2024-03-07 09:18:53
[딜사이트 최광석 기자] Medytox recorded its highest ever sales last year thanks to strong sales of its flagship products. However, profitability deteriorated significantly due to the effects of increased cost of sales and increased litigation costs.
Medytox has cumulative sales of 221.1 billion won and operating profit of 17.3 billion won on a consolidated basis in 2023. It was provisionally announced on the 7th that net profit for the period was 9.6 billion won. Compared to the previous year, sales increased by 13.3% (KRW 26 billion), but operating profit and net profit during the same period plummeted by 62.9% (KRW 29.3 billion) and 73.7% (KRW 27 billion), respectively.
Medytox explained that it recorded its highest ever performance due to the growth of major businesses such as toxins and fillers and strong sales of the neuroderma cosmetic brand ‘Neuraderm’. In detail, toxin sales grew by 16% and 26% overseas and domestically, respectively, compared to the previous year, and filler sales increased by 4% and 11% overseas and domestically, respectively.
However, it is interpreted that profitability has deteriorated due to the increase in cost of sales and the cost of ongoing litigation. The company explained that it incurred losses in the fourth quarter of last year due to the company suspending operations to prepare for approval from the U.S. Food and Drug Administration (FDA), and that operating profit and net profit decreased due to various costs of ongoing lawsuits at home and abroad.
The company expects overall costs to decrease as some of the lawsuits are concluded this year. In addition, it is expected that the recovery of cost of sales to the original level with the normal operation of the second factory will have a positive effect on profits.
Medytox has set a goal of breaking the record-high sales record it set last year once more this year, and has been operating its production lines as much as possible since the beginning of the year to expand production. The botulinum toxin product ‘Newlux’, which began aggressive sales with the goal of reorganizing the domestic market, and ‘Coretox’, which has established itself as a flagship product, continued to grow, and the fat-dissolving injection ‘New V’ and the Neuroderma cosmetic Neuraderm, which are scheduled to be released this year, are expected to be launched this year. It is expected that the goal will be achieved if the new business areas, led by the company, produce tangible results.
A Medytox official said, “As many newly launched products are receiving a good response in the market, we have high expectations for sales growth and profit improvement this year.” He added, “This is the time when several projects carried out for a leap forward over the past few years are coming to fruition one by one. “We will do our best to achieve the results we aimed for,” he said.
He continued, “We will quickly pursue overseas approval for Nulux, a next-generation toxin introduced in the domestic market, and get the US FDA approval process on track for ‘MT10109L’, a non-animal liquid toxin product under development with the goal of entering advanced markets such as the United States and Japan. “I will focus all my capabilities on releasing it,” he said.
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