L&K Bio Reports Operating Profit of 3.1 Billion KRW Last Year, Up 51% YoY

Spinal implant company L&K BioMed announced on the 21st that it recorded sales of 36.1 billion KRW and operating profit of 3.1 billion KRW last year, representing increases of 20.7% and 51.3%, respectively, compared to the same period the previous year. Net profit turned positive at 10.2 billion KRW.

Growth was also notable in the fourth quarter of last year based on consolidated financial statements. Fourth-quarter sales reached 10 billion KRW, a 30% increase compared to the same period last year. Net profit also achieved 6.9 billion KRW. A representative from L&K BioMed stated, "The positive earnings trend will continue going forward."

Performance improved due to strong sales of height-expandable cage products in the U.S. market and expansion into Southeast Asian markets such as Thailand and Vietnam. The PassLock-TM in the U.S. achieved 2,000 surgeries over the past year. Last year, height-expandable cage products were introduced in Thailand and Vietnam. Various local sales activities led to an enhanced company brand image along with performance growth.

L&K BioMed completed FDA approval for six new products in the height-expandable cage ‘BlueX Series’. The company is currently awaiting FDA approval for the ‘Pectus’ implant for pectus excavatum, a new business initiative. Applications for ANVISA approval in Brazil for five height-expandable cage products have been completed. The company is preparing to enter the Latin American market. Through more active global activities in Europe, Taiwan, Hong Kong, and other regions, L&K BioMed plans to expand its export scale.

An L&K BioMed representative said, "Performance improved by strengthening the competitiveness of height-expandable cage products and establishing a solid sales foundation to secure stable growth drivers." He added, "This year, we plan to solidify our position in overseas markets through product diversification and lead continuous growth. Along with the growth of emerging markets, we expect steady performance improvement through diversification of distribution channels."