MediPost's Q3 Sales Increase 15.8% to 15.3 Billion KRW Driven by Cord Blood and Cartistem Growth

[Asia Economy Reporter Lee Gwan-joo] Medipost announced on the 4th that its sales for the third quarter, based on separate standards, increased by 15.8% year-on-year to 15.3 billion KRW. Cumulative sales up to the third quarter reached 45.5 billion KRW, continuing the record for the highest cumulative sales.

Operating loss increased by 75.5% during the same period to 4.4 billion KRW. This was due to cost increases caused by inflation, increased research and development expenses, and fees related to overseas mergers and acquisitions (M&A). However, pre-tax profit and net profit turned positive, recording 19.7 billion KRW and 18.1 billion KRW respectively, thanks to increased valuation gains from convertible bonds and equity method gains from subsidiaries.

All business divisions showed growth, with significant increases in the performance of the core divisions. The cord blood division, operating 'Celtree,' the number one domestic cord blood bank, recorded a 14.2% sales growth. Despite the challenging environment caused by the sharp decline in birth rates, awareness of the necessity and utility of cord blood storage improved through various activities promoting the value of cord blood, and the country's only multi-bag storage service is also receiving positive responses.

The knee osteoarthritis stem cell treatment product, Cartistem, grew by 27.5% year-on-year, recovering its double-digit growth rate prior to COVID-19, based on accumulated product reliability.

Research and development for new drug development and investment in new businesses are also being strengthened. The injectable osteoarthritis treatment 'SMUP-IA-01' completed patient dosing for its domestic Phase 2 clinical trial last month, and plans to evaluate safety and efficacy through a one-year observation period. Additionally, the company is pursuing business diversification through the domestic contract development and manufacturing organization (CDMO) business for cell and gene therapies.

A Medipost official stated, "We will do our best to renew the record for the highest sales this year by expanding market dominance in the cord blood bank and Cartistem businesses," adding, "While promoting rapid clinical trials and commercialization of next-generation products, we plan to establish a virtuous cycle structure that can create sustainable growth and profits through early market entry of the cell and gene therapy CDMO business."

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