh
·3-min read

The group’s US entities were a key driver of growth for the period.

Abel Ang, chief executive officer (CEO) of Advanced MedTech Holdings (AMTH), will retire as part of a planned leadership transition with Wong Yau Chung, previously group chief operating officer (COO), assumed the role of Group CEO-designate from July 1 and will take over as Group CEO on Oct 1.

AMTH is a wholly-owned subsidiary of state investment firm, Temasek Holdings. The company specialises in integrated medical devices for urological stone treatment.

Wong will also be appointed to the board of directors as Group CEO, and Ang will continue to remain on the board of directors of AMTH.

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For the FY2024 ended March, AMTH achieved record revenue, driven by its integrated urology platform (IUP) strategy. For the period, the group saw a global revenue of US$335.0 million ($455.0 million), a 15.1% increase y-o-y and a 17.4% rise y-o-y excluding Covid-19 related revenues. Similarly, revenue grew at a compound annual growth rate (CAGR) of 9.5% from FY2022 to FY2024, and at a CAGR of 16.4% from FY2022 to FY2024 excluding Covid-19 related revenue.

On a segmental basis, the group’s capital equipment and consumables (CEC) segment achieved a revenue of US$163.6 million, a 15.0% revenue growth from the previous period and CAGR of 14.7% from FY2022 to FY2024.

Similarly, the clinical urology services (CUS) segment achieved a revenue of US$120.5 million, a 19.7% revenue growth y-o-y, with a CAGR of 16.7% from FY2022 to FY2024. Rapid expansion in the CUS segment saw more than 60,000 patient procedures performed in FY2024, a

14.5% y-o-y increase at an 11.0% CAGR over the last three fiscal years.

AMTH’s robotic surgery and tools (RST) achieved a revenue of US$50.9 million, a 5.7% growth y-o-y and a 19.8% increase y-o-y excluding Covid-19 related revenue. Excluding Covid-19 related revenue, the RST segment grew at a CAGR of 21.9% from FY2022 to FY2024.

The success of AMTH for the period was largely supported by robust growth in its US entities, where revenue grew by 22.3%. The group’s US entities contributed 55.4% of total revenue and 65.3% of urology revenue, driven by the strong performance of new products such as Thulio, Nautilus, Axis and other urological consumables. To support future innovation-led growth, the group increased research and development (R&D) investment in the year by more than 20%.

Philip Yeo, chairman, says: “These record results have led to AMTH being amongst the top three for investment returns within the Temasek portfolio over the last three years. It is a testament to the effective execution of Advanced MedTech’s vision, driven by strong leadership and a clear strategic focus.

Wong Yau Chung, Group CEO-designate, concludes: “I am honoured and excited to lead Advanced MedTech into a new chapter and its next phase of growth and innovation. I thank Abel for his guidance and partnership over the years, which have been invaluable in establishing a strong foundation for the future.”

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