JVM, an affiliate of Hanmi Pharm, recorded sales of KRW 84.9 billion in Q3, growing by 7.7% compared to the previous year
JVM, an affiliated company of Hanmi Science, made a public disclosure on the 29th that it recorded accumulated revenue of KRW 84.9 billion and operating profits of KRW 9.8 billion on a tentative basis in Q3, which grew by 7.7% and 23.2%, respectively, compared to the same period of the previous year.
Though the revenues grew in the Korean and European markets as they recovered from the impact of the pandemic, the revenues declined to KRW 26.1 billion, reducing by 5.9% compared to the same period of the previous year, as the installations of the products exported to the North American region were delayed. Despite the decrease in sales and administrative expenses, operating profits declined to KRW 1.9 billion, dropping by 35.8% compared to the same period the previous year because of the changes in product mix driven by an increase in the share of expendables. The company invested KRW 1.6 billion on R&D, which is 6.4% of the revenue.
JVM stated, “Even though the demand for remote prescriptions and automatic tablet dispensing is on the rise worldwide, negative growth occurred in Q3 on a temporary basis due to delays in product installations at nursing facilities and hospitals.” It added, “The gradual expansion of the domestic market share and positive sales trends in the European region compensated for the negative impact on the overall business performance.”
In Q3, JVM’s domestic sales grew by 7.1% year-on-year and 12.2% quarter-on-quarter. The sales of its European subsidiaries expanded by 10.5% year-on-year and 36.7% quarter-on-quarter. In the case of the European market, the fact that “NSP”, a product combining medicine classification, packaging, and inspection functions, successfully integrated into Norwegian pharmacies adopting automatic tablet dispensing methods, the revenue deferred due to Covid-19 was recognized in Q3 thanks to easing of the European lockdowns, and the business fundamentals were enhanced, contributing to the strong and stable recovery of sales.
Source: Smart Economy