Ray's sales reached 90.3 billion KRW last year, up 64%... "Expanding China business this year"

[Asia Economy Reporter Jang Hyowon] Ray announced on the 18th that it achieved consolidated sales of 90.3 billion KRW, operating profit of 3.4 billion KRW, and net profit of 50 million KRW last year.

Sales increased sharply by 64% compared to the same period last year, but operating profit and net profit decreased by 26% and 99%, respectively. This was due to a one-time expense from impairment of approximately 12 billion KRW related to inventory in the quarantine business.

Nevertheless, Ray's sales last year grew significantly compared to the previous year, reaffirming the market's growth potential for its main business, digital therapeutic solutions.

Since its establishment in 2004, Ray has recorded steady growth every year except during the COVID-19 pandemic period in 2020. In particular, the average annual growth rate from 2016 to 2019 was as high as 40%.

Along with stable growth in its existing business area of digital diagnostic systems, the digital therapeutic solutions commercialized at the end of 2017 have received positive market responses, steadily driving sales growth.

A Ray official stated, “We expect the digital solutions business to grow further this year along with the expansion of our China business,” and added, “Also, through our affiliate DDS, the 3D oral scanner will be launched soon, so this year’s performance is expected to set new records in both sales and profits.”