JVM Reports 3Q Revenue of 36.8 Billion KRW... Cumulative Surpasses 110 Billion KRW

Operating Profit Increased by 2.4% YoY to 5.8 Billion KRW
"Expecting Annual Sales of 150 Billion KRW"

JV M, a subsidiary of Hanmi Group, announced on the 26th that its consolidated sales for the third quarter of this year were tentatively estimated at 36.847 billion KRW, an increase of 7.8% compared to the same period last year.

JVM logo. [Image provided by JVM]

Operating profit for the same period grew by 2.4% to 5.823 billion KRW, and net profit increased by 17% to 5.4 billion KRW. During this period, 2.2 billion KRW, equivalent to about 6% of sales, was invested in research and development (R&D) to secure growth engines.

JV M's cumulative sales up to the third quarter increased by 10.3% year-on-year to 113.2 billion KRW. The company expects to surpass annual sales of 150 billion KRW for the first time in its history this year.

Exports in the third quarter amounted to 16.4 billion KRW. The sales ratio by market was 55.5% domestic and 44.5% export. Looking at export amounts by country, North America accounted for 17.2%, Europe 19.0%, and others 8.3%.

In particular, JV M's European branch led the strong performance by recording sales of 7.3 billion KRW, a 25.7% increase compared to the same period last year. JV M recently successfully launched 'MENITH,' a state-of-the-art next-generation automatic dispensing machine equipped with a robot arm, independently developed, in the European market. Most overseas factory-type pharmacies mass-produce prescribed medicines received and deliver them nationwide, and JV M explained that additional introduction of MENITH, which can improve work efficiency, is expected.

JV M was incorporated into Hanmi Science, the holding company of Hanmi Group, in 2016. Hanmi Pharm and Online Pharm are respectively in charge of JV M's overseas and domestic businesses, while JV M focuses on R&D and production for new product development. Hanmi Pharm supplies JV M equipment to 60 countries through 34 global partner companies.

A JV M official said, "JV M of Korea is leading the future global pharmacy automation system market," adding, "Recently, by launching the automatic dispensing machine MENITH equipped with a robot arm, the world is predicting the future pharmacy automation system based on JV M's technological capabilities."

The official continued, "JV M is focusing not only on entering existing markets but also on pioneering and creating markets that have never existed through innovation," and self-assessed, "We are developing into an innovative company that becomes an important central axis in the rapidly changing global healthcare market."