Osstem Implant posts record quarterly sales

South Korea’s leading dental implants maker Osstem Implant Co. has moved a step closer to meeting its annual sales and operating profit targets of 1 trillion won ($700 million) and 200 billion won, respectively, for this year after reporting stellar earnings in the third quarter on brisk sales at home and abroad.

The company Tuesday said it posted 55.7 billion won in operating profit in the July-September period, up 57.1 percent from the same period a year earlier but down 1.3 percent from the previous quarter. Sales amounted to 279.6 billion won, up 31.1 percent from a year ago and 5.3 percent from a quarter ago. It was the company’s highest quarterly sales.

Sales for the first three quarters grew 32.9 percent on year to 779.1 billion won with cumulative sales for the same period up 71.5 percent to 163.3 billion won.

The company said the latest results indicate that it would be able to meet its sales target of 1 trillion won for this year and 200 billion won in operating profit despite a large-scale employee embezzlement case earlier this year.

The strong performance was driven by robust sales at home and abroad especially in the company’s two key markets – China and the United States. Its sales in China and the U.S. in the third quarter rose 36.3 percent and 28.3 percent from the same period of last year, respectively.

The company said that sales in Russia and Türkiye continue to grow explosively under its direct sale system and sales in other emerging markets in the Asia-Pacific region remain stable.

“We will focus on expanding our market leading products in Korea and overseas in the field of dental implants, oral scanners, and design software. We will strengthen our R&D investment in the long term to become the global No. 1 dental care company,” said Um Tae-kwan, CEO of Osstem Implant.

Osstem Implant shares fell 3.4 percent to close at 103,400 won on Wednesday.

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