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| Osstem Implant headquarters in Seoul / Yonhap |
By Baek Byung-yeul
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| Osstem Implant CEO Eom Tae-kwan |
The company announced its first-quarter preliminary earnings on April 27 and estimated its operating profit for the period from January to March was 51.2 billion won ($40.7 million), up over 100 percent from a year ago.
Osstem Implant also projected its sales in the first quarter to have reached 234.1 billion won, up 36 percent year-on-year. That would be the largest-ever among its first-quarter performances and the first time for the company to log over 50 billion won in quarterly operating profit.
"In the first quarter, growth potential expanded due to the expansion of sales of overseas subsidiaries, continued strong sales of implants and the growth of digital dentistry products," a company spokesman said.
The company added its growth in overseas markets especially helped boost its performance. It generated sales of 168 billion won abroad in the first quarter, up 58 percent year-on-year.
Osstem Implant said it saw significant growth in its major overseas markets such as China, Russia and the United States. In China its quarterly sales grew 56 percent year-on-year, while the Russian and U.S. units saw 59 percent and 76 percent growth, respectively.
The dental equipment maker previously announced its sales target of 1 trillion won and operating profit target of 170 billion won for 2022.
"Following the strong performance in the first quarter, we will continue to grow in the following quarters," the spokesman said. "We will further expand into global markets with our core technologies such as implants, digital dentistry and correction products, while also reviewing global M&As."
All trading of the company's shares had been suspended since the beginning of 2022 after the company was mired in controversy surrounding an employee who allegedly embezzled 220 billion won, but the stock trading of Osstem Implant was resumed on April 28 thanks to its efforts to improve its internal governance system.
To enhance shareholder value, the company's board decided on April 27 to purchase 30 billion won worth of treasury shares.
"With this embezzlement accident as a turning point, we will strengthen the company's internal stability and realize global business plans quickly," Osstem Implant CEO Eom Tae-kwan said. "We will continue to seek various shareholder-friendly policies as well as purchasing treasury stocks to take the lead in enhancing shareholder value."
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