Lunit achieves record revenue growth driven by global expansion, innovation

Lunit, a Korean AI-powered medical imaging company, said it achieved an annual revenue of 54.2 billion won ($37.2 million) in 2024, up 116 percent from a year earlier, thanks to rapid global expansion and strategic AI-powered innovations.

While the company's operating loss grew to 67.7 billion won in 2024, the revenue divided by operating loss improved from 1.7 in 2023 to 1.25, Lunit said.

Lunit’s overseas revenue accounted for 88 percent of its total earnings, reaching 47.8 billion last year, more than doubling from 21.3 billion won in the previous year. The company attributed this growth to its acquisition of Volpara Health, a New Zealand-based company specializing in breast cancer screening software, and its expanded collaborations with major pharmaceutical companies through its AI-powered cancer diagnostics platform, Lunit SCOPE.

Lunit completed its acquisition of Volpara Health in May 2023. Volpara’s technology is used in over 2,000 breast screening centers across the U.S., providing Lunit with a strong foothold in the North American market.

To maximize synergy, Lunit is cross-selling its AI solutions to Volpara’s existing customer base in North America, while leveraging its international sales network to promote Volpara’s software in other global markets.

With Volpara’s full-year earnings set to be reflected in Lunit’s 2024 financial results, the acquisition is expected to play a crucial role in the company’s continued revenue growth.

Lunit has also been driving innovation through strategic partnerships with global pharmaceutical giants.

The company signed a deal with AstraZeneca to develop an AI-powered digital pathology solution for non-small cell lung cancer (NSCLC), marking its first direct collaboration with a major pharmaceutical headquarters. This partnership focuses on using Lunit SCOPE Genotype Predictor to develop an AI-driven solution for predicting EGFR mutations in lung cancer patients.

Lunit also integrated its Lunit SCOPE platform into Roche Diagnostics’ digital pathology ecosystem, enhancing the accuracy and consistency of biomarker expression analysis.

Lunit INSIGHT expands global reach

Lunit’s AI-powered imaging solutions, Lunit INSIGHT CXR for chest X-rays and Lunit INSIGHT MMG for mammography, experienced a significant expansion in adoption. As of the end of 2024, these solutions were deployed in over 4,800 medical institutions across 55 countries, representing a 60 percent increase from the previous year.

In Korea, Lunit’s revenue rose 69 percent compared to the previous year to 6.4 billion won, which was driven by the non-reimbursable status of Lunit INSIGHT CXR starting in the first quarter 2024 and the expansion of Lunit INSIGHT MMG to non-reimbursable services in fourth quarter, encouraging wider adoption in local hospitals and clinics.

“Our acquisition of Volpara Health has set a new paradigm for AI-driven cancer diagnostics, and our strengthened collaborations with global pharmaceutical leaders have positioned us for continued growth,” Lunit CEO Brandon Suh said. “In 2024, we will fully leverage the synergies from the Volpara acquisition while expanding our partnerships with major pharmaceutical companies to sustain our growth trajectory.”