Carelabs, 3Q Operating Profit 1.1 Billion KRW... 89% Increase YoY

[Asia Economy Reporter Jang Hyowon] CareLabs, a mobile health and beauty care platform specialist company, continued its strong performance in the third quarter of this year.

CareLabs announced on the 11th through its earnings disclosure that its consolidated operating profit and net profit for the third quarter of this year were 1.09 billion KRW and 2.04 billion KRW respectively, marking a significant increase of 89% and 406% compared to the same period last year. During the same period, sales grew by 13.3% to 19.24 billion KRW.

The cumulative performance for the third quarter also showed all-around growth. CareLabs’ consolidated operating profit and net profit for the first three quarters of this year were 4.93 billion KRW and 4.79 billion KRW respectively, representing growth of approximately 84.8% and 320.4% compared to the same period last year.

Sales, which recorded 56.3 billion KRW during the same period, also increased by about 10.2%. The company stated that since it had already surpassed the breakeven point for the entire last year in the first half, it plans to focus on improving profit margins going forward and raise its overall financial and operational performance to the highest level since its founding.

CareLabs cited several key factors behind its strong performance: ▲ increased demand for non-face-to-face medical services due to the prolonged COVID-19 situation ▲ the full-scale entry of subsidiaries such as Babitok into the earnings lineup ▲ visible improvement in consolidated profit margins, reflecting positive elements both inside and outside the company.

Park Kyungdeuk, CEO of CareLabs, said, “This year, as we accelerate toward record-high performance, all overhang issues that were raised as risks in the capital market have been completely resolved, and multiple growth businesses including the beauty platform Babitok have begun to fully join the earnings lineup, leading to comprehensive financial improvements. As the number one non-face-to-face medical service platform company, our wholly owned subsidiary Goodoc is rapidly accelerating its growth. Domestically, it is expanding its medical partner network, and it is also actively entering the U.S. telemedicine market. Therefore, future growth momentum is expected to expand exponentially.”