L&K Biomed Reports Completion of Performance Improvement and Growth Preparation Through Regular General Meeting of Shareholders

[Asia Economy Reporter Park Hyungsoo] Spinal implant company L&K Biomed held a shareholders' meeting on the 25th.

▲ Approval of the 13th financial statements ▲ Appointment of inside directors ▲ Partial amendment of the articles of incorporation ▲ Granting of stock options, among a total of seven agenda items, were presented and approved as originally proposed.

The company reported the results of the audit report on the separate financial statements, emphasizing, "Despite recording sales of 19 billion KRW due to the impact of COVID-19, considering that Korean sales accounted for half when sales were 30 billion KRW in the past, we actually grew in a difficult market environment."

L&K Biomed escaped from operating losses for three consecutive years and achieved an operating profit surplus of 3.2 billion KRW. Although it has not yet achieved operating profit on a consolidated basis, it reduced the deficit.

An official stated, "Through the sales of innovative products, the cost ratio is decreasing and operating margin is increasing," adding, "This year, sales of the height-expandable cage are on track, and we will report improved financial figures."

L&K Biomed also approved an agenda item to add two inside directors through the shareholders' meeting. Director Kang Guknam, who oversees U.S. sales, and Deputy General Manager Lee Kyungjo, head of L&K Biomed's legal coordination office, were appointed as directors. Attorney Lee Kyungjo directly resolved legal issues arising from L&K Biomed's expansion into the U.S. and overseas markets.

Through amendments to the articles of incorporation, L&K Biomed reorganized internal regulations and clarified motivation by granting stock options to key executives. The company has completed all preparations to accelerate its growth as a global enterprise.

An official from the company said, "We have reinforced new research personnel and secured overseas marketing talent," adding, "We will present ourselves to shareholders, investors, and market participants in a way different from before."