Lunit Reports Record High Revenue of 25.1 Billion KRW Last Year with First Reduction in Deficit Since Inception

Medical AI company Lunit announced on the 15th that it recorded sales of 25.08024 billion KRW and an operating loss of 42.18362 billion KRW based on consolidated financial statements last year. Sales increased by 80.9% compared to the previous year, marking the highest sales ever. The operating loss also improved for the first time since the company's founding, reducing the deficit. This is a 16.7% improvement compared to the 50.7 billion KRW operating loss in 2022.

[Photo by Lunit]

This performance improvement was largely driven by overseas sales. Lunit's overseas sales reached 21.3 billion KRW last year, nearly doubling from 11 billion KRW in 2022. Domestic sales also grew by 32%, from 2.9 billion KRW to 3.8 billion KRW. The sales ratio between domestic and overseas markets stands at approximately 15% domestic and 85% overseas. The company explained that "the explosive growth of the business-to-business (B2B) market last year, new revenue generation from Lunit INSIGHT, and the expansion of the business-to-government (B2G) market led to the record-high performance."

As of November last year, Lunit achieved the milestone of having more than 3,000 medical institutions worldwide adopt its chest X-ray (CXR) image analysis solution for cancer diagnosis, Lunit INSIGHT CXR, and its mammography analysis solution (MMG), Lunit INSIGHT MMG. The company focused its sales efforts on emerging markets with high demand for advanced medical services such as Asia, the Middle East, and Latin America, which significantly increased sales in those regions.

In particular, in December last year, Lunit signed a contract to acquire Volpara Health Technologies, which supplies AI solutions to more than 2,000 medical institutions in the United States, laying the foundation for entering the U.S. market, the world's largest healthcare market. Lunit plans to complete the acquisition of Volpara in the first half of this year and actively expand its sales network in the U.S. market.

Seobum Seok, CEO of Lunit, said, "Lunit achieved record-high performance last year and has maintained a compound annual growth rate (CAGR) of 235% over the past five years. Especially since overseas sales account for 85% of total sales, highlighting our global achievements, we will continue to grow as a leading company in the global medical AI industry."

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