[Edaily Reporter KIM SAE-MI ] Boditech Med Inc.(206640)posted double-digit growth in both revenue and operating profit in the third quarter of this year, driven by growth in the domestic and African markets and increased sales of diagnostic cartridges. However, net income fell by nearly 75%.

Boditech Med Inc. announced on the 6th that its consolidated operating profit for the third quarter of this year was 8.9 billion won, a 35.2% increase compared to the same period last year. During the same period, revenue rose 20.1% to 48 billion won, while net income fell 74.6% to 2 billion won.

The operating profit margin stood at 18.6%, up 2.1 percentage points (p) from the same period last year (16.5%). Compared to the previous quarter, revenue decreased by 4.9%, but operating profit increased by 8.4%, indicating improved profitability. In contrast, pre-tax profit fell 75.5% year-over-year to 2.4 billion won. Considering the difference between operating profit and pre-tax profit, it is estimated that non-operating losses amounted to approximately 6.6 billion won.

By region, the domestic and African markets led growth. Domestic third-quarter revenue reached 4.7 billion won, a 56% increase compared to the same period last year. The company explained that this was due to the effects of strengthening equipment supply and product lines in response to growing demand for in-house testing at hospitals and clinics. Revenue in Africa surged 112% year-over-year, and cumulative revenue for the year rose 42% to 15.1 billion won.

Revenue in the Middle East and North Africa (MENA) region reached 11.7 billion won, a 10% increase year-over-year. While revenue in Europe rose by only 0.7%, cumulative revenue for the year increased by 41% to 33.6 billion won. Third-quarter revenue in Asia and Latin America also increased by 12% each.

By product category, sales of diagnostic cartridges—which generate repeat purchases—performed strongly. Third-quarter revenue from finished cartridge products reached 38 billion won, a 24% increase compared to the same period last year (30.6 billion won). This accounts for approximately 79% of total revenue. Year-to-date cartridge revenue also rose 14.6% to 104.3 billion won.

The installation of diagnostic equipment, which will serve as the foundation for future consumables sales, also expanded. The cumulative number of new equipment installations for the third quarter of this year was 13,133 units, a 3.8% increase compared to the same period last year. In particular, new installations of the company’s flagship platforms, the “iChroma” and “Apias” series, rose by 26.7% to 9,493 units. This figure has already surpassed last year’s annual total of new installations for these flagship devices (9,280 units).

In recent years, Boditech Med Inc. has invested in research and development, workforce expansion, and the establishment of production infrastructure to enter new business areas such as biochemistry, hematology, and veterinary diagnostics. Although this process has increased cost burdens, the company is working to improve profitability through growth in its existing immunodiagnostics business and operational efficiency.

However, based on cumulative results, the recovery in profitability has been limited. Cumulative revenue for the first three quarters of this year reached 141.2 billion won, a 17.2% increase compared to the same period last year, but operating profit rose by only 0.4% to 24.0 billion won. The cumulative operating profit margin also decreased from 19.8% last year to 17.0% this year. During the same period, cumulative net profit fell by 15.0% to 19.1 billion won.

Choi Eui-yeol, CEO of Boditech Med Inc., noted, “The third quarter is significant in that it marked a shift in the prolonged trend of declining profitability, as operating profit margins improved alongside growth in our existing businesses.” He added, “We are now at a critical stage where we must translate the new platforms and business infrastructure we have secured into tangible market results.”

He further emphasized, “We will further strengthen the competitiveness of our existing immunodiagnostics business and expand our market presence in new diagnostic fields to leap forward as a comprehensive point-of-care diagnostics solutions provider, while simultaneously enhancing both growth and profitability.”