The medical artificial intelligence (AI) corporation Lunit announced on the 13th that its consolidated revenue for the first half of this year was approximately 37.1 billion won, with an operating loss of about 41.9 billion won.
Revenue for the first half of this year more than doubled compared to the same period last year (approximately 17.37 billion won), setting a record for the highest revenue on a half-year basis. However, the scale of the operating loss also widened compared to 32.7 billion won in the first half of last year.
In the second quarter, revenue was 17.875 billion won, an increase of 46.2% compared to the same period last year, and the operating loss was about 21.1 billion won, which is up 5.81% from the same period last year.
The growth in revenue was driven by overseas sales. Exports accounted for 91% of revenue in the second quarter.
Lunit has increased its revenue by launching its integrated AI solution for breast cancer screening, "Second Read AI," in the U.S. market, boosting the rate of conversion to paid services.
The company explained that securing a North American sales network through its subsidiary Volpara Health, acquired last May, is also contributing to revenue growth. In fact, Lunit's 3D mammography AI, "Lunit Insight DBT," is being supplied through this sales network.
Revenue from the AI biomarker platform "Lunit Scope" in the first half of this year increased by 91% compared to the same period last year. This is interpreted as a result of strengthened partnerships with global pharmaceutical companies.
The company noted, "As global pharmaceutical companies recognize the clinical utility in the drug development process, the number of research analysis requests and the scale of contracts have increased concurrently," adding, "We expect growth to continue in the second half through additional contracts."
Lunit CEO Seo Beom-seok stated, "We have achieved record-high half-year revenue while also reaching a 90% share of overseas sales, significantly boosting our global commercialization capabilities," and added, "Considering the seasonality of revenue expansion in the second half, the annual growth momentum is expected to strengthen further as the launch of new products in the U.S. and the rapid growth of Lunit Scope begin in earnest."