Philosys Healthcare Removed from Management Item List Following Earnings Rebound... "Will Continue Upward Earnings Trend"

[Asia Economy Reporter Jang Hyowon] Philosis Healthcare announced on the 19th that it has submitted its audit report and has been removed from the list of companies under management supervision.

Philosis Healthcare was designated as a company under management supervision in March last year due to the occurrence of pre-tax continuing operations losses exceeding 50% of equity capital in two of the last three fiscal years. The company improved its overall performance, successfully turning a profit on both separate and consolidated bases last year, thereby escaping the management supervision status within one year.

With continued exports of overall products such as COVID-19 diagnostic kits and specimen collection kits, Philosis Healthcare's performance achieved rapid growth compared to the previous year. On a consolidated basis, sales increased by 167% to 25.1 billion KRW, and operating profit and net income reached 180 million KRW and 8 billion KRW respectively, breaking away from consolidated losses that had continued since 2012 for the first time in nine years. On a separate basis, sales rose 176% to 22.6 billion KRW, and operating profit turned positive at 2.4 billion KRW.

The sales growth trend is expected to continue this year as well. In January, Philosis Healthcare signed export contracts worth a total of 52.9 billion KRW for specimen collection kits with the United States and the UAE, completing the first delivery and currently proceeding with the second supply. The company also obtained export approval from the Ministry of Food and Drug Safety for antigen rapid diagnostic kits, which is expected to diversify its export products.

Philosis Healthcare plans to actively advance its smart healthcare business. The company has secured business capabilities related to tablet PCs for home nursing use and smart care zones. Additionally, it plans to enter the global market with a variety of blood glucose meter product lines.

A Philosis Healthcare official stated, "Having completely escaped the management supervision risk, we can now accelerate management efforts to enhance shareholder value," adding, "Sales of COVID-19 related products continue this year, and with new businesses also being launched in earnest, the upward trend is expected to continue."

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