Medipost Reports 15.4 Billion KRW in Q1 Sales, Up 18.2% Year-on-Year
Umbilical Cord Blood Business, Growth Across All Divisions Including 'Cartistem'
[Asia Economy Reporter Lee Gwan-joo] Medipost announced on the 6th that it recorded sales of 15.4 billion KRW in the first quarter, an increase of 18.2% compared to the same period last year.
Despite the increase in sales in the first quarter, operating loss increased by 30.1% year-on-year to 1.9 billion KRW due to rising cost of sales and research and development expenses caused by recent external inflationary pressures. Additionally, pre-tax loss was 6.7 billion KRW and net loss was 6.1 billion KRW due to derivative valuation losses and equity method valuation losses.
All business divisions showed balanced growth in the first quarter despite the Omicron pandemic phase. The cord blood division, which operates ‘Celtree,’ the number one domestic cord blood bank, led the company’s growth by increasing 29.5% year-on-year despite a challenging environment with declining newborn numbers and intensified competition.
The Cartistem division, which produces stem cell treatment for knee osteoarthritis, grew 3.5% year-on-year due to an increase in severe surgical patients. The health functional food brand Movita saw an 11.4% increase year-on-year, driven by increased sales of women-only products.
A Medipost official said, “The first quarter of this year started pleasantly with balanced growth across all business divisions,” and added, “We will strive to achieve the highest annual sales ever by further solidifying the market dominance of ‘Celtree,’ the number one domestic cord blood bank, and Cartistem, which has reached its 10th year, based on long-standing trust.”
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Meanwhile, in March, Medipost signed an investment contract worth a total of 140 billion KRW with Skylake Equity Partners and Crescendo Equity Partners, accelerating its entry into the North American CDMO market and overseas clinical trials.
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