GC Cell, 3Q Sales 51.3 Billion KRW... Operating Profit 8.1 Billion KRW

GC Cell logo (Photo by GC Cell)

[Asia Economy Reporter Chunhee Lee] GC Cell announced on the 1st that its consolidated financial results for the third quarter showed sales of 51.25 billion KRW, an increase of 33.8% compared to the same period last year. However, operating profit and net profit were 8.138 billion KRW and 5.642 billion KRW, respectively, down 21.3% and 27.2%.

The company stated, "On November 2nd last year, GC Cell (formerly Green Cross LabCell) merged with Green Cross Cell," and added, "Direct comparison of this period's results with the same period last year may show differences."

The company explained, "The specimen testing business segment saw a decrease in operating profit due to the decline in COVID-19 cases," but also noted, "Sales of Immuncell-LC reached 8.6 billion KRW, supporting overall sales." Additionally, with the normalization of medical services, clinical trial specimen analysis has accelerated, leading to a 20% increase in GCCL sales compared to the previous quarter, showing continuous growth.

In terms of gross profit for the third quarter, there was a 5.3% increase compared to the previous quarter, while selling and administrative expenses decreased by 14.2%, resulting in profit growth through sound management.

Daewoo Park, CEO of GC Cell, said, “Despite the worsening global economic environment, we have established a virtuous cycle that allows investment in research and development (R&D) through sustained growth in each business segment and sound management. With the FDA’s approval of the clinical trial application (IND) for the chimeric antigen receptor (CAR)-NK therapy ‘AB-201’ in September, we will emerge as a top-tier global cell therapy company.”

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