Coreline Soft, a developer of AI-backed medical imaging solutions, said it has achieved its best performance since its establishment thanks to overseas certifications of major products and contracts with global partners.

According to the company’s public filing of the preliminary 2022 earnings, Coreline Soft’s revenue reached 4 billion won ($3 million) last year, an 89.3 percent jump from 2021.

However, the company’s operating loss widened by 37.9 percent from about 7.3 billion won to 10.1 billion during the same period. Net loss was also up 37 percent at 10.2 billion won.

The company attributed the rapid sales growth to the competitiveness of its flagship products. 

AVIEW Lung Cancer Screening PLUS, the company’s thoracic diagnostic solution, accounted for approximately 29 percent of the total revenue in 2022.

The solution examines low-dose computed tomography (CT) scans required for the early detection of lung cancer, emphysema, and coronary artery disease. The company claims that the solution's capacity to identify multiple illnesses in a single chest CT scan has provided a competitive edge in the market.

Since 2017, the solution has been exclusively utilized in Korea's national lung cancer screening program for seven consecutive years. Over 80 major and medium-sized hospitals in Korea, including Seoul National University Hospital, have adopted the solution.

The product has also shown promising global results, with the company currently providing the solution for various international lung cancer screening projects organized by European Union (EU) members, such as Germany and Italy.

“We have the core technology to simultaneously test products for the big three diseases -- lung cancer, chronic obstructive pulmonary disease, and cardiovascular disease,” Coreline Soft Chief Financial Officer (CFO) Jung Woo-seok said. “We also became the first Korean company and the fifth global company to obtain FDA 510(k) clearance for AI-based lung nodule detection CAD, establishing a unique position as an AI diagnostic solution provider.”

Jung emphasized that the company is currently engaged in active discussions with global companies and has already signed contracts with Bayer and Terarecon to supply its medical platforms. By delivering tangible outcomes, the company aims to demonstrate its corporate value and competitiveness, he added.

Coreline Soft recently concluded its pre-IPO fundraising round by raising 10.6 billion won and is now preparing to enter the Kosdaq market via a merger with Shinhan 7th Special Purpose Acquisition Company, which is already listed on Kosdaq.