Noul, an artificial intelligence (AI)-based blood and cancer diagnostics company, said on the 10th that its operating loss last year was 19.25934 billion won, down 15.5% from a year earlier on a preliminary basis. During the same period, revenue rose 219.83% to 5.12189 billion won.
Noul cited expanded sales of new products launched in the second half of last year as the driver of improved results. It said the cervical cancer diagnostic solution "miLab CER" and the next-generation blood analysis solution "miLab BCM" began contributing meaningfully to revenue.
In addition, a focus on middle- and high-income countries boosted the average selling price, and improvements in manufacturing costs added to the gains. With the launch of the two new products completed, the burden of research and development expenses decreased due to asset capitalization of development costs, and increases in other profit and loss such as interest income from managing cash on hand also improved profitability.
Noul also succeeded in moving away from a revenue structure centered on malaria products. The share of revenue from malaria products fell sharply from 98% in the first half to 31% in the second half, with high value-added new products taking their place.
Sales regions also diversified quickly. Until the first half, Africa accounted for 85% of total revenue, but in the second half, the shares of Latin America (62%) and Europe (15%) expanded, marking a full-fledged entry into developed markets. As a result, the average selling price and gross margin rose together in the second half, bringing a clear change to the revenue structure.
Partnerships with global corporations are also serving as a growth engine. Noul supplied products in 2025 to Nihon Kohden, a global complete blood count (CBC) device manufacturer, as well as to Biomedica, a medical device distributor in Mexico and Europe, and Limbach Group, Germany's largest diagnostic lab chain.
Noul also laid out key growth targets for 2026. It plans to lift its gross margin to 60% by selling more than 500 devices, raising the share of revenue from the United States and Europe to 60%, and expanding the share of revenue from new products to 80%. It also aims to sign at least two large-scale revenue contracts with global corporations.
Noul CEO Lim Chanyang said, "In 2025, profitability metrics improved markedly as we expanded our product portfolio with the launches of blood analysis and cervical cancer diagnostic solutions and diversified sales regions to Europe and Latin America," adding, "Starting in 2026, we will further solidify our business growth model by expanding device deployment and strengthening the cumulative sales structure of cartridges."