pharm edaily

[Kim Jin-soo, Edaily Reporter] L&K Biomed announced on the 20th that its consolidated financial results for 2024 showed revenue of KRW 36.1 billion (KRW 22.8 billion on a standalone basis) and an operating profit of KRW 3.1 billion (KRW 1.1 billion on a standalone basis), reflecting year-over-year growth of 20.7% and 51.3%, respectively.

The company also reported a net profit of KRW 10.2 billion (KRW 5.7 billion on a standalone basis), marking a turnaround to profitability.

The company’s growth was particularly notable in the fourth quarter. Consolidated revenue for Q4 increased by 30% year-over-year, reaching KRW 10.02 billion, while net profit came in at KRW 6.9 billion, marking a shift to profitability.

A representative from L&K Bio stated, “We anticipate that this profitability trend will continue in the future.”

The company attributes its growth to the continued strong sales of its expandable cage products in the U.S. market and its expanding presence in Southeast Asian markets such as Thailand and Vietnam. In particular, the PassLock-TM product in the U.S. achieved 2,000 surgical cases last year, demonstrating rapid market penetration.

Additionally, the company successfully launched its expandable cage products in Thailand and Vietnam, achieving performance growth through various localized sales efforts.

Recently, L&K Bio secured FDA approval for six new expandable cage products under the ‘Blue-X Series’. Furthermore, the company has successfully developed ‘Pectus’ a pectus excavatum implant under its new business initiative, and is currently awaiting FDA approval.

The company has also completed the regulatory application process with Brazil’s ANVISA for five expandable cage products, paving the way for entry into the Latin American market. Additionally, L&K Bio plans to expand its export scale through increased global activities in Europe, Taiwan, Hong Kong, and other markets.

An L&K Bio representative commented, “Our revenue growth last year was driven by strengthening the competitiveness of our expandable cage products and establishing a solid sales foundation. This year, we aim to solidify our position in international markets through product diversification and sustain our growth momentum. We also expect solid performance improvements through expansion into emerging markets and diversification of our distribution channels.”