Overseas Sales Account for 93%
Solidifying Position as a Leading Global Medical AI Company
On May 12, Lunit, a medical artificial intelligence (AI) company, announced that it recorded consolidated sales of 19.2 billion KRW and an operating loss of 20.9 billion KRW in the first quarter of this year.
According to Lunit's first-quarter business performance disclosure, the company's sales for the first quarter increased by 273.6% compared to the same period last year (5.1 billion KRW). Of this, overseas sales amounted to 17.937 billion KRW, a 327.1% increase from the same period last year (4.2 billion KRW), accounting for 93% of total sales. Domestic sales also grew by 34.6% to 1.265 billion KRW, compared to 940 million KRW in the same period last year.
Both Lunit and its subsidiary Volpara Health (Volpara Health·Volpara) achieved record quarterly sales in the cancer screening sector in the first quarter of this year, demonstrating their competitiveness in the global market. The AI cancer screening solution 'Lunit INSIGHT' recorded a 39% increase in sales compared to the same period last year. This was mainly due to the signing of a solution supply contract in the first quarter with Dr. Sulaiman Al-Habib Medical Group, the largest private medical institution in Saudi Arabia, as well as an increase in direct sales in Singapore.
Sales of 'Lunit SCOPE', the AI biomarker platform for cancer treatment, also showed rapid growth, increasing by 135% compared to the same period last year. In particular, the increase in contract research revenue with global pharmaceutical companies served as a key growth driver.
The business integration with Volpara is also yielding concrete results. Volpara achieved sales growth of more than 10% compared to the same period last year, and the proportion of revenue generated through its subscription-based software-as-a-service (SaaS) model reached 98% of total sales, providing a stable and predictable revenue base. This has greatly contributed to strengthening the overall financial stability of the Lunit Group.
In the first quarter of this year, sales of Lunit's three-dimensional (3D) breast tomosynthesis AI image analysis solution, 'Lunit INSIGHT DBT', began through Volpara's North American sales network. This marks the first time that Lunit products have entered the North American market through Volpara's distribution channels, and is expected to serve as an important milestone for future sales growth in the United States.
Seo Beomseok, CEO of Lunit, stated, "The first quarter results are the embodiment of our global business expansion strategy into tangible sales, and it is encouraging to see continued high growth for both Lunit INSIGHT and Lunit SCOPE." He added, "We will continue to pursue balanced growth in both cancer screening and treatment, while achieving sales results in the North American market to further solidify our position as a leading global medical AI company." Meanwhile, Lunit recorded a net profit for the first quarter on its financial statements. This is mainly interpreted as a temporary and non-recurring effect resulting from an increase in valuation gains on convertible bonds (CB).
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