CG MedTech, a South Korean company specializing in orthopedic implants research and manufacturing, reported that its sales for the first quarter of this year were 6.25 billion won, with an operating profit of 670 million won as of the 16th. Consolidation sales for the first quarter increased by 40.8% compared to the same period last year, reaching 11.76 billion won, while the operating profit jumped 151.9% to 590 million won, marking a return to profitability.
The company noted that "the sales structure centered around high-revenue products contributed to the improvement in profitability," adding, "Especially in the U.S. market, the growth trend has been remarkable." U.S. sales in the first quarter increased by 25.6% compared to the same period last year, totaling 1.42 billion won. The delivery of the new spinal product 3D printed cervical cage "Unispace" to hospitals in the U.S. has increased alongside new sales channels.
CG MedTech is continuing its strategy to expand in the global market. Recently, the company signed an exclusive supply contract with global medical device leader Johnson & Johnson MedTech for "NOVOSIS Trauma."
The company plans to fully launch its dental business this year. Last year, it acquired the digital dentistry specialist "GDS" to broaden its business scope into the dental implant sector.
Yoo Hyun-seung, CEO of CG MedTech, said, "CG MedTech is continuing its growth based on a product strategy focused on global market expansion and profitability," adding, "We will maximize synergies in research and development and international market expansion by collaborating with our parent company, CG Bio, and will continue to pursue strategies to increase our market share worldwide."