Osang Healthcare Reports 128.6 Billion Won in Sales Last Year, Up 60% Year-on-Year

Osang Healthcare, a company specializing in in vitro diagnostics, announced on March 11 that its consolidated sales for the previous year reached 128.6 billion won, marking a 60% increase compared to the year before.

The company also turned profitable, posting an operating profit of 2.4 billion won after recording an operating loss of 24.8 billion won the previous year, thus improving profitability. Net profit reached 3.1 billion won, reversing the net loss of 11.4 billion won from the prior year.

The improvement in last year’s performance was driven by the immunodiagnostics segment. The expansion of sales in the United States of combo kits capable of simultaneously diagnosing COVID-19 and influenza A and B led to both top-line growth and improved profitability. The company projects that these combo kits will continue to generate stable annual revenue, particularly during flu season.

Osang Healthcare is also developing a next-generation product that adds respiratory syncytial virus (RSV) detection capability to the existing combo kit. This product will enable simultaneous detection of COVID-19, influenza, and RSV, which are major respiratory viruses. Not only will this product simplify the testing process for medical institutions, but it is also expected to support mid- to long-term business growth by securing a higher average selling price (ASP) compared to existing combo kits and offering technological differentiation from competitors.

The company's core biochemistry diagnostics business is also maintaining a stable growth trend by targeting the global market. In the blood glucose segment, Osang Healthcare is expanding local production bases in cooperation with partners, especially in developing countries. The glycated hemoglobin segment is also expected to see continued sales growth driven by the launch of new products.

A representative from Osang Healthcare stated, "We are currently undergoing clinical trials and approval processes for various products, and new products are scheduled to be released sequentially starting this year," adding, "We especially expect this year to mark a breakthrough for our biochemistry diagnostics segment."

This content was produced with the assistance of AI translation services.