Lunit, a South Korean AI medical solutions company, announced on May 11 that it recorded KRW 10.97 billion in consolidated revenue for the first quarter of 2023. This represents a 268.6% increase from the same period last year.

The company’s strong performance was driven by strong growth in overseas sales. Overseas sales for the first quarter reached KRW 9.72 billion, up 273.4% from KRW 2.63 billion in the same period last year. Domestic sales also grew strongly, increasing 235.4% to KRW 1.25 billion. As a result, overseas sales accounted for 88.6% of total revenue in the first quarter, while domestic sales accounted for 11.4%.

Lunit’s operating loss for the first quarter was KRW 23 million, down 82% from KRW 134 million in the same period last year. This was due to a combination of factors, including cost reductions and increased revenue. The company’s operating expenses for the first quarter were KRW 133 million, down 20% from KRW 164 million in the same period last year.

Lunit attributed its strong performance to the growth of its two core product lines, Lunit INSIGHT and Lunit SCOPE. Lunit INSIGHT is an AI-powered cancer diagnostic solution that helps radiologists detect and diagnose cancer earlier and more accurately. Lunit SCOPE is an AI-powered cancer treatment solution that helps oncologists select the most effective treatment for their patients.

In addition to its strong financial performance, Lunit also made significant progress in its global expansion efforts during the first quarter. The company announced several new partnerships with global healthcare companies, including Guardant Health and Indica Labs. Lunit also participated in several international events, including the World Economic Forum and the JP Morgan Healthcare Conference.

Lunit CEO Seo Bum-seok said, “We are pleased to report strong financial results for the first quarter of 2023. We believe this is a testament to the success of our AI-powered cancer diagnostic and treatment solutions. We are committed to further expanding our global presence and becoming a leader in the global medical AI industry.”