JVM said Thursday that its cumulative sales in the first three quarters increased 10.3 percent year-on-year to 113.2 billion won ($83.5 million), expecting annual sales to surpass 150 billion won.

JVM, an automated medication dispensing and packaging company, is a subsidiary of Hanmi Science, the holding company of the Hanmi Pharmaceutical Group.

JVM’s third-quarter sales amounted to 36.8 billion won, up 7.4 percent from the same period of 2022. Its operating profit for the third quarter was 5.8 billion won, an increase of 2.4 percent from a year ago.

In the July-September period, exports totaled 16.4 billion won, and the ratio of its domestic and overseas sales was 55.5 percent to 44.5 percent.

Amid the expanding demand for non-face-to-face healthcare and the growing demand for pharmacy automation systems worldwide, JVM is solidifying its market position by developing innovative equipment and solutions optimized for pharmacies with its unique technology, the company said.

Recently, MENITH, a next-generation automatic dispensing machine equipped with robot arms, successfully entered the European market, strengthening its global market leadership. Since most overseas pharmacies dispense medicines in bulk and deliver them to various parts of the country, the introduction of MENITH is expected to improve business efficiency, it added.

"JVM is leading the global pharmacy automation system market," a company official said. "JVM is focusing on not only entering existing markets but also pioneering and creating markets where there are none through innovation."