Boditech Med Reports 2024 Revenue of $103.8 Million (138.1 Billion KRW), Up 2.9% Year-on-Year

- Strong sales growth maintained across key regions, including Europe, Asia, the Middle East, and Africa.

- 2024 marks the first year of expansion into the veterinary diagnostics market, with visible results expected.

- Initiates $1.5 Million (2 Billion KRW) worth of share buyback cancellation, planning to retire 5–10% of net profit annually.

Boditech Med, a leader in point-of-care diagnostics, announced its preliminary 2024 financial results on February 21.

The company recorded consolidated revenue of $103.8 million (138.1 billion KRW), reflecting a 2.9% year-on-year increase, maintaining its growth trajectory. Operating profit stood at $19.8 million (26.3 billion KRW), down 7.6% from the previous year, while net profit reached $21.6 million (28.7 billion KRW), marking a 7.6% increase year-on-year. The decline in operating profit was attributed not to structural issues in sales but to strategic workforce expansion in key areas to secure long-term growth. Even after the COVID-19 endemic transition, Boditech Med has continued to invest in talent acquisition across R&D, sales, and marketing.

Regions accounting for over 50% of total revenue—Europe, Asia, the Middle East, and North Africa—maintained solid growth. Excluding the Latin American market, where growth remains stagnant, most other regions, including Africa and South Korea, saw a steady increase in sales. Notably, South Korea's revenue, where the company is pioneering the point-of-care diagnostics market, has grown at an average annual rate of 38% over the past three years, surpassing $7.5 million (10 billion KRW).

In Europe, revenue growth is accelerating, shifting from a traditional focus on Eastern Europe to key developed markets such as Switzerland, Italy, Germany, and France. Since 2023, Boditech Med has concentrated on expanding in these advanced markets, and this strategy is now materializing in sales growth. In the Middle East and North Africa, the top five revenue-generating countries—Iraq, Libya, Egypt, Syria, and Turkey—posted a 28% increase year-on-year, demonstrating notable performance.

Sales across major disease categories grew evenly by more than 10%. Particularly, cardiovascular disease diagnostics, which are increasingly adopted in emergency settings, exceeded $13.5 million (18 billion KRW), achieving a 32% average annual growth rate over the past two years. Additionally, Vitamin D diagnostics and Hemochroma, an anemia diagnostic product, saw significant growth, driving a near 50% average annual growth rate in the 'Other Diseases' category.

Eui-yeol Choi, CEO of Boditech Med, stated, “This year will mark the first step beyond our existing business structure, expanding into the veterinary diagnostics market. We plan to enter this market not only through OEM supply agreements with global distributors but also via direct market entry. Our target markets include the United States, Europe, and beyond.”

He further added, “To enhance shareholder value, we will retire treasury shares equivalent to 5–10% of our net profit annually, starting this year. In 2024, we plan to cancel $1.5 million (2 billion KRW) worth of shares, equivalent to approximately 7% of our net profit. We currently hold around 1.7 million treasury shares and will continue to maintain our share repurchase policy.”