Medipost Sees 42% Standalone Operating Profit Growth in Q1... Consolidated Loss Due to US Clinical Trial Costs

Standalone Operating Profit Reaches 1.85 Billion Won
Revenue from Japanese Cartistem Licensing Reflected
Consolidated Operating Loss of 16.85 Billion Won Due to Start of U.S. Phase 3 Clinical Trials

Medipost announced on the 15th that, on a standalone basis, it recorded sales of 21.4 billion won and operating profit of 1.85 billion won in the first quarter of this year.

Medipost company logo image. Medipost

Compared to the same period last year, sales increased by 5.7% and operating profit by 42.4%. This reflects revenue recognition from the exclusive Japanese licensing agreement for the knee osteoarthritis stem cell therapy "Cartistem" signed with Teikoku Seiyaku of Japan.

On a consolidated basis, Medipost reported sales of 19.46 billion won and an operating loss of 16.85 billion won. The company explained that this was due to overseas clinical trial expenses related to the initiation of phase 3 clinical studies for Cartistem in the United States, as well as 17.68 billion won in regular R&D expenses.

Medipost is accelerating its entry into the U.S. and Japanese markets with Cartistem. In the United States, phase 3 clinical trials are underway with the goal of dosing the first patient in the second quarter, while in Japan, the company is preparing to file for product approval in the second half of the year.

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