Synergy Innovation Reports Operating Profit of 6.2 Billion KRW in Q3, Up 207% YoY

[Asia Economy Reporter Jang Hyowon] Synergy Innovation (CEO Gu Jahyung), a bio and medical device specialized company, announced third-quarter earnings with significantly improved profitability due to new business impacts.

The company reported improved profitability reflecting sales of COVID-19 specimen collection kits, and expects a steady sales growth trend to continue into the fourth quarter.

Synergy Innovation disclosed on the 16th that its consolidated sales for the third quarter reached 44.5 billion KRW, and operating profit was 6.2 billion KRW, a 207% increase compared to the same period last year.

Along with stable growth in its core microbial culture media business and its subsidiary M.I.Tech, sales of COVID-19 specimen collection kits were reflected from the third quarter, increasing operating profit by 4.2 billion KRW year-on-year. In particular, operating profit based on separate financial statements recorded 3.7 billion KRW, showing a growth rate exceeding 900% compared to the same period last year.

A company official stated, “The new specimen collection kit business recorded sales and operating profit surpassing existing businesses, increasing the operating profit margin on a separate basis by more than 25 percentage points,” adding, “As new orders for the collection kits continue, we expect steady sales growth to persist in the fourth quarter.”

Synergy Innovation entered the COVID-19 specimen collection kit business this year, expanding production capacity to about 48 million units annually, and has secured global trust in quality by obtaining U.S. FDA product approval and European CE certification.

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