Naivek Achieves Record Quarterly Sales... 233% Increase Compared to Same Period Last Year

[Asia Economy Reporter Hyungsoo Park] Naivek achieved its highest quarterly performance in history in the first quarter of this year as the export volume of bone regeneration bio-materials to Europe increased. In the second half of this year, exports of bio-materials to China are expected to begin in earnest, further expanding sales growth.

Naivek announced on the 16th that its sales in the first quarter of this year reached 7.35 billion KRW, a 233% increase compared to 2.2 billion KRW in the same period last year. During the same period, operating profit and net profit reached 1.61 billion KRW and 1.24 billion KRW respectively, turning profitable.

Sales increased as the export volume of bone regeneration bio-materials grew. Naivek obtained European CE certification for its bone regeneration bio-materials. Through collaboration with the world’s top implant companies, it is selling its main product ‘OCS-B’ and others in the European region. The increased demand for bone regeneration bio-materials led to improved profits.

A notable point in the quarterly performance is that sales increased without export volume to China. It is expected that the overall sales growth rate will accelerate once sales to China increase in earnest.

Naivek began supplying initial volumes to the Chinese market from the fourth quarter of last year. Compared to the initial volumes supplied to existing European and U.S. markets, this volume was more than five times larger, marking a record high. Typically, at the early stage of market entry, initial volumes are supplied and bone regeneration materials are applied to patients to receive market validation. This is why related sales are expected to be reflected in earnest from the second half of this year.

A Naivek official said, “As a result of focusing on sales in the European region, the demand for bone regeneration bio-materials increased, significantly boosting export volumes. Regarding bio-materials for China, which began exporting last year, market validation has been completed and orders are expected to increase.”

Naivek is conducting a Phase 1 clinical trial in Australia for ‘NIPEP-PF,’ a treatment for pulmonary fibrosis, one of its major pipelines. In June, Naivek will present preclinical research results on the ‘K-RAS mutation-targeted tumor treatment’ applied with its proprietary drug delivery platform ‘NIPEP-TPP’ at the European Association for Cancer Research (EACR).