Lunit announced a record-breaking revenue of 25 billion won ($21 million) for 2023, marking an 80.9 percent increase from 13.8 billion won a year earlier, thanks to a continued expansion of overseas sales of medical AI solutions.  

Last year, the Kosdaq-listed company posted an operating loss of approximately 42.2 billion, a 16.7 percent improvement from 50.7 billion won in 2022.

The company stressed that its overseas sales of AI-based cancer diagnosis solutions contributed significantly to its success, accounting for 85 percent of the total revenue at 21.3 billion won, nearly doubling from 11 billion won the previous year.

Domestic sales also rose 32 percent to 3.8 billion won in 2023 from 2.9 billion won a year earlier. 

Lunit attributed its encouraging performance to the explosive growth in the business-to-business market, the creation of new revenue streams through Lunit SCOPE, and the expansion of the business-to-government sector.

The company's cancer diagnosis solutions, Lunit INSIGHT CXR for chest X-ray analysis and Lunit INSIGHT MMG for mammography, have been adopted by over 3,000 medical institutions worldwide as of November last year.

The sales in emerging markets across Asia, the Middle East, and Latin America have significantly contributed to this success.

Lunit expects that its business performance will continue to grow with its recent strategic move to acquire Volpara Health Tech, which supplies AI solutions to over 40 percent of breast screening centers in the U.S.

The company expects that the acquisition will serve as a bridgehead for its expansion into the world's largest healthcare market. The company plans to complete the acquisition in the first half of this year and aggressively expand its sales network in the U.S.

In the field of cancer treatment, Lunit has expanded its business by launching an AI pathology analysis solution in collaboration with Guardant Health at the beginning of last year.

The use of AI biomarkers collected by Lunit SCOPE has led to the first research revenue from Lunit SCOPE in the third quarter of last year.

In the B2G market, Lunit's involvement in national cancer screening projects and the digital transformation of healthcare in Saudi Arabia and Sweden has helped the company increase its presence overseas.

The company has also achieved health insurance reimbursement certification for Lunit INSIGHT CXR in Japan and is pursuing the reimbursement application for the product in Korea.

"Lunit continues to grow by leaps and bounds, with record revenues last year and a compound annual growth rate (CAGR) of 235 percent over the last five years," Lunit CEO Suh Beom-suk said. "With a particularly strong global performance, with 85 percent of our revenue coming from overseas, we will continue to grow as a leader in the global healthcare AI industry."

Meanwhile, Lunit's announcement of record-breaking revenue for the last year has been a pivotal factor in rejuvenating the company's stock prices, which had been experiencing a downturn recently, hitting its lowest point of 53,200 won in three months on Feb. 6.

As of 11:00 a.m, Friday, the company's shares stood at 67,600 won, up 15.75 percent from the previous trading day.