[Public Notice+] Neofect Achieves 4.7 Billion KRW in Q1 Sales... "Expanding Overseas Remote Rehabilitation Service Business"

[Asia Economy Reporter Hyunseok Yoo] NeoFact, a specialized company in innovative medical solutions, announced on the 2nd that its consolidated sales for the first quarter of this year reached 4.7 billion KRW, a 215% increase compared to the same period last year. During the same period, operating loss was 4.1 billion KRW, and net loss was 4.0 billion KRW.

Sales in the first quarter increased significantly compared to the same period last year due to the acquisition of Long Life Green Care, Korea’s No.1 silver care specialized company, for business expansion last year, and the acquisition earlier this year of Community Rehab Care (CRC), a medical clinic located in Massachusetts, USA.

A company official explained, “Sales from Long Life Green Care and CRC contributed to an increase of about 3.2 billion KRW compared to the same period last year. As we are expanding our overseas remote rehabilitation medical service business based in the US and Germany subsidiaries, selling and administrative expenses, including costs for developing remote medical platforms and labor costs, increased compared to the same period last year as investments for future growth.”

He added, “However, despite the acquisition of CRC earlier this year, selling and administrative expenses decreased by 12% compared to the previous quarter through company-wide cost efficiency efforts.”

NeoFact’s US medical clinic CRC recently received approval for a free product support program as state-level support for telemedicine expanded due to the COVID-19 pandemic. The program provides free rehabilitation medical devices and solutions to patients with traumatic brain injury (TBI) at CRC.

The official said, “Due to the impact of COVID-19, the necessity of telemedicine has been emphasized mainly by the US subsidiary, resulting in a 26% increase in sales compared to the previous quarter. We are currently in the process of expanding our global front market and business areas. With sales generated through medical clinic-centered linkage, fundamental sales growth is expected in the future, and we are striving to improve profit and loss structure through workforce efficiency, so performance improvement is anticipated from the second half of the year onward.”

This content was produced with the assistance of AI translation services.