i-SENS Q2 Sales 58.4 Billion KRW, Operating Profit 11.1 Billion KRW... 11% YoY Increase, 31% Growth

[Asia Economy Reporter Chunhee Lee] i-SENS has provisionally announced sales of 58.4 billion KRW for the second quarter on a consolidated basis, an 11% increase compared to the same period last year. Operating profit also rose by 31% year-on-year to 11.1 billion KRW.

i-SENS reported provisional consolidated sales of 58.38 billion KRW for the second quarter of 2021, marking a 10.7% increase compared to the same period last year, on the 28th. Operating profit for the same period was 11.054 billion KRW, up 31.2% year-on-year, and net profit was 9.164 billion KRW, an increase of 27.4%.

The company attributed the strong performance to robust orders for blood glucose meters domestically and across Asia, as well as increased overseas sales driven by orders from Walmart in the United States. An i-SENS representative stated, “Sales significantly increased due to the recovery of sales in the Asian region, which had underperformed last year due to COVID-19, and the rise in orders for blood glucose meters from domestic and international OEM/ODM customers.”

Earlier, i-SENS had set a guidance of 225 billion KRW in sales for this year, representing a 10% growth from 203.7 billion KRW last year. The company expects to comfortably achieve this target, as first-quarter sales reached 52.58 billion KRW, an 18% increase year-on-year, and second-quarter sales also grew by 11%. In particular, despite a continuous increase in recurring development expenses in the second quarter, efficient cost reduction efforts in selling and administrative expenses led to results that significantly exceeded market consensus.

An i-SENS representative said, “Although overseas clinical trial costs for the continuous glucose monitor (CGM) for researchers are scheduled in the second half of the year, the investment for these overseas trials will be funded through profit growth in existing business divisions,” adding, “We expect to maintain double-digit growth rates and profit margins steadily.”

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