[E-Daily Park Jung-Soo Reporter] Biotoxtech Co., Ltd.(086040), a domestic contract research organization (CRO) specializing in toxicology testing and preclinical trials, achieved revenue growth and a narrowing of its net loss in the first half of the year, driven by improved performance at its subsidiaries and an increase in new orders.
Biotoxtech Co., Ltd. announced on the 19th that its consolidated revenue for the first half of this year reached 26.3 billion won, a 26% increase compared to the same period last year. During the same period, the operating loss narrowed to 2 billion won, a reduction of approximately 40% year-over-year.
Its subsidiary, Kiprime Research, recorded revenue of 5.8 billion won and an operating profit of 400 million won in the second quarter, achieving its first quarterly operating profit since its establishment.
KeyPrime Research’s new contract value for the first half of the year totaled 17.2 billion won, with overseas clients accounting for more than 60% of that figure. The company explained that this was driven by an increase in orders for Good Laboratory Practice (GLP) testing from overseas biotech firms, based on the non-human primate (NHP) testing infrastructure established in Osong, North Chungcheong Province, in 2022.
Biotoxtech Co., Ltd.’s first-half revenue on a standalone basis was 16.1 billion won, an 8% increase compared to the same period last year. Operating profit remained at a level similar to the previous year due to factors such as a rise in the cost-to-sales ratio.
The order book expanded. Biotoxtech Co., Ltd.’s new orders for the first half totaled 19.8 billion won, a 17% increase year-over-year, while the order backlog rose 18% to 43.5 billion won.
The combined order backlog of Biotoxtech Co., Ltd. and Kiprime Research stood at 60.7 billion won as of the end of the first half. The company expects that the secured order volume will be sequentially reflected in revenue starting in the second half, leading to improved performance.
Biotoxtech Co., Ltd. official stated, “As the large order backlog we have secured is gradually reflected in revenue starting in the second half of the year, we expect to see a full-scale turnaround in our performance,” adding, “Based on our comprehensive non-clinical full-cycle service capabilities—ranging from primates to rodents, toxicity and efficacy testing of non-rodent species, and biological sample analysis—we will achieve both revenue growth and increased profitability.”