B2N, 24% YoY Sales Increase... "Sustainable Growth Through Sales Diversification"

BTuen, an AI and big data specialist company (CEO Joo Hyun-jung, Park Jong-yul), announced on the 16th that its cumulative sales for the third quarter of this year reached 21.6 billion KRW, a 24.1% increase compared to the same period last year. Operating losses during the same period were 2.2 billion KRW, with an evaluation loss of 3.7 billion KRW.

BTuen explained that its main growth driver, the ‘Neul (NEUL) Silver Care’ service, was launched in November, and due to the seasonal nature of the business with sales concentrated in the second half of the year, sales are expected to increase further. The deficits caused by ongoing investments in the ‘Neul (NEUL) Silver Care’ service since the first quarter, as well as the recruitment of platform and device development personnel, are expected to continue through this year.

The company stated, "The recent derivative product evaluation loss is an accounting loss without cash outflow, calculated by valuing convertible bonds at fair value according to Korean International Financial Reporting Standards (K-IFRS)." They added, "Based on the recently launched 'Neul (NEUL) Silver Care' platform, we will pursue continuous expansion and profitability improvement," and expressed expectations for sustained performance growth.

Currently, preparations are underway to apply the service simultaneously with its launch to Gwangju Honam The Sun Nursing Hospital and Gangdong Nursing Hospital, focusing all efforts on securing new references. The service is unique in Korea as it uses AI to predict and prevent sudden death during sleep, falls, myocardial infarction, and provides 24-hour real-time monitoring, making its business potential promising.

BTuen is also targeting overseas markets. In September this year, they introduced ‘Neul (NEUL) Silver Care’ to a group of New York State Assembly members and are continuing discussions on new business combining it with ‘Reizma’s’ AI speaker-based care service, which is conducting silver care business in New York State.

BTuen recorded sales of 24.9 billion KRW in 2020, 25.8 billion KRW in 2021, and 27.1 billion KRW last year. This year, favorable business conditions and entry into new businesses are expected to enable further sales growth.

Meanwhile, on the 13th, BTuen signed a Memorandum of Understanding (MOU) with BitSensing, an imaging radar solution company, to activate AI digital silver care services. By linking sleep quality analysis and depression and dementia analysis information to the ‘Neul Silver Care’ service, they plan to enhance the reliability of existing predictive data such as falls and myocardial infarction and establish a foundation to predict the occurrence of geriatric diseases such as depression, dementia, and Parkinson’s disease. They also plan to build a cooperative system for service activation and simultaneously target the smart wellness market.