CHA Biotech said it had achieved its highest-ever annual revenue, posting a consolidated revenue of 954 billion won ($798 million) for the year 2023, up 13 percent from the previous year, thanks to strong business performance overseas.

Despite the global economic slowdown, CHA Biotech attributed its growth to the sustained expansion of its healthcare business in the U.S. and Australia, along with the robust performance of its domestic subsidiaries, including CMG Pharmaceutical.

This marks the continuation of the company's double-digit average annual growth since 2019.

On the operational front, CHA Biotech reported a consolidated operating loss of 9.6 billion won, a significant improvement of 37.5 billion won from the previous year's loss, thanks to reduced losses from the initial investments in Matica Biotechnology for its global CDMO (Contract Development and Manufacturing Organization) subsidiary.

The net loss for the period also improved dramatically from 69.6 billion won to 5.3 billion won in 2023.

The company's standalone financial statements revealed revenues of 69.2 billion won and an operating profit of 17.8 billion won, up 63 percent from the previous year and turning black in a mere after reporting a loss in 2022.

In its proprietary cell therapy development, the company has seen promising results, particularly with its solid cancer immunotherapy CBT101, using NK (natural killer) cells, and is preparing for late-stage clinical trials of CordSTEM-DD, a cell therapy for degenerative disc disease, and is on the verge of initiating clinical trials for CordSTEM-POI, a treatment for premature ovarian insufficiency.

"CHA Biotech was recognized for its unique technology through technology exports last year," CHA Biotech CEO Oh Sang-hoon said. "This allowed the company to secure resources for future R&D, and at the same time, it realized operating surplus based on its growing business structure."

This year, when CHA Biotech's hidden value becomes visible, it is expected to easily exceed 1 trillion won in consolidated earnings, Oh added.

Oh stressed that the company will continue to expand its research pipeline, accelerate the commercialization of existing pipelines, and actively pursue CDMO contracts.