VUNO said it has achieved its highest annual revenue since its inception in 2014, thanks to a surge in revenue for VUNO Med-DeepCARS, its artificial intelligence (AI)-based cardiac arrest prediction solution, and increased sales in both domestic and international markets for its other AI medical imaging products.

The company reported a consolidated revenue of 13.3 billion won ($9.9 million) for 2023, marking an approximate 60 percent increase from the previous year. The fourth quarter of 2023 alone saw revenues of 4.9 billion, up about 40 percent from the preceding quarter.

The medical AI company posted an operating of loss 16.3 billion won in 2024, up 6.2 percent from 15.3 billion won in 2023, and a net loss of 16.2 billion won, up 3.9 percent from 15.6 billion won a year earlier. 

VUNO highlighted that its transition to a SaaS (Software as a Service) revenue model has laid a solid foundation for sustained growth, increasing the likelihood of reaching its break-even point (BEP) every quarter this year, with expectations to achieve annual profitability by 2025.

The company stressed that VUNO Med-DeepCARS has notably surpassed its annual goal by securing installations in over 60 hospitals last year, with single product sales reaching 10 billion won. This represents a more than fourfold increase in monthly sales over a year. Furthermore, in January alone, VUNO secured contracts with more than ten medical institutions, including two tertiary general hospitals, indicating continued monthly sales growth into 2024.

Additionally, the company stressed that VUNO Med-LungCT AI, an AI-based chest CT interpretation aid, continues to perform well in Japan, and VUNO's first venture into the B2C market with Hativ, a medical grade ECG device launched in January last year, reported sales close to 1 billion won in its first year.

Looking forward, VUNO said it is accelerating its efforts to penetrate the U.S. market. Following the FDA approval of its AI-based brain quantification medical device, VunoMed DeepBrain, in October last year, the company is preparing for its official launch.

VUNO Med-DeepCARS is also undergoing U.S. clinical studies in partnership with local medical institutions. The company had previously received an FDA Breakthrough Device designation in June last year, a first for Korea's medical AI industry, and aims to receive FDA approval in the second half of this year.

The company stressed that it has strategically allocated a significant portion of its budget to establish a foothold in the U.S. market and is exploring new international business opportunities following increased investment inquiries and business exchanges from North America, Europe, the Middle East, and Asia.

"The most positive indicator compared to last year is the establishment of a stable SaaS revenue structure, allowing us to achieve record sales without one-off revenues," VUNO's CFO Kim Joon-Hong said. "Based on this, we anticipate up to three times the sales growth this year compared to last, heightening our expectations to meet our profit targets for 2024 and achieve annual profitability by 2025."