Singapore’s Structo turns profitable, revenue up by 35% in 2022

Image credit: Structo

Structo, a Singapore-based dental 3D printing firm, became profitable for the first time, reversing its financial trajectory in 2022. It turned a net loss of S$650,000 (US$476,000) in 2021 into a profit of S$2.75 million (US$2 million) last year, according to its audited financial statement obtained from VentureCap Insights (VCI).

The startup hit profitability despite posting an increase in total expenses from S$23.6 million (US$17.3 million) to S$27.8 million (US$20.4 million) within the same period. It also recorded a 35% jump in revenue to S$31 million (US$23 million).

Tech in Asia has reached out to Structo for comments.

Based on VCI’s calculations, Structo is valued at around US$51.6 million as of its latest funding round, giving it a revenue multiple of 2.24.

While Structo manufactures both dental 3D printers and printing materials, over 90% of its revenue comes from supplying the latter, according to its financial statement.

See also: Startups are realigning Singapore’s dental industry

The company began as a project by a group of engineers at the National University of Singapore in 2012. It was launched in 2014 and now has offices across Singapore, Canada, the US, and the UK.

In October 2022, Structo raised US$10 million from SGInnovate, the Singapore government’s innovation platform, and other institutions. Previous investors include Wavemaker Partners, which participated in most of its funding rounds.

Currency converted from Singapore dollar to US dollar: US$1 = S$1.36.