Lunit Reports 11 Billion KRW in Q1 Revenue, Up 269% YoY

Operating loss of 2.3 billion KRW... 82% decrease compared to the same period last year
Q1 sales approach 80% of last year's total sales

Medical AI company Lunit announced on the 11th that its consolidated sales for the first quarter of this year reached 10.971 billion KRW. This represents a 268.6% increase compared to the same period last year.

[Photo by Lunit]

The operating loss for the first quarter was 2.3 billion KRW, an 82% decrease from 13.4 billion KRW in the same period last year. Operating expenses decreased by about 20%, from 16.4 billion KRW in the first quarter of last year to 13.3 billion KRW this year.

Lunit’s first-quarter sales set a quarterly record, approaching 80% of last year’s total sales. Lunit explained that the expansion of overseas sales drove this performance. Overseas sales in the first quarter were 9.72 billion KRW, a 273.4% increase from 2.63 billion KRW in the same period last year. Domestic sales also increased by 235.4%, from 373 million KRW to 1.251 billion KRW during the same period. The share of overseas sales in the first quarter was 88.6%, while domestic sales accounted for 11.4%.

Lunit explained that sales increased as its AI imaging analysis solution for cancer diagnosis, 'Lunit Insight,' and its AI biomarker platform for cancer treatment, 'Lunit Scope,' both showed balanced growth. As of the end of March, the number of medical institutions using the Lunit Insight product worldwide surpassed 2,000. This means the number of institutions doubled in about five months since surpassing 1,000 in October last year. Lunit Scope also launched its first product in the cancer treatment field in the global market last February, completed through collaboration with the US biohealthcare company Guardant Health.

This year, Lunit plans to continue strengthening partnerships with global medical device companies to expand market share, while making sustained efforts to accelerate joint research with global big pharma using Lunit Scope.

Seobum Seok, CEO of Lunit, said, "We achieved our highest quarterly performance by recording quarterly sales of 10 billion KRW for the first time in the first quarter of this year, which is rarely seen in the global medical AI industry." He added, "As overseas sales increase and sales grow, we will continue to grow as a leading company in the global medical AI industry by expanding the Lunit Insight and Lunit Scope pipelines."