Medytox Reports 39.8 Billion KRW in 1Q Sales... Operating Profit Turns Positive

Seoul Gangnam-gu Medytox Seoul Office Exterior View

[Asia Economy Reporter Lee Chun-hee] Medytox announced in its Q1 report on the 16th that it achieved consolidated sales of 39.75856 billion KRW in the first quarter, marking a 25% increase compared to the same period last year.

The company stated, "Through aggressive market penetration, sales grew evenly across all sectors including toxin and filler products."

Operating profit reached 5.46817 billion KRW, successfully turning profitable compared to the same period last year. However, net profit was 4.46729 billion KRW, significantly down from 55.04966 billion KRW in the same period last year. A Medytox representative explained regarding operating profit, "The improvement was clear due to royalty income from the settlement following the US ITC lawsuit victory and reduced litigation costs." Regarding net profit, the representative said, "Last year's Q1 results included settlement money and equity value received from an agreement with Evolus over botulinum toxin intellectual property disputes," adding, "This caused a base effect in comparison."

Joo Hee-seok, Vice President of Medytox, said, "Sales of our core toxin products are rapidly recovering, establishing a stable financial environment," and added, "'Coretox' began mass production from Q2, so the sales growth trend is expected to continue."