OSANG Healthcare reported on the 15th that it achieved consolidated revenue of 32.1 billion won and operating profit of 4.1 billion won in the first quarter of this year (January to March). Revenue increased by 55% compared to the same period last year, and the company successfully turned to profitability.
OSANG Healthcare explained that it led to a turnaround as it began supplying a combo diagnostic kit that tests for both COVID-19 and influenza A and B to the U.S. market.
OSANG Healthcare received formal approval (510K) for the combo diagnostic kit from the U.S. Food and Drug Administration (FDA) in January and signed an exclusive supply contract with a global medical device corporation. It is the first among domestic corporations.
Looking at the revenue by institutional sector in the first quarter of this year, the immunodiagnostics sector, which produces diagnostic kits, had the largest revenue at 16.4 billion won. The biochemical diagnostics sector, which produces blood glucose meters and hemoglobin A1c analyzers, recorded revenue of 14.7 billion won.
An OSANG Healthcare official said, "We will continue high growth through the expansion of diagnostic kit supply and the recovery of existing diagnostic sector revenue in the second quarter."