Lunit posted its highest-ever quarterly revenue in the first quarter this year.
Lunit said on the 12th that first-quarter revenue on a consolidation basis was 23.952 billion won, up 25% from a year earlier.
The increase was driven by higher overseas revenue. Overseas revenue rose 29% to 23.215 billion won, accounting for 97% of total revenue.
The first-quarter operating loss narrowed about 35% to 13.593 billion won from a year earlier, and the cash operating deficit on an EBITDA basis fell about 54% to 6.819 billion won.
The company said, "The reduction in losses was the result of revenue growth and expense efficiencies working in tandem," and noted, "As research and development (R&D) expense and fixed expense declined, a trend of improved profitability emerged."
Revenue from the cancer diagnosis business rose 22% year over year to 22.274 billion won. Lunit INSIGHT and the subsidiary Lunit International product lines grew evenly. In Japan, revenue share increased 70% from the previous quarter, based on collaboration with Fujifilm.
Revenue from the cancer treatment business jumped 90% year over year to 1.679 billion won. Expanded demand for Antibody-Drug Conjugate (ADC)-based Precision Medicine and rising demand for the immunohistochemistry (IHC) quantitative analysis solution "Lunit SCOPE uIHC" had an impact.
Seo Bum-seok, chief executive of Lunit, said, "In the first quarter, we significantly reduced losses alongside record-high revenue," adding, "We will continue to pursue growth and profitability improvements with a goal of achieving EBITDA breakeven this year."