Lunit foresees profit from 2025 with successful acquisition of Volpara

[Courtesy of Lunit Inc.]

South Korea’s medical AI company Lunit Inc. will be able to swing to a profit next year following the successful completion of its acquisition of Volpara Health Technologies, according to the company’s CEO Brandon Suh on Wednesday.

“This year, we expect our revenue to exceed 40 billion won ($30 million), and starting next year, we aim to achieve over 100 billion won in revenue, leading to a return to profitability,” Suh said.

He expressed confidence that within two to three years, Lunit would evolve into a significantly transformed company.

Suh said the acquisition of Volpara represents a significant milestone in Lunit’s mission to revolutionize cancer diagnosis and treatment through AI, setting the stage for continued growth and innovation in the field of medical technology.

He also mentioned Lunit’s plans to develop customized AI models utilizing Volpara’s extensive medical data of over 100 million images.

“To achieve diagnostic accuracy consistently at 99 percent across various institutions, customized models tailored to the data from each individual customer are essential,” Suh said.

He also stressed the importance of a unified “total solution” in healthcare, highlighting the potential synergy of integrating Volpara’s breast cancer screening solutions with Lunit’s AI solutions.

“Volpara’s breast cancer screening solutions cater to a diverse range of customer demands, and when combined with Lunit’s AI solutions, they will create tremendous synergy,” Suh said.

Lunit intends to leverage Volpara’s vast dataset and advanced breast cancer screening system to boost sales in the United States.

The company’s strategy includes selling its breast cancer screening AI solutions, Lunit INSIGHT MMG and Lunit INSIGHT DBT, in the U.S. and expanding into European, Middle Eastern, Central and South American, and Asian markets.