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Fiscal year 2024 - first quarter results released, operating income up 21.6% year-over-year

2024-05-27

- Operating profit of KRW 7.1 billion, up 21.6% year-on-year

- Continued high growth in next-generation X-ray detectors, dynamic detectors

- Major R&D investment of more than 11% of annual sales and diversified export channels through global marketing





Vieworks, a leading provider of imaging solution, announced today that it achieved KRW 60.5 billion in revenue and KRW 7.1 billion in operating profit in the first quarter of this year, up 10.4% and 21.6% year-on-year, respectively.
 

The standout performer in the first quarter was Medical Imaging Solutions, which totaled KRW 38.9 billion in sales. This was driven by higher sales of its flagship static x-ray detectors and dynamic x-ray detectors, which are on a high-growth trajectory. In addition, global sales and marketing activities, including participation in major international exhibitions since last year, contributed to the improvement.
 

In particular, revenue in the static x-ray detector segment posted KRW 26.7 billion in sales, up 33.7% year-on-year, driven by the global supply of the next-generation detector, VIVIX-S FW. As competition intensified due to the entry of smaller companies into the market, Vieworks expanded its dominance in the Americas and Europe along with the domestic market by introducing high-value-added products with high resolution, lightweight, and low X-ray dose capabilities.
 

Revenue of dynamic x-ray detectors, a clear "new growth engine," also reached KRW 12.3 billion, up 22.8% year-on-year. Since its launch in 2018, the product has grown at a compound annual growth rate of 56.41%, and the first quarter of this year also saw solid growth. Since signing a supply contract with Europe's largest dental equipment company in July 2022, the company has been going through a quality verification process, leading to the realization of full-scale sales. To meet the growing demand for dental treatment equipment, Vieworks plans to expand its lineup of new products in the dental sector, including a high speed dynamic detectors.
 

Sales in the Other segment, which includes bio-imaging solution equipment for preclinical experiments and detectors for mammography, also contributed to the improvement, rising 31.4% to KRW 6.2 billion. Vieworks will continue to target new markets such as pharmacy development and digital pathology diagnostics based on its inherent optical technology and instrument and software design capabilities and will continue to actively participate in international conferences this year.
 

Meanwhile, the expansion of the manufacturing facility in Hwaseong is well underway. When the expansion is completed early next year, it will double the production capacity of its flagship items while creating space for mass production of new products. In addition, the company is accelerating its efforts to secure competitiveness, including continuous technology development based on major investments of more than 11% of average annual sales.



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