i-SENS second-quarter profit surges on strong European CGM sales

i-SENS said Monday its second-quarter operating profit jumped 274.1 percent from a year earlier to 6.29 billion won ($4.4 million), driven by expanding sales of high-margin continuous glucose monitors in Europe.

Net income climbed 341.9 percent to 3.46 billion won ($2.42 million), while revenue rose 15.2 percent to 88.5 billion won ($61.9 million).

"Margins are improving due to economies of scale from increased CGM sales and a better product mix, alongside reduced manufacturing costs from improved processes and yields," the company said.

Sales of continuous glucose monitors reached 9.4 billion won ($6.57 million) in the quarter, up 162.4 percent on-year. The higher-value devices helped lift the gross profit margin by 2.4 percentage points to 43.4 percent.

Overseas expansion of the line accelerated following listings in public insurance schemes in Germany and the UK in April, followed by Belgium in June. Consequently, overseas CGM revenue soared 542.1 percent to 5.8 billion won ($4.06 million).

European sales rose 30.9 percent to 18.9 billion won ($13.2 million). Revenue from Asia, excluding South Korea, grew 23.8 percent to 13.1 billion won ($9.16 million). Sales of legacy blood glucose monitoring systems grew 8.1 percent to 65.7 billion won ($45.9 million), while point-of-care testing equipment revenue increased 8.6 percent to 13.1 billion won ($9.16 million).

For the first half of the year, i-SENS recorded cumulative revenue of 164 billion won ($114 million) and operating profit of 7.22 billion won ($5.05 million), a 47 percent increase from the previous year.

The company is managing toward an internal annual sales target of 40 billion won ($28 million) for its CGM business.