On the 31st, T&R Biofab Co., Ltd announced that its consolidated revenue for the first half of this year reached 18.26 billion won, a 46% increase compared to the same period last year. During the same period, its operating loss improved significantly, narrowing by approximately 3.6 billion won to 1.86 billion won. In particular, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA)—which reflects depreciation expenses and certain non-cash items—posted a profit of 720 million won.
The company attributed this to synergies generated by the surging revenue in its core ECM-based biosurgical solutions business and the solid performance of its subsidiary, Blisspack.
In particular, the growth momentum in its core biosurgical solutions division is steep. The company’s standalone first-half revenue totaled 6.41 billion won, a substantial 110.0% increase compared to the same period last year. Growth in sales of the powder-type composite hemostatic agent “Hemofix,” the wound dressing “Reprofoam,” and the acellular dermal matrix (ADM) product line drove this performance growth.
The company plans to continue expanding its lineup tailored to clinical settings, leveraging its differentiated ECM development and manufacturing capabilities based on decellularization technology.
The company has also gained momentum in its expansion into the global market. T&R Biofab Co., Ltd, which obtained U.S. Food and Drug Administration (FDA) 510(k) clearance earlier this month for its 3D-printed skull reconstruction implant “TnR CI” (formerly TnR CFI), intends to use its U.S. patent and FDA approval as a springboard to secure distribution partners in North America and to fully launch its expansion into global markets, including Central and South America, the Middle East, and Asia.
Its subsidiary, Blisspack, is also serving as a reliable cash cow. Blisspack, which possesses high-performance freeze-dried cosmetic capsule manufacturing technology and unrivaled ODM and OEM capabilities, recorded standalone revenue of 11.72 billion won and operating profit of 2.14 billion won in the first half of the year. The company explained that, based on a monthly production capacity (CAPA) of approximately 4 million capsules, repeat orders from major clients and new product orders are continuing, leading to expectations of robust growth in the second half of the year as well.
A T&R Biofab Co., Ltd official stated “The first-half profit and loss figures include the impact of increased bad debt provisions, which proactively reflect potential future losses in accordance with conservative accounting standards; therefore, there is room for further profit improvement through reversals when receivables are collected,” adding, “Based on the rapid growth of our core medical device business and Blisspack’s stable performance, we will achieve both revenue growth and improved profitability in the second half.”
