FineMedics Achieves 43.7% Sales Growth and Turns to Operating Profit in First Half

First Half Sales Reach 6.26 Billion Won
Domestic Sales Up 38.2%, Overseas Up 51%

FineMedics, a company specializing in gastrointestinal endoscopy solutions, achieved over 40% growth in sales in the first half of the year and turned to an operating profit, driven by increased domestic direct sales and rising overseas sales.

Fine Medics company logo image. Fine Medics

FineMedics announced on the 13th that, on a consolidated basis, the company recorded sales of 6,263 million won and an operating profit of 39 million won for the first half of this year. Sales increased by 43.7% compared to 4,359 million won in the same period last year, and operating profit turned positive from an operating loss of 1,375 million won in the first half of last year. On a separate basis, net income for the half-year was approximately 230 million won.

Domestic sales reached 4,445 million won, up 38.2% year-on-year. The expansion in sales was due to the launch of endoscopy equipment sales in addition to the existing endoscopic procedure instruments. Among the results, sales at the top 10 hospitals in the Seoul metropolitan area increased by 60%, while direct sales in the Daegu and Gyeongbuk regions grew by about 24%.

Overseas sales totaled 1,601 million won, a 51% increase. Sales rose in existing markets such as Russia, the United Kingdom, and Malaysia, and initial orders were also received in new markets including the United States, Brazil, Japan, and the Czech Republic.

In the second half, FineMedics plans to expand sales of its main endoscopic procedure instruments, such as the 'ClearCut Knife,' targeting major tertiary hospitals in Korea, and to pursue work linking equipment and instruments.

Overseas, the company will focus on securing repeat orders in the United States and Japan. In Japan, marketing to local healthcare professionals is underway ahead of the launch of the ClearCut Knife, which received item approval earlier this year. FineMedics has also completed conversion of seven next-generation procedure instruments to European CE MDR certification and is moving forward with expanding into the European market.

Profitability also improved. Despite rising overseas approval costs, FineMedics reduced fixed costs, lowering selling, general and administrative expenses by 2.1% compared to the same period last year.

Seongwoo Jeon, CEO of FineMedics, said, "In the second half, we will focus our efforts on increasing usage of our flagship products at major tertiary hospitals in Korea and securing repeat orders in key markets such as the United States and Japan, to achieve growth backed by both scale and profitability."

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