[Edaily Reporter Shin Ha-yeon ] L&C BIO(290650)has achieved its best-ever first-half results, driven by expanded domestic and international sales of its human tissue extracellular matrix (ECM) product, “Re2O.”

L&C BIO’s standalone revenue for the first half of 2026 was 55.4 billion won, a 78.4% increase from 31.0 billion won in the same period last year. Operating profit for the same period rose 589.7% from 2.2 billion won to 15.3 billion won. The operating profit margin rose by 20.5 percentage points, from 7.1% to 27.6%.

On a consolidated basis, revenue reached 69.1 billion won, an 80.4% increase from 38.3 billion won in the same period last year. Consolidated operating profit turned from a 400 million won loss in the same period last year to a 14.6 billion won profit. The operating profit margin also improved from -1.1% to 21.1%.

The company explained that revenue growth and improved profitability occurred simultaneously as the effects of operating leverage—driven by an improved product mix resulting from expanded sales of Lituo, enhanced production efficiency, and the spreading of fixed costs—began to take full effect.

Litou is an injectable human tissue product based on acellular allogeneic dermis, created by removing cells from donated human skin while preserving the extracellular matrix. It represents an extension of the capabilities in human tissue processing, quality testing, and traceability management that L&C BIO has accumulated since its founding in 2011, now applied to an injectable product.

The company plans to accelerate efforts to secure clinical evidence alongside expanding domestic and international sales of Litou. Based on approximately 500,000 cases of real-world data, the company is expanding research on the physical properties of the ECM, the tissue integration process following injection, histological changes, and long-term safety. In the second half of the year, the company is also considering conducting ECM clinical studies in collaboration with overseas medical institutions and researchers.

Lee Ju-hee, a Specially Appointed Professor at Yonsei University College of Medicine who was appointed as a board member and vice chairperson last March, is also participating in setting research and development directions, evaluating the suitability of human tissues, and advising on global clinical and academic strategies.

Meanwhile, L&C BIO is proceeding with a capital increase through a rights offering followed by a public offering of unsubscribed shares, with a maximum scale of approximately 140.6 billion won based on the planned issue price.

The funds raised through the capital increase are scheduled to be invested in expanding production capacity, automating processes, and establishing global production hubs and overseas human tissue supply chains. Through collaboration with a U.S. human tissue bank, the company plans to build a U.S. human tissue value chain encompassing donation, quality control, storage, and supply, while also working to normalize operations at its production hub in China.

In addition, the company is proceeding with a stock split and the repurchase and cancellation of call options. Regarding the call options, the company explains that once the conversion bonds are canceled following the exercise of the options, there will be no valuation losses on derivatives related to the conversion bonds—which would otherwise significantly impact L&C BIO’s net income—nor will there be any resulting corporate income tax expenses.

An L&C BIO official stated, “Lituo’s growth is not merely the result of increased sales of individual products, but rather the expansion of L&C BIO’s long-accumulated capabilities in human tissue processing and quality control into new markets.” The official added, “We will not rest on our existing evidence regarding efficacy and safety, but will continue additional research and domestic and international clinical trials to develop Lituo into a human tissue ECM platform recognized in the global market.”