i-SENS rebounds with strong Q3 financials, plans global CGM expansion by 2025

i-SENS, which recorded a significant operating profit decline in the second quarter, recovered in key financial indicators in the third quarter.

Last Friday, the company released provisional figures on the consolidated financial sheet to unveil its performance results for the July-September quarter.

According to the disclosure, i-SENS's revenue for the third quarter totaled 70.3 billion won ($51.2 million), up 4.9 percent from 67 billion won in the same period a year ago, up 0.6 percent from 69.9 billion won in the second quarter. Cumulative sales through the third quarter totaled 208.6 billion won, up 9.7 percent from 190.2 billion in the same period a year ago.

Operating profit in the third quarter was 3.8 billion won, a turnaround from an operating loss of 400 million won a year ago while marking a 94 percent increase from 2 billion won in the second quarter. However, cumulative operating income stood at 6.6 billion won, down 16.3 percent from 7.9 billion won a year earlier.

Net profit was 700 million won, a turnaround from a loss of 900 million won a year ago, and a hefty 2,253 percent increase from 29 million won in the second quarter. However, the cumulative net profit was 300 million won, plunging 94.2 percent from 6 billion won a year earlier.

Specifically, i-SENS said its blood glucose business increased by 6 percent year-on-year, and its point-of-care testing (POCT) business grew by 1 percent.

The company plans to launch a continuous glucose monitor (CGM) product with optional calibration in Korea and Europe in the first quarter of 2025. It aims to receive approval from the U.S. Food and Drug Administration (FDA) in 2027 for its new CGM product, CareSens Air 2.

In addition, i-SENS launched CGM in Hungary in May, followed by Germany, the Netherlands, Chile, the United Kingdom, and Poland. It plans to ship the product to 10 more countries by January 2025. It will also proceed with the launch and insurance registration in overseas countries sequentially.

“Although operating profit did not increase significantly due to the inclusion of AgaMatrix as a subsidiary, we are expecting an improvement in operating profit from the fourth quarter thanks to the impact of AgaMatrix's intensive restructuring in the second and third quarters,” a company official said.