Alma Lasers Ltd. Files for IPO: Global Leader in Energy-Based Aesthetic Devices Across Medical, Spa, and Personal Care Segments

Established inAlma Lasers, an Israeli company founded in 1999 (hereinafter referred to as “Alma”), has long been a global leader in energy-based devices. It is not only the number-one supplier of energy-based medical aesthetic devices in China but also ranks among the top five globally.

As an Israeli company, Alma’s R&D and manufacturing headquarters are located in Caesarea, Israel’s high-tech hub, while its global market support center is based in Chicago, USA.With over two decades of dedicated expertise in the field of energy-based devices, the company’s products are now distributed across more than 90 countries and regions worldwide.

Fosun Pharma, a global pharmaceutical and healthcare industry group rooted in China and driven by innovation, has long been2013It was drawn to Alma’s performance and potential, and established its Israeli subsidiary, Sisram, that same year, primarily to prepare for the acquisition of Alma.In May 2013, Fosun Pharma successfully acquired Alma through Sisram. Subsequently, in 2017, Sisram was successfully spun off and listed on the Hong Kong Stock Exchange.

In light of this, what are the highlights of Alma’s energy-based medical aesthetic devices? Why has the company maintained a long-term leading position in the global market, earning Fosun Pharma’s strong interest and ultimate acquisition?

First, this advantage stems from Alma’s diversified and comprehensive product portfolio. The company’s products are primarily categorized into four lines: non-invasive medical aesthetics, non-invasive lifestyle beauty, minimally invasive medical aesthetics, and personal care.

I. Non-invasive Aesthetic Medicine Line:There are three flagship products. The Accent series applies radiofrequency and ultrasound positioning technologies for facial lifting and contouring; Harmony has undergone three iterations, with the new version centered on laser and ultrasound technologies to primarily deliver photorejuvenation benefits; Soprano leverages professional laser technology to meet hair removal needs across various skin types.

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The three core flagship product lines in the aforementioned non-invasive medical aesthetics sector are from Alma and also constitute the primary revenue drivers for its parent company, Sisram. In 2022, the revenue contributed by these three series increased by 23%, 25%, and 63% year-on-year, respectively.

II. Non-invasive Aesthetic Medicine Line:Compared with non-invasive medical aesthetic devices, product series such as REJUVE, REMOVE, and SPADEEP primarily focus on skincare and body contouring effects within the realm of lifestyle beauty. Consequently, the energy-based technologies they employ, including lasers, are safer and more stable. These devices are specifically designed for B-end clients such as beauty salons, featuring user-friendly operation and a low risk of thermal injury.

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III. Minimally Invasive Aesthetic Medicine Line:This product line primarily targets the markets for female intimate rejuvenation and fat reduction/body contouring, featuring FemiLift for female intimate care; BeautiFill (5G Angel Sculpting), the first FDA-approved energy-based device for autologous fat grafting; and devices for endovenous laser ablation (EVLA) treatment of the great saphenous vein (GSV) and small saphenous vein (SSV).VascuLife。

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IV. Personal Care Line:In March 2022, the company officially entered the hundred-billion-dollar home beauty market with its new personal care brand, LMNT. LMNT One is the brand’s inaugural product. Leveraging red and infrared light therapy, LMNT One combines the power of two unique laser wavelengths—NIR 830nm and 630nm—and utilizes synchronized micro-pulses to achieve effects such as skin rejuvenation, improved elasticity, and enhanced collagen regeneration. The product is currently reaching global consumers through Alma’s B2B channels and B2C e-commerce platforms.

Alma is better known in China by the name Alma Lasers.。

When Alma Lasers entered the Chinese market in 2003, the history of laser and optoelectronic medical applications in China was less than 10 years, and products were almost exclusively used in clinical medical settings.

In 2004, the Alma One multi-functional laser and photon workstation was successfully delivered in China. This device enabled multi-functional operations, allowing for the treatment of various conditions simply by switching optical handpieces with different wavelengths on the same unit. This versatile product design philosophy has continued to influence the company’s current new product development.

For two decades of serving China’s medical aesthetics industry, Alma has been continuously exploring photoelectric beauty technologies and clinical solutions better suited for the Chinese population, addressing diverse user needs across six major areas: anti-aging, hair removal, scar treatment, body contouring, pigmentation, and intimate care. Among these, its focused radiofrequency technology, DPL (Dynamic Pulsed Light) precise narrow-spectrum technology, and Ice Point painless hair removal technology have gained widespread recognition in the Chinese market.

As the company’s products have gained increasing recognition among Chinese consumers and its market share has continued to grow, it has established representative offices in 14 provinces and municipalities, including Shanghai, Chengdu, and Guangzhou, in addition to its China headquarters in Beijing.

Zhou Mei, President of Alma Greater China, has publicly stated, “Selecting the right technological achievements, executing effective marketing strategies, and enhancing service quality are the three primary reasons why Alma has achieved greater market share and a stronger reputation in China.”

