Lunit's first-quarter consolidated sales hit 10.9 billion won ($8.2 million), marking a remarkable 268.6 percent surge compared to the same period of 2022. The first-quarter revenue, boosted by solid international sales, is nearly 80 percent of the company's total revenue last year.

Overseas sales in the first quarter reached 9.72 billion won, up 273.4 percent year-on-year from 2.63 billion won, and domestic sales increased 235.4 percent from 373 million won to 1.25 billion won.

As a result, international sales accounted for 88.6 percent of the company's revenue in the first quarter, and domestic sales, 11.4 percent.

Lunit attributed the significant increase in overseas sales to the wide use of its AI image analysis solution for cancer diagnosis, Lunit Insight, and AI biomarker platform for cancer treatment, Lunit Scope, worldwide.

Earlier this year, Lunit actively participated in international events such as the World Economic Forum (WEF), known as the Davos Forum, and the JP Morgan Healthcare Conference, the world's largest biopharmaceutical investment event, to expand its footings in the global market.

As of the end of March, the number of healthcare organizations using Lunit Insights products exceeded 2,000 globally. Since reaching 1,000 in October last year, the number of adopters has more than doubled in about five months.

Operating losses were also significantly reduced in the first quarter.

Lunit posted an operating loss of 2.3 billion won, down 82 percent from the 13.4 billion won reported in the same period last year.

The drastic reduction in operating loss was partially thanks to decreased operating expenses, which fell by about 20 percent, from 16.4 billion won in the first quarter of last year to 13.3 billion won this year.

Lunit plans to further strengthen its partnerships with global medical device companies to expand the market share of Lunit Insight products, while continuing its efforts to actively engage in joint research with big global pharmaceutical companies by utilizing Lunit Scope this year.

"In the first quarter of this year, we recorded our first quarterly revenue of 10 billion won, which is rare in the global medical AI industry," Lunit CEO Suh Beom-suk said. "As our revenue has increased due to increased overseas sales, we will continue to grow as a leading company in the global medical AI industry by expanding our pipeline of Lunit Insight and Lunit Scope."