Company overview

iTonic Holdings Ltd conducts its operating business through Beijing Feitian in China. Its main product, FTTPS, uses medical images to help clinicians plan where to place radioactive seeds and calculate radiation doses—a form of treatment called brachytherapy. FTTPS supplies most revenue; related medical supplies, including patient-specific printed molds and implant needles, provide the rest.

Hospitals and their procurement service providers buy the software and supplies, while individual cancer patients buy printed molds. Beijing Feitian wins hospital orders through public bidding and procurement-provider relationships, then installs and tests systems and trains staff. Hospital payments typically arrive in stages tied to testing, acceptance and operating conditions. Most products are sold once to new customers, with limited repeat purchases. Inner Mongolia Autonomous Region People’s Hospital and Chongqing Zhanpeng Medical Equipment Co., Ltd. together account for a large share of sales.

All revenue comes from China, and continued sales depend on hospitals’ use of brachytherapy and maintaining required medical-device registrations and operating permissions. The Cayman Islands parent has no material operations of its own and relies principally on distributions from Beijing Feitian for cash. Chinese rules allow Beijing Feitian to pay dividends only from accumulated profits and can restrict transfers to the parent.