L&C BIO, a regenerative medicine company specializing in human tissue, said on the 11th that it posted 30.3 billion won in sales and 6 billion won in operating profit on a consolidation basis in the first quarter. Compared with the same period a year earlier, sales rose 70.6%, and operating profit swung to a surplus.
On a separate basis, sales increased 63.4% from the first quarter of last year to 23.8 billion won, and operating profit rose 546.8% to 6.5 billion won.
The company said the market adoption of "Re2O" and the stable growth of its existing human tissue business drove the improvement in results. Re2O is a product that aids skin and tissue regeneration using extracellular matrix (ECM)-based technology, and clinicians apply it directly to damaged tissue sites or administer it by injection or implantation.
L&C BIO said that even with new facility investments to expand Re2O production and additions to production and quality personnel, it posted an operating margin of 19.8% on a consolidation basis and 27.2% on a separate basis.
The company plans to expand production capacity from the current 35,000 units per month to 80,000 units per month in May and 150,000 units per month in Nov. The company also said that the business for its existing flagship product "MegaDerm" is maintaining stable growth.
Chief Executive Lee Jae-ho of L&C BIO said, "The market adoption of Re2O and an improved sales mix centered on high-margin products were reflected in the results," adding, "As production capacity expansion and domestic and overseas market expansion get into full swing, growth and profitability will improve further."