Lunit Announces Financial Results for the First Half of 2022

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Aug 12, 2022, 09:00 ET

Consolidated revenue in the second quarter of 2022 increased by 190% compared to same prior-year period
Total revenue for H1 2022 amounted to KRW 5.48 billion, or 82.5% of the total revenue of last year

SEOUL, South Korea, Aug. 12, 2022 /PRNewswire/ -- Lunit (KRX: 328130.KQ), a global provider of AI-powered cancer solutions, today announced strong financial results for the second quarter of the fiscal year 2022.

"Through a strong overseas performance in the first half of this year, Lunit achieved more than 80% of last year's total sales within the first half of 2022," said Brandon Suh, CEO of Lunit. "With more partnerships to come and the annual health examination season coming up in the third and fourth quarters, we expect our revenue to increase significantly during the second half of the year."

Reporting under a consolidated basis, Lunit recorded a cumulative revenue of KRW 5.48 billion for the first half of 2022, reaching 82.5% of total sales for the previous year. H1 revenue for 2022 more than tripled compared to the same prior-year period (KRW 1.42 billion) and the proportion of overseas sales jumped from 66.8% to 84.3% year-over-year.

Lunit's second quarter 2022 revenue was KRW 2.51 billion, up 190% from the prior-year period (KRW 863 million), among which overseas revenue accounted for 80.6%.

H1 Fiscal 2022 Summary
KRW in millions	H1 2022	Revenue proportion	H1 2021	Y/Y
Total revenue	5,478	100 %	1,402	Up 291%
Overseas	4,619	84.3 %	937	Up 393%
Domestic	859	15.7 %	465	Up 84.7%

About Lunit

Lunit is a medical AI software company devoted to developing AI solutions for precision diagnostics and treatment support, mainly focused on conquering cancer.

Lunit has partnered with global medical device giants such as GE Healthcare, Philips, and FujiFilm. The company also focuses on its biomarker business through an exclusive partnership with Guardant Health, a leading global liquid biopsy company.

Lunit has earned international recognition for its unprecedented, state-of-the-art AI technology. More than half of its employees are research and development (R&D) specialists, with more than 12 medical doctors working as full-time staff.

Lunit's flagship products are Lunit INSIGHT and Lunit SCOPE. The FDA-cleared and CE-marked Lunit INSIGHT series provide AI-powered detection of chest abnormalities and breast cancer with 96-99% accuracy. As of March 2022, Lunit INSIGHT products are being used in approximately 600 medical sites in more than 40 countries. Lunit SCOPE series provide AI detection and analytics for tissue data, quantifying key features and scores that enhance elevated response prediction for immunotherapy. By receiving CE Mark in April 2022, Lunit SCOPE PD-L1 TPS has been officially approved for deployment and use in European pathology practices.

SOURCE Lunit