Lunit(328130) posted a record high first-half revenue this year. While overseas revenue accounted for 95% of the total, expense efficiencies also reduced operating losses and cash-based losses.
On the 12th, according to Lunit, the company recorded 45.766 billion won in consolidation-based revenue in the first half of this year. That was up 23% from a year earlier and the highest ever for a first half.
Overseas revenue was 43.433 billion won, accounting for 95% of the total. Domestic revenue was 2.333 billion won.
Profitability also improved. The operating loss was 28.962 billion won, down 31% from the same period last year. The EBITDA deficit was 14.648 billion won, a decrease of about 50% year over year.
Lunit formed an organization dedicated to expense efficiencies early this year and moved to manage expenses by overhauling its budget. The company said this reduced losses alongside revenue growth. It is also maintaining its goal of reaching the breakeven point (BEP) on an annual EBITDA basis.
By business, the cancer screening solutions business led revenue growth. Revenue from the cancer screening business centered on "Lunit Insight" was 42.837 billion won, up 20% from a year earlier. North American revenue rose 30%.
Revenue from the AI biomarker platform "Lunit Scope" was 2.929 billion won, up 114%. Collaborations with global pharmaceutical companies in the Americas and Europe drove the increase.
Seo Beom-seok, CEO of Lunit, said, "Along with revenue growth, we will continue our expense efficiency efforts to further reduce losses during the remainder of the year," and added, "The cancer screening business is maintaining stable growth centered on the North American market, and Lunit Scope is also progressing smoothly through collaborations with global pharmaceutical companies, so it will show stronger growth in the second half."