Ubicare Reports Q1 Revenue of 29.4 Billion KRW, Up 11.3% Year-on-Year

[Asia Economy Reporter Lee Gwan-ju] Ubicare announced on the 29th that its consolidated sales for the first quarter of this year reached 29.4 billion KRW, an increase of 11.3% compared to the same period last year. Operating profit for the same period was 2.2 billion KRW, and net profit was 1.2 billion KRW.

Ubicare explained that the expansion in scale was driven by stable sales in its core business, the EMR (Electronic Medical Records) sector, the expansion of EMR value-added services, and the synergy effects of its distribution business.

Sales in the EMR sector targeting hospitals, clinics, and pharmacies amounted to 14.8 billion KRW, increasing by more than 10% compared to the same period last year, while sales in the distribution sector also rose by more than 13% to 12.3 billion KRW. In particular, sales performance improved for the hospital and clinic-exclusive medical shopping mall ‘Misomall.com’ and the pharmacy automatic dispensing machine ‘Upam Autopack’ in the distribution sector. However, operating profit decreased due to increased commission fees for agencies and higher labor costs from new hires related to business expansion.

A Ubicare official stated, “Despite unfavorable conditions such as COVID-19, we are maintaining stable sales growth,” adding, “In the second quarter, we plan to continue the upward trend in performance by further strengthening competitiveness in each sector including EMR, distribution, pharmaceutical, and data businesses, as well as enhancing our product lineup.”