Bio regenerative pharmaceutical manufacturer CGBio (CEO Hyun Seung Yu) has announced that the company has recorded 129.7 billion won in sales and 18.2 billion won in operating profits according to the consolidated financial statements for 2022 as the company has recorded a new all-time high in sales on April 20.
As a result, CGBio has surpassed 100 billion won in sales for the first time in company history with the sales growing by 37% and operating profits growing by 13% YoY. CGBio has been recording high growth rate in sales in excess of 20% every year since 2017. This performance is even more noteworthy since the sales have doubled in just approximately 3 years after the company has reached 62 billion won in sales back in 2019.
This kind of performance was led by the steep growth in the cosmetic surgery business amidst the steady growth between the company’s main business areas such as bone, wound, surgical, and aesthetic related businesses.
Mostly, the major growth factors came from the increase in sales of hyaluronic acid (HA) fillers GISELLELIGNE and VOM (Export name: Aileene) and calcium (CaHA) filler FACETEM respectively at 89% and 196% compared to the year before.
Last year, CGBio has concluded an agreement to supply HA fillers worth approximately 20 billion won over 3 years to six countries in the Middle East including the member countries of the Gulf Cooperation Council such as Saudi Arabia and UAE, and also concluded an agreement to supply FACETEM worth approximately 14.7 billion won over 3 years to 15 countries in the Middle East and north Africa as the company continues to actively establish a firm foothold in the global market.
CGBio has recently opened the medical aesthetic clinic ‘NULOOK’ at Bali, Indonesia and the company is developing locations in Indonesia as the forward base to expand its global cosmetic surgery business and further reinforcing other relevant businesses.
Also, regarding the wound treatment business, CGBio explaind that the successful transition from the motor-operated medical aspirator CuraSYS to the renewed second-generation product of CuraSYS 2 in the domestic market, and the steady sales of alternative bone substitute NOVOSIS and moist wound dressing EASYDERM have also made significant contribution towards the growth in sales this year.
For NOVOSIS, the company has achieved its first milestone for the technology export agreement with global partners aside from the growth in domestic market share. CGBio has previously concluded a license and supplier agreement for NOVOSIS respectively with the global medical appliance manufacturer Orthofix based in the US in 2022 and Nippon Zoki Pharmaceutical based in Japan in 2019.
Also, the sales of approximately 14 billion won of the anti-adhesive agent MEDICLORE has also contributed to the growth in sales this year. This is approximately 10% of the total sales for the company and it is the largest amount of sales for a single product.
The R&D expenses last year was 15.7 billion won, which was 12% of total sales. This is approximately a 28% increase from the year before and CGBio has appropriated at least 10% of its total sales for R&D every year to secure source technology for new pipelines and to improve quality of existing products.
CGBio CEO Hyun Seung Yu stated, “CGBio has been pursuing a balanced growth between the existing businesses and new businesses by continuously discovering businesses for the existing cash cow businesses and for securing new growth engines” and added, “We will continue to maintain our high growth with successful market penetration into businesses that are on the rise along with the pipelines we are currently developing.”
