Medipost Reports 17.6 Billion KRW in 3Q Sales... Operating Profit Turns Positive

Medipost announced on the 25th through a business performance provisional disclosure that, based on separate financial statements, it recorded sales of 17.557 billion KRW and an operating profit of 1.87 billion KRW in the third quarter of this year. Sales grew by 14.4% compared to the same period last year, and operating profit turned positive. For the cumulative period this year, sales reached 51.795 billion KRW and operating profit 4.557 billion KRW, marking growth of 13.8% and a turnaround to profitability, respectively.

Exterior view of Medipost headquarters in Pangyo, Seongnam-si, Gyeonggi-do [Photo by Medipost]

The company cited the growth of the knee osteoarthritis stem cell treatment 'Cartistem' as the main reason for this performance growth. With cumulative sales of 16.2 billion KRW up to the third quarter, representing an 18.2% increase compared to the same period last year, it is expected to achieve annual sales of 20 billion KRW this year. A Medipost representative said, “Achieving sales of 20 billion KRW for a domestically approved stem cell treatment is very meaningful,” adding, “In addition to maintaining a profitable trend this year, we aim to develop Cartistem into a global blockbuster drug through successful ongoing global clinical trials in the United States and Japan.”

Cartistem’s Phase 3 clinical trial in Japan began patient dosing earlier this year, and so far, 44 patients have been enrolled. In the United States, preparations for Phase 3 clinical trials are underway. Following the first Type C meeting with the U.S. Food and Drug Administration (FDA) in June to establish the clinical protocol, a second meeting is planned within this year to determine the quality and process direction for Cartistem to be used in the Phase 3 trial. Based on this, the company plans to submit an Investigational New Drug (IND) application for the U.S. Phase 3 clinical trial to the FDA next year.