Boditech Med, Q1 2024 Sales Reach $21.6 Million (33.1 Billion Won) ... Up 12.3% YoY
- Consolidated sales for Q1 2024 amounted to $21.6 million (33.1 billion won), with operating profit recorded at $4.2 million (5.9 billion won).
- Sales to Europe reached $5.5 million (7.3 billion won), accounting for 25% of total sales.
- Expansion of demand for pharmacy diagnostics, commencement of sales of chronic disease products in China, and solidification of animal diagnostics OEM.
On the 7th, Boditech Med (CEO Eui-Yeol Choi), a company specializing in point-of-care diagnostics, announced its Q1 2024 business performance through provisional disclosure.
Consolidated sales reached $21.6 million (33.1 billion won), with an operating profit of $4.2 million (5.9 billion won), marking a 12.3% increase in sales and a 23.4% increase in operating profit compared to the same period last year. Compared to the previous quarter, sales decreased by 5.2% and operating profit by 12.5%.
Q1 is traditionally a low sales season, and although sales levels decreased slightly compared to the previous three quarters, they continued a steady growth trend, increasing by over 10% compared to Q1 2023. By region, the Asia region led the growth with a 28.3% increase compared to the same period last year, while the Middle East and North Africa, Europe, and Africa regions all grew steadily by over 10%.
In particular, sales to Europe reached $5.5 million (7.3 billion won), accounting for the highest proportion of 25% of total sales, and showed a noticeable growth trend, increasing by 2.1% compared to the previous quarter. In the Q1 of this year, sales to the local Italian distributor, Menarini, exceeded $1.5 million (2 billion won), with high value-added products such as latent tuberculosis and therapeutic drug monitoring (TDM) expanding, showing a more stable sales trend. Market entry into Western European countries such as Germany and Switzerland is also progressing smoothly, with Switzerland in particular expected to emerge as a major sales country within Europe alongside Italy, as the market response to cardiovascular disease products used for emergency diagnostics is favorable.
Eui-Yeol Choi, CEO of Boditech Med, stated, "The key focus this year is on improving the quality of all products, which can be considered essential for expanding sales in advanced countries such as Germany, Switzerland, and Italy. Despite the off-season and internal quality management strengthening trends, we demonstrated significant sales growth in Q1 of this year."
Choi continued, "This year, additional growth momentum is being smoothly secured through the supply of chronic disease monitoring diagnostic products in China, expansion of pharmacy diagnostic systems in Central and South America and Europe, and the commencement of animal diagnostics OEM business."