MediPost Reports 54.9 Billion KRW in Sales Last Year... Operating Profit Down 117.3%

[Asia Economy Reporter Chunhee Lee] Medipost recorded operating results that grew 13% compared to the previous year.

Medipost announced on the 14th that its consolidated financial statements showed sales of 54.8562 billion KRW last year, a 12.8% increase compared to the previous year. Sales increased as all business divisions achieved record-high performance.

On the other hand, operating loss decreased by 117.3% to 5.2444 billion KRW, reducing the loss margin. Medipost explained, "Operating loss expanded due to increased research and development (R&D) costs for injectable knee osteoarthritis treatment SMUP-IA-01, increased costs related to advance investment in cell therapy GMP production facilities, and rising raw material costs."

However, pre-tax profit recorded 589.4 million KRW, a 91.8% increase compared to the previous year, thanks to valuation gains on investment properties, and net loss for the period was 979.46 million KRW, successfully reducing the deficit by 48.3% due to deferred corporate tax effects.

Medipost evaluated that despite the uncertain management environment caused by the resurgence of COVID-19 last year, all business divisions grew evenly. Sales of the knee osteoarthritis stem cell treatment Cartistem division grew 4.8% compared to the previous year. The cord blood division also grew 22.5%, and the health functional food brand Motiva showed a 30.0% sales increase.

A Medipost official said, "Last year was a year in which each business division achieved maximum sales results through strenuous efforts and prepared the foundation for future growth," adding, "This year, we plan to strengthen competitiveness by focusing on sustainable future growth through domestic Phase 2 clinical trials of SMUP-IA-01 and overseas clinical trials of Cartistem."

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