Boditech Med announced its sales performance for the third quarter of 2021. The company generated $37 million (KRW 43.9 billion won), which is increased by 8.1% compared to last year and the cumulative sales of 2021 recorded $102.9 million (KRW 120.9 billion won), which is also increased 38% compared to the same period of last year, respectively. Furthermore, the profits reported $13 million (KRW 16 billion won), decreased by 18.5% and the cumulative profits of 2021 reported $38 million (KRW 460 billion won), increased by 24% compared to last year, respectively.
It presented that the growth of Boditech Med will gather pace as it provides not only COVID-19 related products but diverse In-Vitro Diagnostics solutions. The COVID-19 related products accounted for 52% of sales in the second half of 2020 but it is continuously decreasing to 33% in the first half of 2021 and 27% in the third quarter.
Despite the decline in sales of COVID-19 related products, the reason why we can see a brighter future in Boditech Med is the sales extension of main analyzers. Since 2020, we have newly installed more than 16,000 worldwide.
As new installations of the analyzers in the world, sales in the other products has gradually been increasing. The sales of cardiac test kits, which is ultimate in the POCT market, recorded $12 million (KRW 15.3 billion won), increased by 145% compared to last year. The sales of Diabetes test kits have also increased by 80% compared to last year and sales of other test kits, including cancer test kits have grown continuously
Boditech Med is also expanding its business for post COVID-19. It is expected that TDM (Therapeutic drug monitoring) will play an important role in the future growth momentum at Boditech Med. Since we acquired the export license for AFIAS Infliximab and AFIAS Total Anti-Infliximab that we signed a long-term supply agreement with Celltrion Health Care, we finished acquiring the export license for Adalimumab, Golimumab, AFIAS Free Anti-Infliximab and AFIAS Free Anti-Trastuzumab. We are planning to launch additional TDM products for autoimmune treatment in the second half of this year.
In addition, we are planning to make a contract for manufacturing (OEM) supply with global In-Vitro diagnostic companies as they discovered the potential of the point of care market and have increased their interests in the In-Vitro Diagnostic solutions with proven technology since COVID-19 pandemic in the last year.
A company official said, "Boditech Med provides reliable In-Vitro Diagnostics solutions with innovative technology. TDM products and OEM supply agreements will bring us to future growth momentum. We expect that we could generate 0.8 billion(800 million) dollars (KRW 1,000,000,000 won) with 20% growth in annual and will finally become a global In-Vitro Diagnostic company in 10 years.”