Medipost Reports 17.3 Billion KRW in 1Q Sales... Separate Basis Turns to Profit

Medipost announced on the 15th that it recorded sales of 17.34578 billion KRW and an operating profit of 1.41646 billion KRW in the first quarter of this year based on separate financial statements. Sales increased by 12.7%, and operating profit turned positive.

Exterior view of Medipost headquarters in Pangyo, Seongnam-si, Gyeonggi Province [Photo by Medipost]

The company stated, "Last year, we recorded an operating loss of 10.8 billion KRW due to cost increases caused by inflation and one-time expenses related to overseas mergers and acquisitions (M&A)," adding, "This year, overall profitability improved with increased sales centered on cell therapy products and cost reduction, resulting in a turnaround to profit." In terms of sales, the knee osteoarthritis stem cell treatment Cartistem drove growth by increasing sales by 37.7% compared to the same period last year, based on the product's reliability despite the prolonged COVID-19 pandemic.

However, net income continued to show a loss of 6.22295 billion KRW due to equity method losses from overseas subsidiaries conducting overseas clinical trials of Cartistem. On a consolidated financial statement basis, sales were 17.52883 billion KRW, operating loss was 4.3642 billion KRW, and net loss was 6.51735 billion KRW, continuing the deficit. This is analyzed to be due to all subsidiaries, including Medipost America, Evastem, Immunic, Cellino, and Medipost CDMO, continuing net losses as none except Cellino generated sales among the subsidiaries.

A Medipost official said, “Since CEO Oh Won-il’s appointment, efforts to strengthen fundamentals along with continuous external growth of existing businesses have led to the turnaround to profit,” adding, “Going forward, each business division, including Celtree, the No. 1 domestic cord blood bank, and Cartistem, which is in its 11th year since launch, will make every effort to maintain profitability.”

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