As a top global supplier of energy-based aesthetic devices, Alma is not only deeply cultivating the Chinese market but also continuously advancing its global brand expansion.A key pillar of this strategic plan is Alma Academy, the globally renowned professional aesthetic medicine event established by the company.

Alma Academy is a global exchange platform that annually convenes the world’s leading experts in the field of medical aesthetics, providing them with a venue to share recent research and real-world clinical cases. Attendees can enhance their professional expertise, gain industry insights, and experience the latest innovative technologies through live demonstrations by leveraging the various resources offered at the event.

In addition to fostering global industry exchange, Alma Academy has become an innovative channel for the company to maintain close ties with the market. Through these face-to-face offline events, the company can communicate directly with customers, sharing the expertise and insights of aesthetic specialists. Meanwhile, by integrating a closed-loop R&D process and addressing the needs of different regions, the company can effectively gather customer feedback, ultimately enhancing the influence of the Alma global brand family.

In May 2023, the 5th Alma Academy was successfully held in Italy. The event brought together nearly 500 physicians from 46 countries worldwide.Notably, CEO Lior Dayan officially unveiled Alma’s global expansion strategy and its vision for holistic health solutions at the conference. The company plans to offer holistic solutions for a variety of additional indications in the near future, ultimately building a comprehensive beauty and wellness ecosystem.

The first move of this global initiative was made in the North American market, which accounts for the largest share of revenue.In June 2023, Sisram, the parent company of Alma, announced the opening of its first beauty and wellness experience center—the Sisram Wellness Center—in downtown Chicago.

As a unique physical hub located in the heart of Chicago, the Beauty & Health Experience Center not only strengthens the company’s daily interactions with professionals and aesthetic seekers to better understand their pain points and needs, but also helps professionals integrate into the industry more quickly and efficiently.Meanwhile, Sisram also plans to establish more flagship centers in major cities in the coming years.

Alma was founded by Ziv Karni, who served as the company’s first CEO.

Since 1970, Ziv has been a pioneer in the field of medical lasers. Ziv holds a Ph.D. in Chemical Physics from Tel Aviv University, as well as postdoctoral fellowships in Physics and Chemistry from Columbia University and Stanford University. In addition to an outstanding academic background, Ziv possesses leading laser concepts and innovative ideas.

In the early 1970s, Ziv developed the world’s first industrial sealed CO₂ laser; in 2006, Ziv pioneered the application of fractional ablation lasers in the medical aesthetics field.In Israel’s fertile ground for innovation and entrepreneurship, Ziv built Alma from the ground up and expanded the company globally.

Current CEO: Lior DayanLior joined Alma as early as 2008 and has held various management positions within the company. He graduated from Bar-Ilan University in Israel with a Bachelor’s degree in Economics and Logistics, and later earned an MBA in Economics from the University of Manchester’s Israeli campus. Lior brings over twenty years of experience in operations, logistics, finance, and sales within the laser industry.

In addition, Lior Dayan also serves as the CEO of Sisram, the parent company.

Alma's North American President, Keith AdamsWith over 13 years of experience in the medical aesthetics industry, Keith has held leadership positions at leading companies such as Cutera and Cynosure. In his first year as President, he drove a 104% growth in the company’s business.

Alma’s CTO and CSO, Avi FarbsteinHe previously served as the company’s CEO. Avi graduated from Tel Aviv University in Israel and has over 35 years of experience in the medical aesthetics device industry.

According to the "2023 Annual Insights Report on China's Medical Aesthetics Industry," jointly released by Deloitte Consulting and Allergan Aesthetics, the scale of China's medical aesthetics market is projected to exceed RMB 200 billion in 2023, driven by the immense potential and resilience of the Chinese economy as well as the vitality and momentum of the domestic medical aesthetics sector. The market growth rate in 2023 is expected to reach approximately 20%, followed by a compound annual growth rate (CAGR) of around 15% over the subsequent four years.

In response to the rapidly growing Chinese medical aesthetics market, Sisram announced in March 2023 its plan to deepen business expansion and services in China by forming a joint venture between Alma and PhotonMed International Limited through an asset acquisition and integration. Under this arrangement, Alma will hold a 60% equity stake, becoming the controlling shareholder. Through this merger and integration, both parties will combine “strong products” with “strong distribution channels,” further enhancing their in-depth presence in China’s beauty and health industry.

CEO Lior Dayan stated, “The company plans to upgrade and integrate after-sales services with data analytics, strengthening and optimizing the entire product sales and service lifecycle. The business integration of PhotonMed will further enhance our leading position in the Chinese market and solidify our global leadership.”

References:

1. Ziv Karni: Innovation and Entrepreneurship Are the DNA of Corporate Development – Fosun Pharma

2. Global Leader in Photoelectric Medical Aesthetics, Accelerating Toward a Full-Spectrum Aesthetic Portfolio – Guosheng Securities