Boditech Med Reports Operating Profit of 7.15 Million USD in Q2 2024, Up 13% Year-on-Year
- Sales reached 27.85 million USD (36.2 billion KRW) with an operating profit of 7.15 million USD (9.3 billion KRW) in Q2 2024
- Consistent growth observed in the Middle East, North Africa, Europe, and Asia regions
- Initial supply of the key product HbA1C, essential for China's chronic disease monitoring diagnostic systems, expected in Q4 2024
Boditech Med, a company specializing in point-of-care diagnostics, announced its preliminary operating results for the second quarter of 2024 on August 9th.
The company reported consolidated sales of 27.85 million USD (36.2 billion KRW) and an operating profit of 7.15 million USD (9.3 billion KRW), marking the highest sales and operating profit since the onset of the COVID-19 endemic in Q2 2022. While sales saw a modest 3.7% increase compared to the same period last year, operating profit surged by 13.3%, resulting in an operating profit margin of 25.6%. Compared to the previous quarter, sales and operating profit increased by 9.5% and 57%, respectively.
Excluding one-time sales to Tanzania in Q2 2023, all regions exhibited consistent growth. The Middle East and North Africa recorded sales of 5.62 million USD (7.3 billion KRW), a 65% increase year-on-year, and a 16% increase quarter-on-quarter, contributing significantly to overall sales growth. Europe, the region with the highest sales proportion, also saw a 23% increase, reaching 6.15 million USD (8 billion KRW).
Sales across various disease categories showed balanced growth. Diabetes-related sales led the growth, reaching 3.0 million USD (3.9 billion KRW), a 48.5% increase year-on-year. Cardiovascular and hormone-related diseases also posted sales growth of around 30%. The diabetes and hormone-related categories, which account for a significant portion of sales, recorded their highest quarterly sales, while cardiovascular disease sales have continued to grow for seven consecutive quarters since hitting a low point in Q3 2022, when the COVID-19 effect had waned.
Eui-yeol Choi, CEO of Boditech Med, stated, "It is very encouraging to see steady growth across most regions, despite the intensifying competition in developing countries, which have been our major markets. The market entry into major developed countries, which we have been focusing on since last year, is also progressing smoothly, and we expect to maintain stable growth."
He added, "Preparations for supplying products for China’s chronic disease monitoring diagnostic systems through our local distributor, Joinstar, are also proceeding well. The HbA1C product is expected to receive international certification in October, with initial supplies expected to begin in the fourth quarter. Discussions are also ongoing for products related to insulin diagnostics, rheumatoid arthritis, thyroid, and autoimmune diseases."