i-SENS reported an operating loss of 400 million won ($300,000) in the third quarter of 2023 due to one-time costs of 2.5 billion won for legal and financial expenses related to the acquisition of AgaMatrix, a U.S. blood glucose meter manufacturer, and costs to prepare for the launch of a continuous glucose monitor. This is a decrease of 4.2 billion won from operating income of 3.8 billion won in the third quarter of 2022.

Compared to the second quarter of this year, sales in the third quarter increased by 7.3 percent to 67 billion won, with sales in the blood glucose business growing by 8.8 percent.

On a year-on-year basis, sales in the third quarter decreased 2.2 percent.

By business unit, the blood glucose sales declined by 4 percent year-on-year, while the Point-of-Care Testing (POCT) revenue grew by 8 percent.

"With the recovery of the blood glucose business in the second half of the year and the impact of the AgaMatrix sales, we are on track to achieve our 2023 sales target," said an i-SENS official.

The company had previously announced its 2023 sales target of 290 billion won, with a goal of 9 percent year-on-year growth.

In September, i-SENS launched its first continuous glucose monitor in Korea. Aiming to launch the product in the European market in the first half of 2024, the company applied for European CE marking at the end of March and is awaiting approval.