GC Cell said its annual sales and operating profit increased rapidly in 2022 thanks to its specimen collection and test business.

According to the company's public filing on Thursday, the company recorded sales and operating profits of 236.1 billion won and 44.3 billion won ($187.2 million and $35.1 million) last year, up 40.3 and 21.8 percent, respectively, compared to 2021.

However, the company's net profit dropped 19.6 percent year-on-year to 23.2 billion won last year.

GC Cell stressed that the boost in sales was attributed to the rapid development of its sample inspection business.

Due to the influence of Covid-19, sales of the specimen collection and test business increased by 18.5 percent compared to the previous year, and the bio-logistics business increased by 54.5 percent, leading to sales growth.

The company stressed that cell therapy and contract development and manufacturing organization (CDMO) businesses also contributed to  the solid revenue growth.

"The year 2022 was the first year that we started anew as GC Cell, and we were able to achieve good results despite difficult market conditions," a company official said. "In 2023, we plan to present a multifaceted blueprint for the leap of GC Cell by recruiting global experts in the pharmaceutical biofield."

GC Cell to appoint James Park as new CEO in March

In line with its goal, the company announced Wednesday that it plans to focus on expanding its market by strengthening its global network and sales and business development through CEO nominee James Park, who will be finally appointed next month.

CEO nominee Park has an extensive career in the biopharmaceutical industry and has worked at several leading multinational pharmaceutical companies such as Merck and Bristol Myers Squibb.

Most recently, Park served as the Chief Business Officer at Samsung Biologics and played a crucial role in closing deals worth about $5.5 billion over his seven-year service.

The company plans to  expand its R&D from clinical design to development plans centered on its new Chief Technology Officer (CTO), Kim Ho-won, GC Cell added.