Boditech Med Reports Record Sales of 28.08 million USD in Q3 2024, Highest Since COVID-19 Endemic

- Consolidated revenue for Q3 2024 recorded at 28.08 million USD (37.6 billion KRW), with an operating profit of 6.57 million USD (8.8 billion KRW).

- Middle East and North Africa sales grew 56.7% year-on-year, leading regional growth.

- Entry into the veterinary diagnostics market becoming tangible, with smooth OEM contracts expected to contribute to sales starting in 2025.

Boditech Med, a company specializing in point-of-care diagnostics, announced its preliminary Q3 2024 financial results on November 8th.

The company reported consolidated sales of 28.08 million USD (37.6 billion KRW) and an operating profit of 6.57 million USD (8.8 billion KRW), continuing the upward trend even after the COVID-19 endemic. Sales increased by 7.8% compared to the same period last year and by 3.7% quarter-on-quarter.

Cumulative sales through Q3 2024 reached 79.88 million USD (106.9 billion KRW), and operating profit amounted to 17.92 million USD (24 billion KRW). This marked a 7.7% increase in sales and a 10.4% increase in operating profit compared to the same period in 2023, with a cumulative operating profit margin of 22.4%, indicating stable profitability.

Sales in the Middle East and North Africa hit a record 7.53 million USD (10.1 billion KRW) in Q3 2024, marking the highest level in the company’s history. Countries like Iraq, Libya, Egypt, and Syria were key drivers of this growth, with Iraq alone accounting for over 50% of the point-of-care diagnostics market, showing potential for continued expansion.

Sales across various diagnostic areas showed balanced growth. Non-communicable disease categories, including cardiovascular, hormone, and diabetes, performed strongly. Revenue from other disease-related categories reached 5.97 million USD (8 billion KRW), more than doubling year-on-year. This was mainly driven by the company’s Vitamin D diagnostic products and Hemochroma, an anemia diagnosis product, which have been growing at annual rates of over 30% and 46%, respectively. The Vitamin D products, launched in 2016, continued their rapid growth, increasing over 70% compared to the same period last year.

Eui-yeol Choi, CEO of Boditech Med, stated, “Our revenue structure is built on stable growth in diagnostic kit sales supported by our compact diagnostic devices. Strategies to secure additional growth momentum are on track.” He added, “We plan to begin supplying chronic disease monitoring diagnostic products in China through our partner, Joinstar, starting late this year. Additionally, with the progress of OEM contracts with global distributors, our entry into the veterinary diagnostics market is becoming more tangible, and we anticipate significant sales contributions from 2025.”