SEOUL, South Korea: Osstem Implant, a leading company in global implant sales, has recently achieved its highest quarterly operating profit. According to the provisional performance disclosed on 27 April, the company recorded sales of US$186.4 million, (€176 million), an increase of 36% compared with the same period last year, and an operating profit of US$40.7 million, which represents a remarkable 100% increase compared with the operating profit for the same period last year. The company reported that this was its highest-ever first-quarter sales figure and that its quarterly operating profit had exceeded US$39.8 million for the first time in the company’s history.
“In the first quarter, the growth potential expanded thanks to the expansion of sales of overseas subsidiaries, continued strong sales of implants and the growth of the digital dentistry product line,” a spokesperson for Osstem Implant commented.
In particular, the growth of the company’s overseas subsidiaries stood out. Osstem Implant had overseas sales of US$132.9 million in the first quarter of this year, an increase of 58% compared with last year. The figure is also higher compared with the fourth-quarter earnings last year, which were the highest ever year-end results.
The growth of Osstem’s larger subsidiaries in China, Russia and the US was noticeable, and the sales in the first quarter in China increased by 56% compared with the same period last year. The sales in Russia have increased by 59%, and the sales in the US have increased by a remarkable 76%. In the US, the position of US subsidiary Hiossen’s implant brand gradually improved, driving profit growth.
Osstem Implant previously revealed a sales target of US$791 million and an operating profit target of US$135 million for this year. A spokesperson at Osstem commented: “We will continue the high growth trend owing to the strong first-quarter earnings.” He added: “We will review global mergers and acquisitions while accelerating a global strategy based on core technologies and products such as implants, digital dentistry and orthodontics.”
In the meantime, Osstem Implant held an urgent board meeting on 27 April, where it decided to purchase treasury stock worth US$23.9 million in order to protect shareholders and enhance shareholder value.
At the beginning of the year, the company had received increased media attention after a major embezzlement scandal that allegedly cost Osstem Implants US$185 million in company funds. Dr Tae-Gwan Eom, CEO at Osstem Implant, stated: “With this embezzlement incident as an opportunity, we will further strengthen the company’s internal stability and quickly realise our global business plan.”
“We will take the lead in enhancing shareholder value by seeking various shareholder-friendly policies as well as by purchasing treasury stock at this time,” he continued.
Osstem Implant is now making changes to the internal accounting management system in order to prevent the recurrence of similar embezzlement incidents. To enhance management transparency, the company is in the process of appointing non-executive directors to more than half of the board positions, introducing a corporate audit committee, establishing an ethics management committee and a non-executive director recommendation committee, and appointing compliance support personnel.
Dental Implants Operating profit Sales
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